Apple's financial platform has opened, and consumers who have subprime credits are approved according to a report.
CNBC has mentioned that Goldman Sachs appeared to throw a wide net at launch, gathering even more sub-prime borrowers for their product. The bank is currently accepting people with lower credit scores to a select few who have received it earlier, with a wider rollout expected during this month.
It has also been said that Apple wanted Goldman Sachs to create a platform that would allow hundreds of millions plus iPhone users in regulatory frameworks and responsible lending.
It's not the first time Apple has tried to release a financial product. In 2004, it was rumored that Steve Jobs had created an iTunes credit card, where consumers earn 'iPoints' and used it to buy iTunes music. The company failed to reach agreement with partner banks, and the idea fell through.
Concerns have been raised about indefensible borrowing and damage to Apple's reputation, but the Wallet app offsets the risk by encouraging higher repayment amounts and extensive access to what was purchased and the categories it belonged to.