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Credit & Debt Purchase Now Pay Later
Affirm Personal Loans Review
Affirm gives immediate financing for purchases with a range of APRs
By Kate Dore
Updated March 07, 2022.
Fact checked by Katrina Munichiello
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The Rating of Investopedia is 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 allow you to buy now and pay later. You can apply at the time of sale using only an inquiry to verify your credit, however, your annual percentage rate (APR) could be higher than you expect. This article will provide all you should know concerning Affirm and how to decide whether it’s the best option for you.
Affirm offers APRs between zero to 30 percent dependent on your credit score. The amount you can borrow is between $17,500 and $0, but the amount can differ by store. Affirm provides personal loan terms for three months, six or twelve months. However, depending on the store and the amount of the purchase, the terms could be as short as 2 weeks to 3 months or up to 36 months. It is not necessary to have a minimum credit score needed to be eligible to receive an Affirm personal loan However, the firm considers the current economic conditions as well as your credit score as well as your previous history with Affirm.
Product Specifications
Pros and Cons
Fees
APR Range from 0 percent to 30%
Loan Amounts $0 to $17,500
Loan Terms 1 to 36 months
Minimum Credit Score Recommendation 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 for credit with a soft inquiry — You can apply in the app or through an authorized partner retailer without affecting the credit rating.
Fast financing — You can be approved in a matter of minutes.
No fees There aren’t any service fees, late payment charges, or prepayment penalties.
May help improve credit score Affirm could be reported to Experian and your record of paying on time could boost your credit score. Remember that late payments could be reported.
Pros and Cons Explained
Maximum APR of 30% — Depending on your creditworthiness your APR could be higher than the typical APR for a credit card of 14.51% as of November 2021.1
It’s not available everywhere. Affirm isn’t available for all purchases at retail.
There are no refunds for interest on returns . If you return an item you bought, Affirm does not 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 entire amount of your purchase, and Affirm might require the payment of a down.
Types of Personal Loans Offered by Affirm
Affirm provides the two options of individual loan options. You may use Affirm to obtain money for purchases made through its partners stores. If the purchases are less than $225, then you might be able to access AffirmGo, which offers three monthly installments with APR of 0.
Time to Receive Funds
You can apply for personal loan by contacting Affirm partners and receive instant approval.
Affirm Personal Loan Features
Affirm offers full personal loan information upfront, with no hidden fees later.
Thousands of retail partners — Affirm has formed partnerships with more than 200 retail businesses to offer instant credit in the store or online.
Virtual card option: After you have received your loan decision, you may transfer the money onto the Affirm virtual card that you can use for only one time usage online and in person.
App for mobiles — Users can manage your payments on the go with Affirm’s mobile application.
Request an Affirmation of Personal Loan
Before applying for an Affirm personal loan, you may prequalify via a retailer partner or via Affirm’s mobile application. It is possible to complete either with a soft credit inquiry, which won’t hurt your score on credit. Prequalification does not guarantee acceptance, but you will estimate the amount you could be capable of borrowing.
There are three ways of applying for the Affirm personal loan by contacting the partner store, using Affirm’s mobile application, or online through Affirm.com. Each of these options offers rapid application with instant approval and cash-out.
Partner Store
Shop either online or in-person and choose Affirm at checkout.
Enter your mobile phone number.
Make an Affirm Account (first time only).
Enter the verification code that you received by text message.
Get instant approval or denial.
Affirm Mobile App
Download Affirm’s mobile app.
Enter your mobile phone number.
Set up your own Affirm Account (first time only).
Enter the verification code you received via text message.
Choose a store with a loan amount.
Get instant approval or denial.
Affirm.com
Create an Affirm account and log in.
Enter the verification number you received by text message.
Select a retailer as well as a loan amount.
Get instant approval or denial.
Can I refinance a personal Loan With Affirm?
No. Affirm does not offer the option to refinance an existing loan for a better rate.
Verdict
Affirm could be a good option for bigger purchases. It’s worth considering if you have less-than-perfect credit or limited credit history dependent on the APR for which you qualify. There are fixed-rate payments and no hidden charges, which can be attractive however with an max APR that is 30% Affirm could be one of the most expensive options to finance an investment.
If you have a credit rating of good or excellent, it might be cheaper to apply for an interest-free or low interest credit card. Either way, you should make sure you can afford the cost of the card. Otherwise, you may risk being late with payments or worse, owing on what you borrowed. While it can be difficult to make a decision, the best option might be paying for big purchases with cash.
Methodology
Investopedia is committed to providing consumers with unbiased complete review on personal loan lenders. We have gathered over 25 data points from over 50 lenders—including interest rates and fees, loan amounts, and the terms of repayment to ensure that our content helps consumers make the best borrowing decision for their needs.
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Article Sources
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