Apple introduces new buy now, pay later option

Apple launched an option in it's digital wallet allowing customers to pay for online purchases in installments.

COLUMBIA, S.C. (CNN)— Apple launched an option in it’s digital wallet allowing customers to pay for online purchases in installments.

According to the company, the new feature, called Apple Pay Later, lets customers split payments for purchases into four installments over six weeks with the first installment due at the time of purchase.

Apple users can also apply for a loan within the wallet app ranging from $50 to $1000 with no interest or fees.

The payment option is rolling out to select users in the United States now and Apple plans to offer it to all eligible customers over the next several months.

Categories: National News, News