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Credit & Debt Pay Now, Pay Later
Confirm Personal Loans Review
Affirm offers instant financing for retail purchases, offering a variety of APRs
By Kate Dore
Updated March 07, 2022
Facts confirmed by Katrina Munichiello
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Investopedia’s Rating 3.4
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Affirm offers immediate cash-back for purchases made at retail. Affirm has thousands partners, both in-person and online, that allow you to buy immediately and then pay later. You can apply at the time of sale, with just a soft credit inquiry, however, your annual percentage rates (APR) might be more than you anticipated. This review will cover everything you should learn concerning Affirm and how you can decide if it’s right for you.
Affirm offers APRs between zero to 30 percent depending on your credit history. It is possible to borrow anything from $17,500 to $0 but the amount may differ by retailer. Affirm offers personal loan terms for three or six months. However, depending on the store and the size of the purchase, terms may be as brief as 2 weeks or 3 months, or up to 36 months. It is not necessary to have a minimum credit score required to be eligible for an Affirm personal loan however, the company considers the current economic conditions, your credit score, and your prior history with Affirm.
Product Specifications
Pros and Cons
Fees
APR Range from 0% to 30%
Loan Amounts from $0 to $17,500
Loan Terms 1 to 36 months
Recommended Minimum Credit Score no less than
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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 using a soft credit inquiry — You can prequalify on the app or at an authorized partner retailer without affecting your score on credit.
Fast financing — You can receive instant approval.
No charges — There are no charges for service, late payment fees, or prepayment penalties.
Could help improve your credit score — Affirm might be reported to Experian and your record of on-time payments may improve your score on credit. Be aware that late payments can also be reported.
Pros and Cons Explained
Maximum APR of 30 percent If your creditworthiness is high the APR you pay could surpass the average APR on a credit card, which was 14.51% as of November 2021.1
Not everywhere available — Affirm isn’t available for all retail purchases.
There are no refunds for interest on returns — If you return one of your purchases Affirm does not offer a refund on the interest that you’ve already paid for the money you borrowed to buy it.
Possible down payment — You might not be eligible to purchase the total amount of your purchase, and Affirm may require the payment of a down.
Different types of personal loans are offered by Affirm
Affirm provides two personal loan options. You can utilize Affirm to borrow money for purchases through Affirm’s partner stores. If the order is under $250, you could be able to access AffirmGo which provides three monthly payments with a zero percent APR.
Time to Receive Funds
You may apply for personal loan through Affirm partners and get instant approval.
Affirm Personal Credit Features
Affirm offers full personal loan information upfront, with no hidden costs later.
A large number of retail partners Affirm has partnered with more than 2,000 retail companies for instant credit in the store or online.
Virtual card option — Following your loan decision, you may transfer the funds into the Affirm virtual card for only one time use online or in person.
Mobile app — You may manage your payments on the go via the mobile app of Affirm.
Request an Affirmation Personal Loan
Before applying to get an Affirm personal loan You can prequalify through a retail partner or through Affirm’s mobile app. You can do either with a soft credit inquiry that doesn’t affect your score on credit. Prequalification doesn’t guarantee acceptance, but you will estimate the amount you could be capable of borrowing.
There are three options to apply for the Affirm personal loan by contacting an Affirm partner store, through Affirm’s mobile app or online through Affirm.com. Each of these options offers fast application process with instant approval and the ability to fund.
Partner Store
Buy either online or in-person and choose Affirm at check-out.
Enter your mobile phone number.
Make your own Affirm Account (first time only).
Enter the verification code you received via text message.
Get instant approval or denial.
Affirm Mobile App
Download Affirm’s mobile app.
Enter your mobile phone number.
Set up an Affirm accounts (first chance only).
Enter the verification number you received by text.
Choose a store and loan amount.
Get instant approval or denial.
Affirm.com
Create an account with Affirm or log in.
Enter the verification code you received via text message.
Choose a store and loan amount.
Get instant approval or denial.
Can I Refinance a Personal loan with a confirmation?
No. Affirm does not provide the opportunity to refinance an existing loan for a better rate.
Verdict
Affirm could be a good option for purchases that are larger. It could be worth considering for those with less-than-perfect credit or a poor credit history, depending on the APR at which you qualify. There are fixed payments and no hidden fees, which can be attractive, but with a max APR that is 30% Affirm is one of the more expensive ways to finance the purchase.
If you have a credit rating of excellent or excellent, it might be less expensive to apply for an interest-free or low-interest credit card. Either way, you should be sure that you have the funds to make the payments. If not, you could be in danger of late payments—or worse, defaulting on the amount you borrowed. While it can be difficult to do, the most secure option could be paying for big purchases in cash.
Methodology
Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of personal loan lenders. We have gathered over 25 data points on more than 50 lenders—including interest rates and fees, loan amounts, and the terms of repayment to ensure that our information helps consumers make the best choice of borrowing for their specific needs.
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Article Sources
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