By: LUCAS ADAMS
Staff Writer
Apple is getting into a buy now, pay later space. This option however doesn’t allow you to pay with a credit card. The program will be released this Spring. Since the start of the pandemic, the “Buy now, pay later” option has skyrocketed and it has become popular with young and low-income families who may not have ready access to traditional credit. Apple’s version will be integrated into Apple Pay. Apple has stated that they will not charge flat or percentage late fees. Instead, missing payments will lose you access to these kinds of loans.
Currently “Buy now, pay later” services are not covered by the Truth in Lending Act, which regulates credit cards and other types of loans. That means you could find it hard to settle disputes with merchants, return items, and get your money back. Apple’s protections are offered through Mastercard. Some other risks of this program are that payments you make on-time don’t show up on your profile but missed payments do. There may also be the idea that you might not be able to make the payments in the future.
