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Credit & Debt Pay Now Pay Later
Confirm Personal Loans Review
Affirm gives immediate financing for purchases, offering a variety of APRs
By Kate Dore
Updated March 07, 2022
Facts verified by Katrina Munichiello
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The Rating of Investopedia is 3.4
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Affirm offers immediate cash-back for purchases made at retail. Affirm has thousands of customers, both in person and online, that permit you to purchase today and pay later. You can apply at the point of sale with only an inquiry to verify your credit, but your annual percentage rate (APR) might be higher than you expect. This review will cover all you must know concerning Affirm and how to decide whether it’s the best option for you.
Affirm provides APRs that range from 0% to 30% according to your credit history. You may borrow anywhere between $17,500 and $0, but the amount can vary depending on the retailer. Affirm provides personal loan terms for three, six, or twelve months. However, depending on the store and the size of the purchase, terms may be as brief as two weeks up to three months or up to 36 months. It is not necessary to have a minimum credit score required to qualify in the event of an Affirm personal loan However, the firm will consider the current economic climate as well as your credit score as well as your previous experience with Affirm.
Specifications for the Product
Pros and Cons
Fees
APR Range 0% to 30%
Loan Amounts $0 to $17,500
Loan Terms One to six 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
Cons Explained
The types of loans
Time to Funding
Features
Apply
Refinance
Methodology
Pros Explained
Prequalify using a soft credit inquiry — You can apply on the app or at an authorized partner retailer without affecting the credit rating.
Quick financing — You may be approved in a matter of minutes.
No charges There aren’t any service fees, late payment fees, or prepayment penalties.
Can help improve credit score — Affirm might be reported to Experian and your record of timely payments could improve your credit score. Just remember that late payments can also be reported.
Pros and Cons of the Book
Max APR: 30 percent — Depending on your creditworthiness your APR could exceed the typical APR on credit cards that was 14.51% as of November 2021.1
It’s not available everywhere. Affirm isn’t available for all purchases at retail.
There is no reimbursement for interest paid on returns — If you return an item you bought Affirm doesn’t offer a refund on the interest you’ve already paid on the money you borrowed to buy it.
A possible down payment might not be eligible to purchase the entire amount of the purchase and Affirm may require a down payment.
The types of personal loans offered by Affirm
Affirm offers the two options of individual loan options. You can use Affirm to obtain money for purchases made through its Affirm’s partner stores. If the purchase is less than $250, you could be able to access AffirmGo which provides three monthly installments with zero percent APR.
The time to receive funds
You may apply for personal loan via Affirm partners and receive instant approval.
Affirm Personal Loan Features
Loan transparency — Affirm gives full personal loan details upfront with no hidden costs later.
Thousands of retail partners — Affirm has joined forces with over 200 retail businesses to offer instant credit in the store or online.
Virtual card option — Following your loan approval, you may transfer the money into an Affirm virtual card that you can use for one-time use either online or in person.
The mobile app are able to make payments while on the move with Affirm’s mobile application.
Request an Affirmation of Personal Loan
Prior to making an application in for an Affirm personal loan, you may prequalify via a retailer partner or through Affirm’s mobile app. You can do either by submitting a credit inquiry that won’t hurt the credit rating. Prequalification does not guarantee approval, but you can determine how much you might be capable of borrowing.
There are three ways you can apply to an Affirm personal loan: through a partner store, via the mobile app of Affirm, or online through Affirm.com. The three options provide rapid application with instant approval and funding.
Partner Store
You can shop either online or in-person and then select Affirm at checkout.
Enter your mobile phone number.
Set up an Affirm account (first time only).
Enter the verification code you received via text message.
Get instant approval or denial.
Affirm Mobile App
Download the mobile application of Affirm.
Enter your mobile phone number.
Set up your own Affirm Account (first chance 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 account with Affirm or log in.
Enter the verification code that you received via text message.
Choose a store with a loan amount.
Get instant approval or denial.
Can I refinance a personal loan with a confirmation?
No. Affirm does not provide the opportunity of refinancing an existing loan for a better rate.
Verdict
Affirm may be a convenient option for purchases that are larger. It’s worth considering for those with less-than-perfect credit or limited credit history subject to the APR you are eligible. There are fixed payments with no hidden costs This can be appealing, but with a maximal APR of just 30 percent, Affirm may be one of the more expensive ways to finance a purchase.
If your credit score is great or excellent, it may be less expensive to apply for the 0% or low interest credit card. Whatever you choose, be sure that you have the funds to make the monthly payments. If not, you could be in danger of paying late or, even worse, going into default on what you borrowed. Although it may be difficult to make a decision, the best option might be paying for big purchases with cash.
Methodology
Investopedia is dedicated to providing customers with impartial and comprehensive reviews on personal loan lenders. We collected over 25 data points from more than 50 lenders, including interest rates and fees, loan amounts, and repayment terms—to make sure that our content can help consumers make the best borrowing decision for their needs.
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Article Sources
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