Apple’s financial platform has opened, and consumers who have sub-prime credits are getting approved, according to a report.
CNBC has mentioned that Goldman Sachs seemed to be casting a wide net at launch, collecting even sub-prime borrowers for their product. The bank is currently accepting people with lower credit scores to a select few who have gotten it earlier, with a broader rollout expected during this month.
It’s also been said that Apple wanted Goldman Sachs to create a platform that would allow a hundred million-plus iPhone users within regulatory bounds and responsible lending.
It’s not the first time Apple has tried to release a financial product. In 2004, Steve Jobs was rumored to be making an iTunes credit card, where consumers earn ‘iPoints’ and use it to buy iTunes music. The company wasn’t able to come to an agreement with partner banks, and the idea fell through.
Concerns have been raised regarding irresponsible borrowing and damage to Apple’s reputation, but the Wallet app offsets the risk by encouraging higher repayment amounts and comprehensive access to what was bought and the categories it belonged to.