Apple on Tuesday introduced Apple Pay Later, which will allow users to split their purchases into four payments spread over the course of six weeks.

Affirm dropped 4% on the news.

Apple Pay Later users will be able to manage, track and repay their loans in their Apple Wallet, the company said in a release Tuesday. Individuals will be able to apply for Apple Pay Later loans between $50 and $1,000 and use them for in-app and online purchases made through merchants that accept Apple Pay.

Users can apply for a loan within the Apple Wallet without it impacting their credit score, Apple said. Once they select the amount they would like to withdraw, a soft credit pull will be conducted to make sure they are in “a good financial position” to take on a loan.

Apple will invite select people to access a prelease version of Apple Pay Later Tuesday, and the company said it plans to expand access to all eligible users in the coming months.

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