Apple has unveiled a new leasing programme that allows customers to access iPhones, Macs, iPads and other premium devices through monthly payments, as the company seeks to make its products more affordable amid rising electronics prices and longer upgrade cycles.
The initiative, launched in partnership with Klarna, is designed to give users more flexible payment options without the immediate financial burden of paying the full cost of an Apple device upfront.
Known as Apple Upgrade, the programme expands the technology giant’s payment options and replaces its existing iPhone Upgrade Programme and iPhone Payments offering in the United States.
The service, announced on Tuesday, will be available through Apple retail stores, its website and the Apple Store app in the US.
Under the programme, customers can lease iPhones and Apple Watches for 12 or 24 months, while Macs and iPads will be available through 24- or 36-month agreements.
Apple said the initiative extends flexible payment plans to a wider range of devices, with monthly payments starting at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad, and $24.99 for a Mac.
Applicants will undergo a soft credit check by Klarna, which Apple said will not affect their credit scores. Customers can also lower their monthly payments by trading in existing devices and earn 3% cashback when using an Apple Card.
At the end of the lease period, customers can return the device, purchase it through a one-time payment or upgrade to a newer model.
Existing members of Apple’s iPhone Upgrade Programme will be eligible to switch to the new leasing plan when they qualify, while other options, including Apple Card monthly instalments, carrier financing or outright purchase, will remain available.