The Credit & Debt Pay Now and Pay Later
Confirm Personal Loans Review
Affirm offers 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 customers, both in person as well as online, which permit you to purchase today and pay later. You can apply at the time of sale using only one soft credit inquiry but your annual percentage rate (APR) could be higher than what you expected. This article will provide all you must know about Affirm and how you can decide if it’s right for you.
Affirm provides APRs ranging from 30 and 0% dependent on your credit score. The amount you can borrow is between $17,500 and $0, however, the amount could differ by store. Affirm offers personal loan terms of three or six months. However, depending on the retailer and size of the purchase, terms can be as short as two weeks up to three months or as long as 36 months. It is not necessary to have a minimum credit score needed to qualify for an Affirm personal loan, but the company considers the current economic conditions, your credit score, as well as your previous experience with Affirm.
Product Specifications
Pros and Cons
Fees
APR Range 0 percent to 30%
Loan Amounts $0 to $17,500
The loan terms range from 1 to 36 months
Recommended Minimum Credit Score , no minimum
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Overall score 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 prequalify via the app or one of our partner retailers without hurting your credit score.
Fast financing – You can be approved in a matter of minutes.
No fees No service fees, late payment fees, or prepayment penalties.
May help improve credit score Affirm could be reported to Experian and your track record of paying on time could boost your score on credit. Remember that late payments can also be considered late.
Pros and Cons of the Book
Max APR: 30 percent – Depending on your creditworthiness, your APR may be higher than the median APR of credit cards of 14.51% as of November 2021.1
Not everywhere available – Affirm isn’t available for all retail purchases.
There is no reimbursement for interest paid on returns – If you return one of your purchases, Affirm will not give you a reimbursement on the interest you have already paid on the money you borrowed to purchase it.
Potential down payment – You might not be eligible for the total amount of your purchase, and Affirm might require a down payment.
The types of personal loans offered by Affirm
Affirm provides two personal loan options. You may use Affirm to borrow money for purchases through Affirm’s partner stores. If your purchase is less than $250, you might have access to AffirmGo that offers three-month payments at zero percent APR.
The time to receive funds
You can apply for an individual loan via Affirm partners and receive immediate approval.
Affirm Personal Credit Features
Loan transparency – Affirm provides full personal loan details up front with no hidden fees later.
A large number of retail partners Affirm has joined forces with more than 22,000 retailers to provide instant credit in the store or on the internet.
Virtual card option: After the loan decision, you can transfer the money into the Affirm virtual card for one-time use online or in person.
App for mobiles – Users can manage your payments on the go via the mobile app of Affirm.
Request an Affirmation Personal Loan
Before making an application to get an Affirm personal loan, you may prequalify by a retail partner or through Affirm’s mobile app. It is possible to complete either by submitting a credit inquiry that won’t affect your credit score. Prequalification isn’t a guarantee of approval, but you can see how much you may be capable of borrowing.
There are three ways of applying for the Affirm personal loan by contacting a partner store, via Affirm’s mobile application, or online through Affirm.com. The three options provide rapid application that is quick approval and instant funding.
Partner Store
Buy on the internet or in person, and choose Affirm at check-out.
Enter your mobile phone number.
Set up your own Affirm Account (first attempt only).
Enter the verification number you received by text.
Get instant approval or denial.
Affirm Mobile App
Download Affirm’s mobile app.
Enter your mobile phone number.
Make your own Affirm Account (first time only).
Enter the verification number you received via text.
Choose a store as well as a loan amount.
Get instant approval or denial.
Affirm.com
Create an account with Affirm or sign in.
Enter the verification code that you received by text.
Choose a store and loan amount.
Get instant approval or denial.
Can I refinance a personal Loan Using Affirm?
No. Affirm doesn’t offer the ability for refinancing an old loan to get a better rate.
Verdict
Affirm may be a convenient alternative for larger purchases. It’s worth considering in the event that you have less than perfect credit or a poor credit history dependent on the APR for which you qualify. There are fixed payments with no hidden costs that can be appealing however, with a maximal APR of just 30 percent Affirm could be one of the most expensive ways to finance the purchase.
If you have a credit rating of excellent up to exceptional, then it may be less expensive to apply for the 0% or low-interest credit card. In either case, ensure that you are able to afford the cost of the card. In the event of a financial crisis, you risk being late with payments or worse, owing on the amount you borrowed. Although it may be difficult, the safest option may be paying for large purchases with cash.
Methodology
Investopedia is committed to providing consumers with unbiased and comprehensive review of private loan lenders. We collected over 25 data points across over 50 lenders–including interest rates and fees, loan amounts, and repayment terms–to make sure that our content can help consumers make the best choice of borrowing for their specific needs.
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