Apple is ending its no-fee, no-interest buy-now, pay-later program for less than one YEAR after general availability.

In a statement on Tuesday 9 to 5 Mac and a statement on Monday for CNBCApple announced that it has discontinued Apple Pay Later, a US-only program that allows users to apply for a $50 to $1,000 credit directly from the Wallet app on their iPhones.

The program, which became widely available in the US in October, gave borrowers the option to repay the loan in four installments over six weeks, with no fees or interest.

Apple Pay Later is no longer available starting this week, according to Apple.

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In its place is a new personal finance option arriving later this year: installment loans offered through lenders, credit cards and debit cards.

“The ability to access credit and debit card installments with Apple Pay will be rolled out starting in Australia with ANZ; in Spain with CaixaBank; in the UK with HSBC and Monzo; and in the US with Citi, Synchrony and issuers with Fiserv ,” Apple said in a Updating last week.

Apple added that US users also have the option to apply for loans through Affirm, a third-party company, when they check out with Apple Pay.

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More than half of American consumers recognize Claim it by name. ^{Apple Pay Later logo on MacBook and iPhone screens. Photo by Jakub Porzycki/NurPhoto via Getty Images}

Apple executives initially introduced Apple Pay Later as a useful personal finance tool.

The draw was flexible payment; plus, applying for an Apple Pay Later loan also had no impact on credit scores.

“Apple Pay Later was designed with the financial health of our users in mind,” Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, DECLARING in March 2023.

Anyone who still has an active Apple Pay Later credit will be able to pay it off through the Apple Wallet app.

Apple Pay Later credits Were supported by Apple and activated through the Mastercard Installments program.

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