Apple will fund post-payment loans from its balance sheet

Author: Nishu June 9, 2022

Apple will fund post-payment loans from its balance sheet

Apple said its Treasury Department will decide the exact mechanism it will use to fund the loans and that the sources of the funds may change over time.

Apple said its Treasury Department will decide the exact mechanism it will use to fund the loans and that the sources of the funds may change over time.

Apple Inc. plans to remove a loan for its upcoming Apple Pay Later service from its corporate balance sheet, the company said on Wednesday.

(Sign up for TODAY Cache, our technology newsletter, for insights on emerging topics at the intersection of technology, business and policy. Click here to subscribe for free.)

Apple said its Treasury Department will decide the exact mechanism it will use to fund the loans and that the sources of the funds may change over time. Debt and creditworthiness decisions will be handled by Apple Financing LLC, a wholly owned subsidiary.

Apple this week announced a pay-later service, offering to split purchases into four equal payments over six weeks. The service will launch with Apple’s latest operating system for the iPhone and iPad later this year and will put it in competition with existing buy-now, pay-later firms such as Affirm Holdings Inc. and Block Inc.’s Afterpay.

Apple’s post-pay loans will have zero interest and no fees of any kind. To judge creditworthiness, Apple said it plans to use customer credit and other data, such as customer purchases and payment history, in both its stores and online services such as the App Store.

To use the pay-later service, Apple customers need to link a debit card to their Apple Pay account to repay loans. A quarter of the purchase price for approved loans will be payable at the time of purchase, and like other debit card transactions, Apple will check promptly to make sure there is enough money to cover the upfront payment.

Apple will offer the Anywhere loan if Apple Pay is accepted in both online and physical retail stores. Payments to merchants will be made on the MasterCard network through payment credentials issued by Goldman Sachs Group Inc., Apple said.

Apple Financing LLC has lending licenses in all US states where such pay-later services are permitted.

9 June, 2022, 11:46 am

News Cinema on twitter News Cinema on facebook

Thursday, 9th June 2022

More Stories
Kajol reacts to daughter Nysa Devgan’s trolling, ‘If you get trolled, you’re famous…’
William and Kate tweet rain-soaked photo, drawing comparisons to Harry and Meghan
Allu Arjun and Rashmika Mandhana’s Russian fangirls dance to Sami Sami song from Pushpa: The Rise, video goes viral – Watch
Princess Diana’s lover James Hewitt, 64, drives across Ukraine to rescue civilians
Shocking moment Texas attorney pulls out a GUN and tries to SHOOT his ex-girlfriend at bar
Transcript of Sam Bankman-Fried’s Interview at the DealBook Summit
Shahrukh Khan has got fans excited by unveiling the new Pathan poster ahead of its release
Dozens of cattle killed in Colorado by elusive culprit that left no trace
Elon Musk expects Neuralink to begin human trials in six months
Kapil Sharma Show: Archana Puran Singh says only Kajol can take the chair on the show!
Heather Mack seeks release on bond and custody of daughter Stella
Google Doodle remembers Gerald ‘Jerry’ Lawson, creator of video games, today
Stevie Nicks shares moving tribute to Christine McVie
Jason Aldean’s wife Brittany throws out bags of Balenciaga to show her distaste amid controversy
Pakistani Viral Girl Ayesha Shows Middle Finger In New Post, Brutally Trolled For Offensive Photos!
Who Made Your World Cup Jersey?
NFL Week 13 Predictions: Our Picks For Each Game
Head Hunters motorcycle gang lose Christchurch gang pad in police bid to ‘disrupt organized crime’
Anthony Albanese promises Australians a public holiday if the Socceroos win the World Cup
Elon Musk Hopes to Test a Brain Implant in Humans Next Year
Body of Tea Wright-Finger found in remote bushland in outback Queensland
Artemis I Flight Day 15 – Team Polls “Go” For Distant Retrograde Orbit Departure – Artemis
Anushka Sharma shares a scene from the night shoot of sports biopic ‘Shakta Express’
Bateau Bay, Mornington, Tugun, Runaway Bay real estate: Property prices drop below $1million
KL Rahul may miss series against Sri Lanka next month to marry Athiya Shetty
French President Emmanuel Macron’s US tour starts, meets Kamala Harris at NASA headquarters
Elon Musk keeps a ritual weapon symbolizing ‘indestructible power’ on his bedside table
Wildlife photographer of the year short-listed entries including trio of shivering monkeys
India’s G20 presidency begins from today, 100 monuments to be illuminated
Elon Musk Says ‘Misunderstanding’ With Apple Is Resolved
Toyota Prado found in remote Queensland six weeks after Tea Wright-Finger vanished
Ignoring Legal Advice, Sam Bankman-Fried Speaks on FTX
Did Biden cast DOUBT on a 2024 run? President says ‘I don’t know about that’ to crowd member
Justice Dept. Strikes Deal to Address Struggling Water System in Jackson
Messi And Argentina Advance As Mexico Is Eliminated
Sam Bankman-Fried’s Phone Call to His Parents: ‘There Might Be a Liquidity Issue’
Medibank customer ‘doesn’t care’ if her records are leaked as Russian hackers dump entire data trove
Mike Pence Plays to the GOP Base From a Times Stage
Luxury watch buying guide: Everything you need to know before investing in a timepiece
Experts unravel the mystery of Westminster Abbey’s lost chapel
Indiana Attorney General Asks Medical Board to Discipline Abortion Doctor
Sam Bankman-Fried Blames ‘Huge Management Failures’ for FTX Collapse