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Credit & Debt Purchase Now, Pay Later
Acceptance Personal Loans Review
Affirm provides instant credit for purchases with a range of APRs
By Kate Dore
Updated March 07, 2022
Fact checked by Katrina Munichiello
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Investopedia’s Rating 3.4
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Affirm provides instant credit for purchases at the store. Affirm has thousands of partners, both in-person and online, that allow you to buy today and pay later. You can apply at the point of sale with only an inquiry to verify your credit, however, your annual percentage rate (APR) may be higher than what you expected. This article will provide everything you must know regarding Affirm and how you can decide whether it’s the right choice for you.
Affirm offers APRs between 30 and 0% dependent on your credit score. It is possible to borrow anything between $17,500 and $0, however, the amount could vary by store. Affirm provides personal loan terms of three, six, or twelve months. Depending on the retailer and the amount that the transaction is, terms may be as brief as two weeks up to three months or as long as 36 months. No credit scores are required needed to qualify to receive an Affirm personal loan However, the firm takes into account the current economic situation as well as your credit score and your past history with Affirm.
Specifications for the Product
Pros and Cons
Fees
APR Range 0% to 30%
The loan amount ranges from $0 to $17.500.
Loan Terms 1 to 36 months
Recommended Minimum Credit Score no less than
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Overall rating 3.4
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Table of Contents
Pros Explained
Pros and Cons Explained
Different types of loans
Time to Funding
Features
Apply
Refinance
Methodology
Pros Explained
Prequalify using a soft credit inquiry — You can apply in the app or through a partner retailer without hurting your credit score.
Quick loan — You could receive instant approval.
No fees No costs for service, late payments fees, or prepayment penalties.
Can help improve credit score — Affirm might be reported to Experian, and your history of on-time payments may improve the credit rating of your. Remember that late payments can also be reported.
Pros and Cons Explained
The maximum APR is 30% — Depending on your creditworthiness the APR you pay could exceed the average APR of credit cards that was 14.51 percent at the time of November 2021.1
Not available everywhere — Affirm isn’t offered for all retail purchases.
No refunds for interest paid on returns . If you decide to return any of the items you purchased Affirm will not give you a reimbursement on the interest you have already paid on the money you borrowed to purchase it.
A possible down payment might not be eligible for the full amount of the purchase and Affirm might require the payment of a down.
Types of Personal Loans Offered by Affirm
Affirm provides the two options of private loan options. You may use Affirm to obtain money for purchases at partners stores. If the purchase is less than $250, you might have access to AffirmGo, which offers three monthly payments with a zero percent APR.
The time to receive funds
You may apply for an individual loan by contacting Affirm partners and get instant approval.
Affirm Personal Loan Features
Loan transparency — Affirm gives all personal loan details upfront with no hidden fees later.
A large number of retail partners Affirm has joined forces 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 acceptance, you are able to transfer the loan funds to an Affirm virtual card to make only one time use either online and in person.
The mobile app can make payments while on the move through Affirm’s mobile app.
Request an Affirmation Personal Loan
Before you apply for an Affirm personal loan you can apply for prequalification by a retail partner or through Affirm’s mobile application. You can complete either option with a soft credit inquiry, which won’t harm your score on credit. Prequalification isn’t a guarantee of acceptance, but you will see how much you may be capable of borrowing.
There are three options of applying for the Affirm personal loan via a partner store, via Affirm’s mobile application or online through Affirm.com. The three options provide quick application processes, instant approval, and cash-out.
Partner Store
Shop either online or in-person and choose Affirm at payment page.
Enter your mobile phone number.
Create an Affirm account (first time only).
Enter the verification number 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 your own Affirm account (first chance only).
Enter the verification code that you received via text.
Pick a retailer as well as a loan amount.
Get instant approval or denial.
Affirm.com
Create an Affirm account or log in.
Enter the verification code you received by text.
Select a retailer with a loan amount.
Get instant approval or denial.
Can I Refinance a Personal Loan With Affirm?
No. Affirm does not provide the opportunity for refinancing an old loan to get a better rate.
Verdict
Affirm might be a suitable option for purchases that are larger. It’s worth considering for those with less-than-perfect credit or a poor credit history, depending on the APR for which you qualify. There are fixed-rate payments with no hidden costs that can be appealing however, with a maximal APR of just 30 percent, Affirm may be one of the most expensive options to finance an investment.
If you have a credit rating of excellent to excellent, it may be less expensive to apply for an interest-free or low-interest card. Whatever you choose, make sure you can afford the payments. If not, you could be in danger of being late with payments or worse, owing on the amount you borrowed. Although it may be difficult to make a decision, the best option might be paying for big purchases in cash.
Methodology
Investopedia is dedicated to providing customers with impartial complete review of private loan lenders. We collected over 25 data points on 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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