Apple is reportedly readying a new “Apple Upgrade” program that will launch in the United States next week.
According to a Bloomberg report by Mark Gurman, Apple will work with Klarna to offer the program. The program will offer financing on most iPhone, iPad, Mac, and even Apple Watch models. Terms from 24 months to 36 months will be offered depending on the product.
The new service, planned to launch July 28, will support most iPhone, Mac, iPad and Apple Watch models, according to people with knowledge of the matter. Apple is partnering with Klarna Group Plc as the financial backer for the program, said the people, who asked not to be identified discussing unannounced initiatives.
The move will see Apple stop offering the iPhone Upgrade Program, with the Apple Upgrade Program taking its place, according to the report. Notably, AppleCare+ won’t be included with Apple Upgrade, unlike the outgoing iPhone Upgrade Program.
It’s believed that Apple will market the new program as a cheaper way to buy its products without using traditional financing.
A soft credit check will take place before the sale can be made, and users will be able to keep or return their device after the program ends and they will also have the option to upgrade to a new product early.
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