Apple is making its biggest move into finance by offering loans directly to consumers for its new buy now, pay later product, taking on a role played in its other lending services by banking partners such as Goldman Sachs.

Short-term loans made through the iPhone maker’s new Apple Pay Later service, announced on Monday, will be made through a wholly owned subsidiary, Apple Financing LLC, the company said.

Apple Pay Later will be accepted by the millions of US retailers that already take the iPhone’s mobile and online payments service, giving it a broad reach and an enviable customer base who can already afford to splash out on the company’s latest smartphone.