Apple Pay Later is finally launching

Apple is finally launching Apple Pay Later, the company’s take on the buy now, pay later (BNPL) business. The company has announced that users can use the service to apply for Pay Later loans of $50 to $1,000 and then repay those loans through four payments over the course of six weeks with no interest or fees.

Apple Pay Later exists within the Apple Wallet and is supposed to let you avoid paying the full price for a product right away. The service, which Apple first announced during WWDC last year, has been in the works for quite a while. It was supposed to debut with iOS 16; however, Bloomberg’s Mark Gurman reported in September that developers were contending with “technical and engineering issues,” delaying its rollout.

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