Apple on Tuesday revealed a new way for customers to take out loans. Buried deep in a press release on new software products available this fall, the Cupertino-based firm shared that users in the U.S. will be able to “apply for loans directly through Affirm when they check out with Apple Pay.” Affirm Holdings, a San Francisco–based fintech that lets users spread out payments over months without incurring late fees or interest—a process called “buy now, pay later,” or BNPL—confirmed the deal in investor documents.
Affirm’s stock jumped 11% on Tuesday to a high of $33.98, still well below its $52.48 peak over the past year. Since then, the stock reached a high of $38.16 and was trading near $36 at the time of publication.
