Apple will handle lending itself with the 'buy now, pay later' service

Launches 'Buy Now Pay Later' scheme, sets up a wholly owned subsidiary to extend loans for the service

Apple will handle the lending itself for a new “buy now, pay later” offering, sidestepping partners as the tech giant pushes deeper into the financial services industry.

A wholly owned subsidiary will oversee credit checks and make decisions on loans for the service, which is called Apple Pay Later. The business -- Apple Financing LLC – has necessary state lending licenses to offer the feature, though it operates separately from the main Apple corporation, the company said in response to Bloomberg questions.

The move marks the first time Apple is handling key financial tasks like loans, risk management and credit assessments. It’s