Apple in talks with Goldman Sachs to offer consumer loans for iPhone - report

Wednesday 7 February 2018 | 15:12 CET | News

Apple is in talks to offer financing from Goldman Sachs to buyers of its smartphones, watches and other gadgets, people familiar with the matter told the Wall Street Journal. The offer is part of a new retail business under development by the investment bank, to offer 'point-of-sale' financing as an alternative to consumer credit cards. 

Customers would be offered loans at checkout to finance large purchases. This would be an extension of Goldman's online lender Marcus, introduced in 2016 to help consumers refinance credit-card debt. Marcus loans carry interest of around 12 percent, compared to 20 percent or more on standard credit cards in the US. 

Apple introduced a programme in 2015 with Citizens Financial Group, in which the regional bank offered zero-interest loans for iPhone upgrades and higher-interest options for other device purchases. Part of Goldman’s talks with Apple involves taking over some form of the upgrade programme, the report said. 

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