Apple said to offer iPhones and Macs to customers without funds through Klarna leasing

Leasing is a popular option among consumers, especially for cars, since leasing allows them to get a product immediately but pay for it gradually over the following years. Starting July 28, Apple is expected to offer the option to lease select Apple products instead of buying them, with this program initially available in the U.S. According to information from Bloomberg, this program, which will simply be called "Apple Upgrade," replaces the older iPhone Upgrade Program.

The lease term is 24 months for the iPhone and Apple Watch, but 36 months for a Mac or iPad. The leasing program is designed to be flexible, offering customers the option to pay off the remaining balance early, upgrade to a newer model before the end of the lease term, and either keep the product or return it to Apple at the end of the term. All of these decisions affect the monthly lease payment, while additional fees may apply for certain actions.

The finances for this leasing program are managed by Klarna. A soft credit check is required before you can lease a product. Apple Upgrade is being marketed as a more affordable and flexible option compared to installment payments. However, the lease does not include insurance, so the monthly payment must continue to be made in the event of a defect or lost device, and repairs or replacements are not covered by Apple. Lower-priced models such as the iPhone 16, the iPad, the MacBook Neo ($689 on Amazon), or the Apple Watch SE are reportedly excluded from this program.