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Apple to Scrutinize Customer History for New ‘Buy Now, Pay Later’ Service

  • Loan decisions will consider past spending with apps, devices
  • New service is now being tested with Apple retail employees
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With Apple Inc. pushing into the lending business with a “buy now, pay later” service, the company is laying out rules for how it will approve transactions. One key factor: whether you’ve been a good customer in the past. 

The Apple Pay Later service — announced last year but still in the testing phase — will evaluate borrowers based on their spending history and even which of the company’s devices they own. The program, which lets shoppers make purchases and then pay over installments, also will look at whether customers have applied for an Apple Card credit card and the other cards they have linked to their Apple Pay accounts.