Affirm Personal Loans

Affirm Personal Loans

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About Affirm Personal Loans

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Affirm is a buy now, pay later (BNPL) app that can make purchases, from a new jacket to airline tickets, more affordable by breaking them into installment payments. Unlike traditional loans, in which you receive funds for a future expense, with BNPL, you receive the money at the time of purchase, similar to a credit card. With Affirm, you can finance your shopping both online and in person, plus manage all of it directly from the Affirm app.

    Pros & Cons

    • Interest-free options
    • No hidden fees
    • Can use both online and in-store
    • Loans over $20,000 require a down payment
    • Easy to overuse

    Our editor’s take

    If you don’t have a credit card (or don’t want to pay the high interest rates that typically come with credit cards), BNPL apps can be a good funding option for short-term borrowing. With Affirm, you’ll pay no interest if you pay back the loan within four payments — but if you need longer than that, your interest rate will be anywhere from 15% to 36%, depending on your creditworthiness.

    If you know you can pay Affirm back before interest kicks in, it’s worth using. However, for large purchases that require a longer repayment period, you’ll want to compare Affirm’s offered rate with your credit card or a personal loan from your bank or another lender.

    Affirm personal loan products

    With most personal loans, you apply for funding in advance of making a purchase. As a BNPL app, Affirm offers you the ability to borrow money right at checkout, similar to how you would shop with a credit card.

    When you choose to make purchases with Affirm, you are taking out a closed-end installment loan, which is serviced by one of Affirm's lending partners. These loans have a set payment schedule and end date, which are detailed in your loan agreement.

    Financing is available for up to $20,000, or up to $30,000 with a $10,000 down payment. The standard minimum loan amount is $50, although some vendors may choose to set a higher minimum.

    Depending on your eligibility, you will be offered:

    • Interest-free payments: If you qualify, you’ll be offered a loan that can be paid back in four interest-free payments. With this, you’ll have a payment due every two weeks for eight weeks.
    • Monthly installments: Monthly installments are typically offered in three, six-month or 12-month terms, but these terms can vary.

    These loans have a few usage restrictions, including:

    • Illegal purchases
    • Weapons
    • Narcotics and drug paraphernalia
    • Currency
    • Money transfer services, such as PayPal and Venmo
    • Loan and credit card payments

    Affirm personal loan rates

    Affirm has annual percentage rates (APRs) that range from 0% to 36%, as of publishing, which means that not everyone will be charged borrowing fees on their purchase. However, 0% rates are reserved for certain borrowers. Your rate will be determined by your creditworthiness.

    Affirm fees

    Affirm doesn’t charge any fees for using its loans, not even late fees.

    How to apply for an Affirm loan

    Before you apply to use Affirm, you should make sure that you meet its eligibility requirements. To be eligible, you must:

    • Be 18 (19 if you’re a ward of the state of Nebraska)
    • Be a resident of the United States or a U.S. territory
    • Have a Social Security number
    • Own a phone that can receive text messages and is registered within the U.S. or its territories

    If you meet these eligibility requirements, you can download the Affirm app and create an account. Once you do, you are ready to use Affirm and can cover your next purchase by doing the following:

    1. Shop: Start by shopping at your retailer of choice, whether online or in person. When you’re done, proceed to checkout and select Affirm as your checkout method. If you don’t see Affirm, you can request a virtual card from its app on your phone.
    2. Select your terms: Affirm will provide you with multiple different loan options, depending on what you qualify for. With this, you’ll have the option to pay in four installments with no interest or extend the loan out up to 12 months with interest.
    3. Pay back your loan: You’ll need to pay your loan back based on the payment schedule outlined in the loan agreement provided by Affirm. To make this easier, Affirm recommends that you set up autopay.

    How does Affirm compare?

    Unlike traditional personal loan lenders, Affirm only offers loans at the time of sale. Due to this, it can be difficult to compare it to other lenders. That said, here is how it measures up to a more traditional lender, OneMain Financial.

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    Affirm personal loan FAQ

    What is Affirm?

    Affirm is a buy now, pay later service that offers closed-end installment loans. Through Affirm, you can finance purchases made at select retailers at rates as low as 0% APR. Affirm can be used for shopping both online and in person.

    Can I use Affirm if I have bad credit?

    Affirm doesn’t disclose a minimum credit score that eligible borrowers must meet. That said, it states that your application could be affected by your credit score, credit utilization and payment history with Affirm.

    Will I be charged a late fee if I miss an Affirm payment?

    No, Affirm doesn’t charge late fees if you miss a payment. However, not paying back your loan for more than 120 days will cause your account to be sent to collections.

    Is Affirm legit?

    Since being founded in 2012, Affirm says it has helped its customers afford over 17 million purchases. It partners with Cross River Bank, Celtic Bank and Lead Bank to service its loans to provide loans. It has an A+ rating with the Better Business Bureau (BBB); however, it has a 1.17-star rating average with the BBB at the time of publishing.

    Affirm Personal Loans Reviews

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      How do I know I can trust these reviews about Affirm?
      • 4,476,427 reviews on ConsumerAffairs are verified.
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      How do I know I can trust these reviews about Affirm?
      • 4,476,427 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10
      Customer ServicePunctuality & Speed

      Reviewed May 19, 2024

      I find Affirm to be very deceptive, when I first started with Affirm it advertised it would have no impact on my credit, yesterday I received a notification from credit karma notifying me my credit score decreased by 7 points from signing up with Affirm, I was never late on any of my payments and I always paid before the due dates, customer service barely speaks English. I requested a supervisor who is very dismissive and defensive, I'm now going to have to file a dispute with the Better Business Bureau and banking regulators. Very disappointed.


      I am having a problem signing into my account and it is taking them forever to send me a link. I have called the support number at least 3 times and they haven't sent the link yet with at least 3 payments due.

      Customer ServiceTransparency

      Reviewed Feb. 15, 2024

      My experience with Affirm regarding the ** account has been marred by their inaccurate and unlawful reporting practices. Despite the account being long since paid off, Affirm has unjustly labeled it as "charged off" and continues to claim a remaining balance of $127, which was actually returned due to a manufacturing defect in a small appliance.

      I diligently communicated this discrepancy to Affirm over a year ago, providing evidence of the return and the absence of any outstanding balance. However, Affirm has failed to rectify their mistake, causing considerable issues for me and adversely affecting my credit file. The inaccuracies reported by Affirm have not only damaged my credit standing but also caused undue stress and inconvenience. It is unacceptable for a company to disregard their customers' rightful claims and perpetuate erroneous information that undermines their financial credibility.

      I demand that Affirm take immediate action to zero out the falsely claimed balance and expunge the inaccurate "charged off" status from my credit file. Their failure to do so reflects poorly on their commitment to accuracy, transparency, and customer service. It is imperative for Affirm to uphold the principles of fairness and accountability by swiftly addressing and rectifying their reporting errors. I expect nothing less than a prompt resolution to this matter to restore the integrity of my credit file and ensure fair treatment of consumers in the future.

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