Apple becomes a money lender with Pay Later service launch.

Apple has launched a new service called Apple Pay Later, which allows users to borrow money directly through the Wallet app on their iPhone. The loans range from $50 to $1,000 and can only be spent with merchants that accept Apple Pay. The payoffs are split into four payments, with no interest if paid off within six weeks using a debit card. Apple Pay Later is enabled through the Mastercard Installments program and issued by Goldman Sachs. Apple has formed a subsidiary to finance the loans and will start reporting them to US credit bureaus this fall.