Apple Pay Later is launched in the US

Apple on Tuesday introduced Apple Pay Later, which will allow users to split purchases into four payments spread over six weeks.

Affirm fell 4% on the news.

Apple Pay Later users will be able to manage, track and repay their loans in Apple Wallet, the company said in a release on Tuesday. Individuals can apply for Apple Pay Later loans between $50 and $1,000 and use them to make purchases in apps and online stores that accept Apple Pay. Payments have no interest and no fees.

Users can apply for loans in the Apple Wallet app without affecting their credit scores, Apple said. Once they select the amount they want to withdraw, a soft credit pull will be performed to ensure they are in “a good financial position” to take out a loan, according to the release.

Apple will invite select people to access a preview version of Apple Pay later Tuesday, and the company said it plans to expand access to all eligible users in the coming months.

Authorized users will see the “Pay Later” option while using Apple Pay to check out online and in apps on iPhone and iPad. They will also be able to apply for a loan directly at the till. Apple said purchases with the software will be authenticated with Face ID, Touch ID or a password.

The company said users can see the amount of their existing loan, as well as the total amount due in the next 30 days, in Apple Wallet. Users will be prompted to associate a debit card as a loan repayment method. Credit cards are not accepted.

This story is in development. Please check back for updates.