Apple is financing all the lending for the Apple Pay Later service

“Apple Financing LLC,” has obtained state lending licenses and will operate independently from the main corporate entity to power the newly announced Apple Pay Later service.

Introduced at WWDC 2022, Apple Pay Later gives users who are conducting a transaction through Apple Pay to split the cost into four payments over six weeks. The service charges no fees or commissions.To power the service, Apple has established a wholly-owned subsidiary. It has spun off Apple Financing, LLC, to handle the lending.

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