Apple launches option that allows customers to stretch out payments for online purchases

Apple on Tuesday launched a new option that will allow customers to spread out payments for purchases made online.

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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, according to the company.

Another new feature allows Apple users to apply for a loan within Apple’s Wallet app with no interest or fees if a customer is making an online or in-app purchase.

The loans range from $50 to $1,000.

According to Apple, the payment option in the Wallet app is rolling out to select users in the United States now. The option will be offered to all eligible customers over the next several months, the company said.

“There’s no one-size-fits-all approach when it comes to how people manage their finances,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in Tuesday’s release. “Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later.”

While the option has been launched, you may not be able to use it just yet. Randomly selected users will be invited to get early access to a prerelease version of Apple Pay Later via Wallet and through their Apple ID email.