After much delay, Apple finally launches Apple Pay Later

Months after unveiling a major update to Apple Pay called Apple Pay Later, which allows users to split the cost of an Apple Pay purchase into four equal payments over six weeks without interest or late fees, Apple has finally launched the feature.

Apple Pay users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay. Starting today, Apple says it’ll begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.

To get started with Apple Pay Later, users can apply for a loan within the Wallet app on iOS with no impact to their credit. They’ll then be prompted to enter the amount they would like to borrow and agree to the Apple Pay Later terms. A soft credit pull will be done during the application process, and after a user is approved, they’ll see the Pay Later option when they select Apple Pay at checkout online and in apps on iPhone and iPad.

A user’s Apple Pay Later loan payments are shown in Wallet. A calendar view shows a user what is due for all of their loans over a 30-day period.