Apple Will Handle Lending Itself With New Pay Later Service
- Company subsidiary to conduct credit checks and make decisions
- Tech giant has partnered with Goldman Sachs on other efforts
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Apple Inc. will handle the lending itself for a new “buy now, pay later” offering, sidestepping partners as the tech giant pushes deeper into the financial services industry.
A wholly owned subsidiary will oversee credit checks and make decisions on loans for the service, which is called Apple Pay Later. The business -- Apple Financing LLC -- has necessary state lending licenses to offer the feature, though it operates separately from the main Apple corporation, the company said in response to Bloomberg questions.