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Want That New Apple Product? Tim Cook Will Give You Loan!

YOU get an iPhone, and YOU get an iPhone, and YOU get an iPhone!

Illustration by Front Page Tech | Image Credit: Shutterstock

No Apple Card? That’s okay! Soon, you may still be able to stick the tab on Timmy without even signing up for an Apple Card credit card.

According to Bloomberg today, Apple is reportedly teaming up with Goldman Sachs to launch a “buy now, pay later” service that will allow consumers to pay for any Apple Pay purchase in installments, over time, rivaling popular services like Affirm and Klarna.

This report is the latest sign that Apple wants to further expand its Wallet app offerings through partnerships with financial services firms like Goldman Sachs. In the past, Apple has previously offered monthly installment payments with no interest on some of its products bought through the Apple Store with an Apple Card. For example, an Apple Card holder can purchase the latest pricey iPhone in 24 monthly installments, with the payments being bundled together into the minimum credit card payment inside the Wallet app.

Known internally as ‘Apple Pay Later,’ the upcoming service will use Goldman Sachs Group Inc. as the lender for the loans needed for the installment offerings, according to “people with knowledge of the matter.” This would make sense as Goldman Sachs has been Apple’s partner for the Apple Card credit card since its launch.

When the Apple Card first launched in 2019, Timmy said this when introducing the new program:

“Customers will be able to purchase their new iPhone and pay for it over it over 24 months with zero interest. And they will continue to enjoy all the benefits of Apple Card, including 3% cash back on the total cost of their iPhone with absolutely no fees and the ability to simply manage their payments right in the Apple Wallet app on iPhone,”

“One of the things we are doing is trying to make it simpler and simpler for people to get on these sort of monthly financing kind of things”

– CEO of Apple, Tim Cook

While Goldman Sachs is the same financial service provider for what is known as ‘Apple Pay Later’ and the ‘Apple Card’, the former is in no way way tied to the latter or would require use of an Apple Card at all.

According to Bloomberg, the service is currently designed to work as follows:

“When a user makes a purchase via Apple Pay on their Apple device, they will have the option to pay for it either across four interest-free payments made every two weeks, or across several months with interest, one of the people said. The plan with four payments is called “Apple Pay in 4” internally, while the longer-term payment plans are dubbed “Apple Pay Monthly Installments.”


That way, when making a purchase through an Apple Pay Later plan, a user will be able to choose any credit card to make their payments with over time.

Very smart and sneaky of Apple to build a buy now, pay later system to further submerge its iPhone users into the Apple Pay ecosystem. This could snub out other options such as standard credit cards or any other service that’s not already natively on an iPhone. Oh, and they of course receive a percentage of transactions made with Apple Pay. It’s also extremely interesting to see a glimpse of what Apple see’s beyond the iPhone.

The service is currently planned to be available for purchases made at either retail or online stores. Both Apple and Goldman Sachs declined to comment.

As of right now, Affirm shares have dropped over 10% on Tuesday after Bloomberg’s report about Apple and Goldman Sachs plans to offer a similar service.

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