Apple is preparing to launch “Apple Upgrade,” a Klarna-backed device leasing program, on July 28 in the United States, according to reporting from Bloomberg and outlets that cite it. The program is described as a major change to how Apple sells hardware and is intended to offer an alternative to existing financing options. Apple Upgrade is expected to cover many iPhone, iPad, Mac, and Apple Watch models, with lease terms that vary by product line: iPhones and Apple Watches reportedly run for 24 months, while iPads and Macs reportedly run for 36 months.
Multiple reports say customers can make payments over the lease period and may be able to upgrade early or at set points, as well as return or keep devices at the end of the term, with some details depending on the product category. The program reportedly uses a soft credit check, and additional fees may apply. Reports also indicate that Apple plans to stop accepting new sign-ups for its existing iPhone Upgrade Program when Apple Upgrade goes live. Apple Upgrade is described as not including AppleCare+ coverage, and some specific lower-priced models are reportedly excluded, including the Apple Watch SE and entry-level iPad, iPhone, and some Mac configurations.
