FAIRFAX, Va.– Apple FCU has introduced a buy now, pay later (BNPL) solution for members.
Called PayAdvantage, the offering is being made through a partnership with equipifi. The $5.3-billion Apple FCU said It is the first credit union in Virginia to offer BNPL financing.
“Now, whenever Apple FCU members make eligible purchases on their existing credit union debit card, they will be able to split the payments for these transactions over time,” the company said. “Through equipifi, Apple FCU’s PayAdvantage program generates personalized offers to each member’s financial context and goals, meeting them where they are with timely access to extra funds.”
Funds in ‘Moments’
According to the organizations, members will be able to view and accept their PayAdvantage offers in their digital banking app, and receive the funds in their checking account “typically in moments.”
“Flexible financing should be intuitive and effortless, and it’s our role as a trusted financial institution to provide a prompt and caring solution to our members,” AFCU SVP-Lending John Ritchey in a statement. “Partnering with equipifi, our in-house program generates pre-qualified loans tailored for individuals, taking the waiting and uncertainty out of the financing process.”
More Than Five-Dozen CUs
Equipifi, which reported 60 credit unions have now launched a BNPL offering with it, said its data show that more than 81% of members continue to use BNPL in year two, with overall usage increasing by 38%.
