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credit & Debt Purchase Now and Pay Later
Acceptance Personal Loans Review
Affirm offers instant credit for purchases that offer a range of APRs
By Kate Dore
Updated March 07, 2022
Fact checked by Katrina Munichiello
We only recommend the best products through an independent review process, and advertising does not influence our choices. We could receive compensation for visiting companies we recommend. Read our advertiser disclosure for more info.
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The Investopedia Rating 3.4
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Affirm provides instant cash-back for purchases made at retail. The company has thousands of partners, both in-person and online, who let you buy immediately and then pay later. You may apply at the point of sale using only a soft credit inquiry, however, your annual percentage rates (APR) might be higher than what you expected. This article will provide all you should learn regarding Affirm and how you can decide if it’s right for you.
Affirm provides APRs ranging from 0% to 30% dependent on your credit score. The amount you can borrow is between $17,500 and $0, but the amount can differ by store. Affirm offers personal loan terms of three or six months. Depending on the retailer and the magnitude of your purchase terms can be as short as 2 weeks or 3 months or up to 36 months. There is no minimum credit score required to qualify in the event of an Affirm personal loan however, the company takes into account the current economic situation as well as your credit score and your past experiences with Affirm.
Product Specifications
Pros and Pros and
Fees
APR Range from 0 percent to 30%
Loan Amounts $0 to $17,500
Loan Terms One to six months
Minimum Credit Score Recommendation no minimum
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Overall score 3.4
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Table of Contents
Pros Explained
Pros and Cons Explained
The types of loans
Time to Funding
Features
Apply
Refinance
Methodology
Pros Explained
Prequalify with soft credit inquiry — You can apply via the app or a partner retailer without hurting the credit rating.
Quick financing — You may receive instant approval.
No charges There aren’t any charges for service, late payment charges, or prepayment penalties.
May help improve credit score — Affirm may report to Experian, and your history of paying on time could boost your credit score. Just remember that late payments may also be reported.
Pros and Cons Explained
The maximum APR is 30 percent If your creditworthiness is high, your APR may exceed the typical APR for a credit card, which was 14.51 percent as of November 2021.1
Not available everywhere — Affirm isn’t available for all purchases at retail.
There are no refunds for interest on returns — If you want to return any of the items you purchased, Affirm does not offer a refund on the interest you’ve already paid for the money you borrowed to purchase it.
A possible down payment might not be eligible for the entire amount of your purchase and Affirm may require an initial down payment.
The types of personal loans offered by Affirm
Affirm offers two individual loan options. You can use Affirm to get money to finance purchases at partner stores. If your purchases are less than $225, then you might have access to AffirmGo that offers three monthly installments with 0% APR.
The time to receive funds
You can apply for personal loan by contacting Affirm partners and get instant approval.
Affirm Personal Affirm Personal
Loan transparency — Affirm provides all personal loan details upfront with no hidden costs later.
Many retail partners — Affirm has partnered with over 22,000 retailers to provide instant financing in the store or on the internet.
Virtual card option: After you have received your loan approval, you can transfer the funds into an Affirm virtual card to make only one time use either online or in person.
The mobile app can manage payments on the go with Affirm’s mobile application.
Request an Affirmation Personal Loan
Before applying for an Affirm personal loan You can prequalify by a retail partner or via Affirm’s mobile application. You can complete either option with a soft credit inquiry, which won’t affect the credit rating. Prequalification doesn’t guarantee acceptance, but you will see how much you may be capable of borrowing.
There are three options you can apply to an Affirm personal loan via the partner store, using Affirm’s mobile app or online through Affirm.com. Each of these options offers quick application processes that is quick approval and instant funding.
Partner Store
Shop on the internet or in person, and choose Affirm at check-out.
Enter your mobile phone number.
Create your own Affirm Account (first chance only).
Enter the verification code you received by text.
Get instant approval or denial.
Affirm Mobile App
Download Affirm’s mobile app.
Enter your mobile phone number.
Set up an Affirm Account (first chance only).
Enter the verification code you received via text.
Select a retailer as well as a loan amount.
Get instant approval or denial.
Affirm.com
Create an account with Affirm or login.
Enter the verification code you received by text message.
Choose a store and loan amount.
Get instant approval or denial.
Can I refinance a personal Loan With Affirm?
No. Affirm does not offer the option for refinancing an old loan at a lower rate.
Verdict
Affirm might be a suitable option for bigger purchases. It’s worth considering for those with less-than-perfect credit or have a limited history of credit, depending on the APR you are eligible. There are fixed-rate payments and no hidden fees This can be appealing however, with a maximum APR of 30 percent Affirm could be one of the more expensive ways to finance an investment.
If your credit score is excellent or excellent, it could be more affordable to get the 0% or low-interest credit card. In either case, ensure that you are able to afford the payments. In the event of a financial crisis, you risk being late with payments or worse, owing on what you borrowed. Although it’s not easy to do, the most secure option could be to pay for big purchases with cash.
Methodology
Investopedia is dedicated to providing consumers with unbiased, comprehensive review of personal loan lenders. We gathered more than 25 data points from more than 50 lenders, including interest rates as well as charges, loan amounts, and repayment terms—to ensure that our information helps users make the right borrowing decision for their needs.
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Article Sources
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