Apple to Launch 'Buy Now, Pay Later' Program in Canada Through PayBright Partnership

[MacRumors]

Apple is teaming up with Canadian payment services company PayBright to launch a buy now, pay later program for Apple products in Canada, reports Bloomberg.

PayBright, which is owned by Affirm, offers payment plans that are designed to break the cost of a purchase down into biweekly or monthly installments. PayBright already works with a number of companies in Canada including WayFair, Sephora, Samsung, eBay, Dyson, and more. "Shop now, and pay over time at your favorite stores," reads the company's website.

Canadian customers will be able to purchase iPhones, Macs, and iPhones, and pay for purchases over the course of 12 to 24 months instead of paying up front. The program will work with device trade-ins that can serve as a down payment, and AppleCare can be included in the installment plan. As a launch bonus, the new installment option will be offered interest-free for a limited time.

Apple and PayBright will debut the payment program online and in retail stores in Canada starting on August 11. Retail employees have already been informed about the initiative, according to a note sent to staff that was seen by Bloomberg. Some customers visiting Apple want to buy now and pay later. Now, they have a new option that lets them pay over time for their favorite Apple products," reads the letter.

Apple already offers installment payment plans for device purchases made with the Apple Card in the United States, but a similar program has not been available in Canada.

Last month, Bloomberg reported that Apple is working on an "Apple Pay Later" feature that will allow customers to make Apple Pay purchases with monthly installments, a program that will be separate from the new buy now, pay later initiative launching in Canada.

Apple will partner with Goldman Sachs for the Apple Pay Later feature, and installment payment options will be available for all Apple Pay purchases and will not be limited to Apple products.

Article Link: Apple to Launch 'Buy Now, Pay Later' Program in Canada Through PayBright Partnership

 

[mattwolfmatt]

Oh boy, no one tell Dave Ramsey.

 

[Pearple]

Also known as: "Spend the money that You don't possess."

 

[GenesisST]

Buy now declare bankruptcy later...

that being said if LEGO does that I'm screwed...

 

[whcchief]

Ah yes, good ol' want want want now now now society.

 

[Black.Infinity]

I was jealous that Americans had monthly payment option and we didn’t have one. 🤣🤣

 

[PsykX]

Also known as: "Spend the money that You don't possess."

This is why I much prefer "Buy Now, Pay Never" programs.
The problem with these kind of programs is that they're so rare...

 

[TVreporter]

Finally! Bring on the new iMac, iPhone and whatever else may arrive this fall.
Just don't tell my wife!

 

[no_idea]

Also known as: "Spend the money that You don't possess."

And be prepared after interest to pay 3x the total price…all because you cannot control your impulses

 

[HappySponge]

Ah nothing like getting into debt to keep up with the neighbors.....

 

[Kove]

"iPhones, Macs, and iPhones". Sounds about right considering your average apple consumer

 

[Tminusg]

Canadians love debt more then anybody

 

[Mrjetsondc]

Hmm 🤔 guess people not being able to pay rent has hurt Apple, so let’s over high interest financing and payment plans for a 1000 dollar device that does the same thing as a 200 dollar Android.

Apple is a disappointment

 

[sw1tcher]

Also known as: "Spend the money that You don't possess."

Buy now declare bankruptcy later...

Those aren't the only customers who use BNPL services.

For example, if I was planning to buy a 256GB iPhone 12 Pro Max for my wife and I, that's C$1689 x 2. I can easily afford the C$3378, but why pay the full C$3378 upfront when it'd be financially smarter to use their Pay-in-4 payment option or make monthly interest free payments and then invest the rest?

 

[Rogifan]

Hmm 🤔 guess people not being able to pay rent has hurt Apple, so let’s over high interest financing and payment plans for a 1000 dollar device that does the same thing as a 200 dollar Android.

Apple is a disappointment

I’m paying for my new iPad Pro over time using my Apple Card. No interest involved. Same with the iPhone upgrade program. Why not pay something off over time with what’s essentially a no interest loan?

 

[Prof.]

Also known as: "Spend the money that You don't possess."

Was always told: "if you can't afford to buy three of them, you can't afford it"

Granted, you're not going to apply that logic to buying a house or car or maybe a computer. But definitely applies to phones, tablets, etc.

 

[Mrjetsondc]

I’m paying for my new iPad Pro over time using my Apple Card. No interest involved. Same with the iPhone upgrade program. Why not pay something off over time with what’s essentially a no interest loan?

a credit card I’d not the same as these loans. These buy now pay later schemes do not check your credit and will sell you anything. You having an Apple Card at least shows that you are responsible in some ways.

People going into debt is how a lot of companies make their living

 

[coachgq]

Those aren't the only customers who use BNPL services.

For example, if I was planning to buy a 256GB iPhone 12 Pro Max for my wife and I, that's C$1689 x 2. I can easily afford the C$3378, but why pay the full C$3378 upfront when it'd be financially smarter to use their Pay-in-4 payment option or make monthly interest free payments and then invest the rest?

Point taken, but do you really “invest the rest”?

 

[kaycrystal626]

Buy now pay later? Is that's how people get into a debt trap? That's a terrible business model.

 

[Prof.]

a credit card I’d not the same as these loans. These buy now pay later schemes do not check your credit and will sell you anything. You having an Apple Card at least shows that you are responsible in some ways.

People going into debt is how a lot of companies make their living

If no one is in debt, no one is making money.

 

[sw1tcher]

a credit card I’d not the same as these loans. These buy now pay later schemes do not check your credit and will sell you anything.

🤦‍♂️ They do check your credit. And they check for each and every retailer. It's in their FAQ/Help section.

Does PayBright check my credit?

It depends! We do an instant credit check with a bureau (such as Equifax or TransUnion) if you are paying in Equal Monthly Payments or if you are using a PayBright Virtual Card.We don't do a hard c...

help.paybright.com

Does PayBright check my credit?

It depends! We do an instant credit check with a bureau (such as Equifax or TransUnion) if you are paying in Equal Monthly Payments or if you are using a PayBright Virtual Card.

We don't do a hard credit check when you prequalify or when you Pay in 4 with our bi-weekly payment plan!

Tip: If you are applying for a Pay Monthly plan through multiple retailers, each application will be subject to a hard credit check.

 

[sw1tcher]

Point taken, but do you really “invest the rest”?

Yes. Even keeping it in a liquid emergency savings account (Marcus) with a low 0.5% APY is better than $0

 

[dannyyankou]

If you can’t pay for it in full right now and it’s not a necessity, don’t buy it

 

[leonremi]

What a horrible idea.

If you can't afford it. Save for it, then buy it.

Stupid society where instant gratification is King.

 

[chasing.stoke]

I love buy now pay later services...I am not sure why they wouldn't go with the top dog, Afterpay