Apple Pay Later applications include checks on how much you've spent in Apple's stores

People in an Apple Store looking at Apple Watches
(Image credit: Apple)

A new report into Apple's upcoming Apple Pay Later feature has revealed that Apple will "leverage its trove of data on customers" including how much you've spent at Apple stores and on your iPhone in determining whether you are eligible for loans. 

A new Bloomberg report reveals that lending criteria for potential customers have been set out as part of testing the service using Apple employees, which determine loan eligibility and how much money you can be approved for. 

"The new service will let Apple leverage its trove of data on customers, including their spending at company retail outlets, App Store transactions, and services like Apple Cash peer-to-peer payments. Apple Pay, a mobile payment service launched in 2014, and the Apple Card," Mark Gurman writes, suggesting that how much you've spent at an Apple store in the past could have an impact on whether you get a loan or not.

Apple Pay Later criteria

According to the report, testers have seen loan approvals for $1,000 and under. Offers expire after 30 days and customers will need to provide a government ID card, social security number, and two-step verification on their Apple ID account in order to get a loan. This system is reportedly integrated into Apple's Wallet app on devices like iPhone 14 and iPhone 14 Pro. 

"When customers sign up, they’re asked to give an amount they would like to borrow and then the system comes back with an approved total — similar to the Spending Power feature for American Express cards," the report continues. 

Transactions are reportedly stored with Goldman Sachs and MasterCard, but not with Apple in order to maintain user privacy.

Apple Pay Later is going to be released in the coming weeks following testing on its staff. It will give customers another way to get their hands on new products, paying for them over short-term loan periods of six weeks, making four installment payments in total.

Stephen Warwick
News Editor

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.

Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9