Apple to Launch iPhone Leasing Program at $17.99/Month via Klarna Partnership
Apple announced a new leasing program called 'Upgrade' in partnership with Klarna, allowing U.S. customers to lease an iPhone starting at $17.99 per month for up to two years. The program, available at Apple retail and online stores, also covers Apple Watch, Mac, and iPad leases. This move comes a month after Apple raised iPad and Mac prices by at least $100 due to the global memory shortage, with analysts expecting iPhone price hikes as well. The lease requires a soft credit check, no security deposit, and no late fees, but devices must be returned after 24 months or purchased with an additional payment. Apple discontinued its previous iPhone Upgrade Program (with Citizens Bank) in favor of this new offering. The strategy aims to smooth seasonal sales, reduce reliance on device cycles, and compete with carrier installment plans. Prices vary by device, with an iPhone 17 Pro costing $31.99/month for two years. Analysts note the average iPhone replacement cycle has stretched to nearly four years.
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