• The Associated Press reports that "Apple is getting into the buy now, pay later space with a few tweaks to the existing model — including no option to pay with a credit card. The company will roll out the product to some consumers this spring, and will begin reporting the loans to credit bureaus in the fall."
The move puts Apple into direct competition with the likes of Afterpay, Affirm, Klarna and Paypal.
According to the story, "Apple’s version, which is integrated with Apple Pay and facilitated by MasterCard, will require the consumer use a debit card and a bank account to make payments, the company said. It will not charge flat or percentage late fees. However, missed payments will eventually result in the consumer losing access to these kinds of loans. Apple also says the loan and payment history can impact your credit score. Failure to repay on time may be reported to credit bureaus."