The pay-later loan service announced by Apple last year is still in the test phase.
American Apple is developing its own pay-later loan and payment arrangement service. The iPhone manufacturer announced the new service last year, and it is still in the testing phase.
In the test phase, Apple has developed loan granting criteria for its service. It has been tested by Apple employees.
News agency Bloomberg by the service’s loan decisions will be based, among other things, on the customer’s purchase history in applications and devices.
The decisions also look at whether the loan applicant has applied for an Apple Card credit card and whether the customer has other credit cards linked to an Apple Pay account.
According to Bloomberg, the decision even takes into account which Apple devices the loan applicant owns.
Other among other things, these criteria determine whether Apple lends the user money and how much.
According to Bloomberg, many testers of the service have received loans of up to a thousand dollars. The loan must be paid back in the service after one month.
Apple is expected to launch the pay later service in the coming weeks, as it gave the service to thousands of its store employees for testing earlier in February.
Initially, the launch was already expected last year.