Credit & Debt Buy Now Pay Later
Confirm Personal Loans Review
Affirm offers instant financing for retail purchases, offering a variety of APRs
By Kate Dore
Updated March 07, 2022.
Facts 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 permit you to purchase today and pay later. It is possible to apply at the point of sale, with just one soft credit inquiry but your annual percentage rate (APR) might be higher than you expect. This review will cover everything you should know regarding Affirm and how to decide whether it’s the best option for you.
Affirm offers APRs between 30 and 0% depending on your credit history. The amount you can borrow is from $0 to $17,500, however, the amount could differ by store. Affirm provides personal loan terms of three or six months. However, depending on the store and the magnitude of your purchase the terms can be as short as 2 weeks to 3 months or up to 36 months. It is not necessary to have a minimum credit score needed to qualify to receive an Affirm personal loan however, the company considers the current economic conditions, your credit score, as well as your previous experiences with Affirm.
Product Specifications
Pros and Cons
Fees
APR range from 0 percent to 30%
Loan Amounts from $0 to $17,500
Loan Terms 1-36 months
Minimum Credit Score Recommendation no less than
Affirm Logo
Overall rating 3.4
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Table of Contents
Pros Explained
Cons & Cons Explained
Types of Loans
Time to Funding
Features
Apply
Refinance
Methodology
Pros Explained
Prequalify using a soft credit inquiry – You may prequalify in the app or through a partner retailer without hurting the credit rating.
Quick financing – You may receive instant approval.
No fees – There are no costs for service, late payments fees, or prepayment penalties.
May help improve credit score Affirm may report to Experian, and your history of timely payments could improve your score on credit. Remember that late payments can also be reported.
Pros and Cons Explained
Max APR: 30 percent If your creditworthiness is high the APR you pay could exceed the typical APR on credit cards of 14.51% as of November 2021.1
Not available everywhere – Affirm isn’t available for all purchases at retail.
No refunds for interest paid on returns – If you return one of your purchases Affirm does not offer a refund on the interest that you’ve already paid on the amount you borrowed to buy it.
Potential down payment – You might not be eligible to purchase the total amount of your purchase and Affirm may require an initial down payment.
Different types of personal loans are offered by Affirm
Affirm offers the two options of individual loan options. You can use Affirm to get money to finance purchases through Affirm’s partner stores. If your order is under $250, you could be able to access AffirmGo, which offers three monthly installments with APR of 0.
When you can receive funds
You may apply for an individual loan through Affirm partners and get instant approval.
Affirm Personal Loan Features
Loan transparency – Affirm gives full personal loan details up front without any hidden charges later.
A large number of retail partners Affirm has partnered with more than 200 retail businesses to offer immediate financing in stores or online.
Virtual card option: After the loan approval, you may transfer the money onto the Affirm virtual card for only one time use online and in person.
Mobile app – You are able to manage your payments on the go via the mobile app of Affirm.
Request an Affirmation of Personal Loan
Before applying for an Affirm personal loan you can apply for prequalification via a retailer partner or via Affirm’s mobile app. You can complete either option by submitting a credit inquiry that won’t affect your score on credit. Prequalification doesn’t guarantee acceptance, but you will see how much you may be capable of borrowing.
There are three options you can apply to the Affirm personal loan by contacting an Affirm partner store, through the mobile app of Affirm or online through Affirm.com. All three options offer a fast application process, instant approval, and the ability to fund.
Partner Store
Buy 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 number you received by text message.
Get instant approval or denial.
Affirm Mobile App
Download the mobile application of Affirm.
Enter your mobile phone number.
Make your own Affirm account (first attempt only).
Enter the verification code that you received via text.
Select a retailer and loan amount.
Get instant approval or denial.
Affirm.com
Create an Affirm account or login.
Enter the verification code that you received by text message.
Pick a retailer and loan amount.
Get instant approval or denial.
Can I refinance a personal Loan Using Affirm?
No. Affirm doesn’t offer the ability of refinancing an existing loan to get a better rate.
Verdict
Affirm could be a good option for purchases that are larger. It could be worth considering for those with less-than-perfect credit or limited credit history subject to the APR for which you are eligible. There are fixed payments and no hidden fees that can be appealing however, with a maximum APR of 30% Affirm is one of the more expensive options to finance an investment.
If your credit score is great or excellent, it could be less expensive to apply for an interest-free or low interest credit card. Whatever you choose, be sure that you have the funds to make the payments. In the event of a financial crisis, you risk being late with payments or worse, owing on the loan you took out. Although it’s not easy to do, the most secure option could be paying for large purchases with cash.
Methodology
Investopedia is committed to providing consumers with unbiased, comprehensive review on personal loan lenders. We have gathered over 25 data points across more than 50 lenders–including interest rates, charges, loan amounts, and repayment terms to ensure that our content helps customers make the right choice of borrowing for their specific needs.
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Article Sources
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