Apple is shutting down Apple Pay Later, but will still offer installment loans through other lenders.
Apple has shut down its buy now, pay later service known as Apple Pay Later, less than a year after launching it.The service was discontinued in the U.S. as of Monday, ahead of Apple's launch of new Apple Pay features, set to hit iPhones this fall. The changes will let Apple Pay users make purchases, as well as access installment loans through Affirm. 'With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.
Apple did not immediately respond to CBS MoneyWatch's request for comment on the discontinuation. More than 40% of Americans say they have used so-called buy now, pay later services, according to a Lending Tree survey. The loans are designed to encourage consumers to borrow in order to spend more, and users are subject to fees if they miss payments, which can lead to their accumulating debt.
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