Apple has expanded its installment financing option for the iPad, Mac, and Apple Watch to its UK stores, allowing customers to split payments into 12, 24, or 36 equal monthly payments, making it more economical for customers to hash out big bucks for the latest products.
The financing option is in partnership with Barclays and is eligible for Mac, Apple Watch, and iPad purchases starting from £399. Customers can choose between a 12, 24, or 26-month-long installment plan, with varying rates.
The minimum APR (annual percentage rate) varies depending on the length of the installment period. From 30 October 2023 until 10 January 2024, customers who opt for 12-month financing will be subject to a 2.9% APR, whereas 24-month and 36-month financings carry an APR of 4.9% and 14.9%, respectively.
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The program was previously available exclusively online but is now available when purchases are made physically at brick-and-mortar Apple retail locations across the UK. In stores, customers must first complete a form with a Specialist employee, which is sent electronically on the spot to Barclays to approve or deny the loan. Decisions are issued quickly, and most customers won’t have to wait more than 15-20 minutes.
Online, once an order is placed with financing, customers will be taken to a Barclays website portal to approve their loan request. The delivery date is updated and confirmed accordingly as soon as approval is granted by Barclays. The company also adds that billing and shipping addresses must match to qualify for financing.
Accessories, third-party products offered through Apple, and AppleCare purchases are not eligible for the program. The program does not apply to the iPhone, as UK customers already enjoy 0% APR through the iPhone Upgrade Program.
The program in the UK is similar to what is already offered in the United States via the Apple Card Monthly Installments program. Users who own an Apple Card can use the program to finance purchases directly from Apple interest-free at 0% APR. The program can be used to buy almost all Apple products, including iPhone, Apple Watch, iPad, Mac, Apple TV, AirPods, Beats, and more.
Apple Card launched in 2019, and in the four years since, the service has yet to expand to other markets. Apple is reportedly said to be struggling to find financial partners in other markets willing to take on the risks associated with the benefits of Apple Card, which includes no hidden fees, no annual fees, no late fees, and generous cashback for purchases.
