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credit & Debt Pay Now Pay Later
Affirm Personal Loans Review
Affirm gives immediate financing for purchases that offer a range of APRs
By Kate Dore
Updated March 07, 2022.
Facts verified by Katrina Munichiello
We recommend the best products using our independent reviews process and advertisers do not influence our picks. We may receive compensation for visiting partners we recommend. Read our advertiser disclosure for more info.
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The Rating of Investopedia is 3.4
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Affirm offers instant credit for purchases at the store. Affirm has thousands customers, both in person as well as online, which permit you to purchase immediately and then pay later. It is possible to apply at the time of sale with only one soft credit inquiry however, your annual percentage rate (APR) may be higher than what you expected. This review will cover all you should learn about Affirm and how to determine whether it’s the best option for you.
Affirm provides APRs ranging from 0% to 30% depending on your credit history. It is possible to borrow anything between $17,500 and $0, however, the amount could differ by retailer. Affirm offers personal loan terms of three months, six or twelve months. Depending on the store and the magnitude that the transaction is, the terms may be as brief as two weeks up to three months, or as long as 36 months. There is no minimum credit score to be eligible in the event of an Affirm personal loan However, the firm considers the current economic conditions, your credit score, as well as your previous experiences with Affirm.
Specifications for the Product
Pros and Cons
Fees
APR Range 0 percent to 30%
Loan Amounts from $0 to $17,500
1. Loan Terms 1 to 36 months
Recommended Minimum Credit Score , no minimum
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overall rating 3.4
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Table of Contents
Pros Explained
Cons Explained
Types of Loans
Time to Funding
Features
Apply
Refinance
Methodology
Pros Explained
Prequalify using a soft credit inquiry — You may prequalify in the app or through an authorized partner retailer without affecting the credit rating.
Fast financing — You can get instant approval.
No fees — There are no costs for service, late payments charges, or prepayment penalties.
May help improve credit score Affirm might be reported to Experian, and your history of timely payments could improve your score on credit. Be aware that late payments may also be recorded.
Cons Explained
The maximum APR is 30 percent — Depending on your creditworthiness, your APR may surpass the typical APR for a credit card of 14.51% as of November 2021.1
It’s not available everywhere. Affirm isn’t available on all purchases at retail.
No refunds for interest paid when you decide to return any of the items you purchased Affirm doesn’t offer a refund on the interest you have already paid on the money you borrowed to purchase it.
A possible down payment may not qualify for the full amount of your purchase and Affirm may require a down payment.
The types of personal loans offered by Affirm
Affirm provides 2 individual loan options. You can use Affirm to borrow money for purchases at Affirm’s partner stores. If the purchases are less than $225, then you could be able to access AffirmGo that offers three monthly payments with a 0% APR.
When you can receive funds
You can apply for personal loan via Affirm partners and get instant approval.
Affirm Personal Affirm Personal
Loan transparency — Affirm provides all personal loan details upfront with no hidden fees later.
Thousands of retail partners — Affirm has partnered with over 22,000 retailers to provide instant credit in the store or on the internet.
Virtual card option — After the loan decision, you may transfer the loan funds onto the Affirm virtual card to make one-time use either online or in person.
Mobile app — You are able to manage your payments on the go through Affirm’s mobile app.
Request an Affirmation Personal Loan
Prior to you apply for an Affirm personal loan, you may prequalify by a retail partner or via Affirm’s mobile app. You can do either through a soft credit inquiry that doesn’t harm the credit rating. Prequalification does not guarantee approval, but it does allow you to estimate the amount you could be able to borrow.
There are three ways of applying for an Affirm personal loan via the partner store, using Affirm’s mobile application, or online at Affirm.com. The three options provide rapid application with instant approval and cash-out.
Partner Store
You can shop online or in person and choose Affirm at checkout.
Enter your mobile phone number.
Set up an Affirm Account (first chance only).
Enter the verification number you received by text message.
Get instant approval or denial.
Affirm Mobile App
Download the Affirm mobile app.
Enter your mobile phone number.
Create an Affirm account (first time only).
Enter the verification number you received via text.
Select a retailer and loan amount.
Get instant approval or denial.
Affirm.com
Create an Affirm account and sign in.
Enter the verification code you received by text message.
Select a retailer with a loan amount.
Get instant approval or denial.
Can I Refinance a Personal loan with a confirmation?
No. Affirm does not offer the option to refinance an existing loan to get a better rate.
Verdict
Affirm could be a good option for purchases that are larger. It is worth looking into in the event that you have less than perfect credit or a poor credit history dependent on the APR for which you are eligible. Fixed payments are available with no hidden costs, which can be attractive however with an maximum APR of 30% Affirm could be one of the most expensive methods to finance a purchase.
If your credit score is excellent to excellent, it might be more affordable to get the 0% or low-interest card. Whatever you choose, be sure that you have the funds to make the cost of the card. In the event of a financial crisis, you risk late payments—or worse, defaulting on the amount you borrowed. Although it may be difficult to do, the most secure option could be paying for large purchases with cash.
Methodology
Investopedia is dedicated to providing customers with impartial, comprehensive review on personal loan lenders. We collected over 25 data points across more than 50 lenders, including interest rates, charges, loan amounts, and the terms of repayment to make sure that our content can help users make the right choice of borrowing for their specific needs.
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Article Sources
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