Apple launched a new device leasing program called Apple Upgrade on July 28, 2026. The program, backed by Swedish fintech company Klarna, lets customers lease iPhones, Apple Watches, iPads, and Macs through Apple’s stores and online shop in the United States.
The lease terms vary by device type. iPhones and Apple Watches come with a 24-month lease. Macs and iPads are offered on a 36-month lease. When the lease ends, customers can return the device, choose to upgrade to a newer model early for a fee, or pay the remaining balance to keep what they have.
This replaces Apple’s previous iPhone Upgrade Program, which was limited to iPhones. Customers currently enrolled in that older program can continue through their existing lease term. New sign-ups are directed to Apple Upgrade instead. Budget models within the product line are excluded — only higher-tier configurations are available through the program.
The program is designed to make Apple hardware more accessible at a time when device prices have climbed. The global memory chip shortage put upward pressure on component costs across the tech industry, and Apple’s lineup — from Macs to professional-grade iPads — moved to higher price points in recent years. Monthly lease payments spread that cost over time without requiring a large payment upfront.
Klarna’s role is to handle the financing side. The company processes the payments, manages lease administration, and carries the underlying financial contract. Apple focuses on hardware and software; Klarna handles the money part. A standard credit check is required to qualify.
The program also introduces the option to upgrade before the lease period ends, which is appealing for people who upgrade frequently. Rather than selling a year-old device and absorbing the depreciation, they can hand it back and move to the current model.
Apple’s original iPhone Upgrade Program launched in 2015. This new arrangement extends the concept to the full product lineup — a significant expansion in scope and in Apple’s relationship with a third-party financing partner. Apple’s newsroom confirmed the program is live beginning July 28, available through Apple retail and online channels.