Apple is reportedly set to launch a new leasing program called "Apple Upgrade" next week, on July 28. This initiative, powered by Klarna, aims to offer lower monthly payments for hardware purchases, functioning "like a subscription" for iPhones, iPads, Macs, and Apple Watches.

While not all devices will be eligible, including the Apple Watch SE and base model iPad, the program will feature lease terms of 24 months for iPhones and Apple Watches, and 36 months for Macs. Users will have options to pay off the device early, upgrade, or keep it at the end of the lease, potentially with additional fees.

Notably, "Apple Upgrade" will not include AppleCare coverage. The report also suggests that Apple plans to discontinue new signups for its existing "iPhone Upgrade Program" concurrently. This launch comes as Apple has recently increased prices for iPads and Macs, with upcoming iPhones also expected to be more expensive, positioning "Apple Upgrade" as a way for consumers to manage these higher costs.