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The Credit & Debt Pay Now Pay Later
Affirm Personal Loans Review
Affirm offers 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 customers, both in person and online, who allow you to buy now 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) could be higher than you expect. This review will cover all you need to be aware of regarding Affirm and how you can decide whether it’s the best option for you.
Affirm provides APRs that range from 30 and 0% depending on your credit history. It is possible to borrow anything from $0 to $17,500, however, the amount could differ by retailer. Affirm provides 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 two weeks up to three months, or as long as 36 months. It is not necessary to have a minimum credit score required to be eligible for an Affirm personal loan However, the firm takes into account the current economic situation as well as your credit score and your prior experiences with Affirm.
Specifications for the Product
Pros and Cons
Fees
APR Range 0% to 30%
The loan amount ranges from $0 to $17.500.
1. Loan Terms 1-36 months
Minimum Credit Score Recommendation 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 may prequalify via the app or an authorized partner retailer without affecting your score on credit.
Fast financing — You can get instant approval.
No costs There aren’t any costs for service, late payments charges, or prepayment penalties.
Can help improve credit score Affirm might be reported to Experian, and your history of paying on time could boost your credit score. Just remember that late payments could be considered late.
Pros and Cons Explained
The maximum APR is 30 percent If your creditworthiness is high the APR you pay could be higher than the average APR on a credit card of 14.51 percent as of November 2021.1
Not everywhere available — Affirm isn’t available on all retail purchases.
There is no reimbursement for interest paid on returns . If you decide to return an item you bought, Affirm doesn’t offer a refund on the interest you have already paid for the money you borrowed to buy 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 offers two private loan options. You can utilize Affirm to get money to finance purchases at partner stores. If your purchases are less than $225, then you could have access to AffirmGo, which offers three-month payments at zero percent APR.
When you can receive funds
You can apply for personal loan through Affirm partners and get instant approval.
Affirm Personal Affirm Personal
Affirm offers full personal loan information upfront, with no hidden costs later.
A large number of retail partners Affirm has joined forces with over 2,000 retail companies for instant financing in the store or on the internet.
Virtual card option: After your loan decision, you may transfer the money into an Affirm virtual card that you can use for one-time usage online or in person.
App for mobiles — Users may manage your payments on the go through Affirm’s mobile app.
Request an Affirmation Personal Loan
Prior to making an application for an Affirm personal loan You can prequalify via a retailer partner or through Affirm’s mobile app. You can do either with a soft credit inquiry that doesn’t hurt your credit score. Prequalification isn’t a guarantee of acceptance, but you will determine how much you might be capable of borrowing.
There are three ways you can apply to an Affirm personal loan: through the partner store, using the mobile app of Affirm or online through Affirm.com. The three options provide quick application processes with instant approval and cash-out.
Partner Store
You can shop either online or in-person and select Affirm at the check-out.
Enter your mobile phone number.
Create your own Affirm account (first attempt only).
Enter the verification number you received by text.
Get instant approval or denial.
Affirm Mobile App
Download the mobile application of Affirm.
Enter your mobile phone number.
Set up an Affirm account (first chance only).
Enter the verification code that you received via text message.
Select a retailer as well as a loan amount.
Get instant approval or denial.
Affirm.com
Create an Affirm account or login.
Enter the verification number you received via text message.
Choose a store with a loan amount.
Get instant approval or denial.
Can I Refinance a Personal Loan With Affirm?
No. Affirm does not offer the option of refinancing an existing loan to get a better rate.
Verdict
Affirm might be a suitable option for purchases that are larger. It could be worth considering for those with less-than-perfect credit or have a limited history of credit dependent on the APR you are eligible. Fixed payments are available and no hidden fees This can be appealing however with an maximum APR of 30 percent Affirm is one of the more costly methods to finance a purchase.
In the event that your credit is good up to exceptional, then it may be less expensive to apply for a 0% or low-interest card. Either way, you should make sure you can afford the payments. In the event of a financial crisis, you risk paying late or, even worse, going into default on the amount you borrowed. Although it’s not easy to make a decision, the best option might be to pay for big purchases in cash.
Methodology
Investopedia is committed to offering consumers honest complete reviews on personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates as well as fees, loan amounts, and the terms of repayment to ensure that our content helps consumers make the best choice of borrowing for their specific needs.
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Article Sources
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