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Affirm Personal Loans Review

Affirm gives immediate financing for purchases that offer 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 financing for retail purchases. The company has thousands of partners, both in-person as well as online, which permit you to purchase now and pay later. You may apply at the time of sale using only an inquiry to verify your credit, however, your annual percentage rate (APR) may be more than you anticipated. This review will cover all you need to be aware of concerning Affirm and how you can decide whether it’s the right choice for you.

Affirm provides APRs that range from 30 and 0% depending on your credit history. The amount you can borrow is from $17,500 to $0 however, the amount could differ by retailer. Affirm offers personal loan terms of three months, six or twelve months, but depending on the retailer and the amount 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 required to be eligible for an Affirm personal loan, but the company takes into account the current economic situation as well as your credit score and your past experience with Affirm.

Specifications for the Product

Pros and Pros and

Fees

APR Range 0% to 30%

The loan amount ranges from $0 to $17.500.

1. Loan Terms 1-36 months

Recommended Minimum Credit Score , no less than

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Overall score 3.4

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Table of Contents

Pros Explained

Cons Explained

Different types of loans

Time to Funding

Features

Apply

Refinance

Methodology

Pros Explained

Prequalify for credit with a soft inquiry – You can apply on the app or at a partner retailer without hurting the credit rating.

Quick financing – You may be approved in a matter of minutes.

No costs There aren’t any costs for service, late payments fees, or prepayment penalties.

Could help improve your 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 may also be recorded.

Pros and Cons Explained

The maximum APR is 30% Based on your creditworthiness the APR you pay could exceed the median APR on credit cards, which was 14.51 percent at the time of November 2021.1

It’s not available everywhere. Affirm isn’t available on all purchases at retail.

There are no refunds for interest on returns . If you want to return an item you bought Affirm does not offer a refund on the interest that you’ve already paid on the amount you borrowed to purchase it.

Potential down payment – You might not be eligible to purchase the entire amount of your purchase and Affirm might require an initial down payment.

Different types of personal loans are offered by Affirm

Affirm provides two private loan options. You can use Affirm to obtain money for purchases at Affirm’s partner stores. If your purchases are less than $225, then you could have access to AffirmGo which provides three monthly installments with zero percent APR.

Time to Receive Funds

You may apply for an individual loan through Affirm partners and receive immediate approval.

Affirm Personal Loan Features

Loan transparency – Affirm provides full personal loan details up front with no hidden fees later.

Many retail partners – Affirm has partnered with over 200 retail businesses to offer immediate financing in stores or online.

Virtual card option: After you have received your loan decision, you are able to transfer the loan funds to the Affirm virtual card for one-time use either online and in person.

The mobile app can manage payments on the go with Affirm’s mobile application.

Request an Affirmation of Personal Loan

Before making an application to get an Affirm personal loan you can apply for prequalification via a retailer partner or through Affirm’s mobile application. You can do either with a soft credit inquiry that won’t affect your credit score. Prequalification doesn’t guarantee acceptance, but you will estimate the amount you could be eligible to borrow.

There are three ways to apply for the Affirm personal loan by contacting a partner store, via the mobile app of Affirm or online at Affirm.com. Each of these options offers fast application process, instant approval, and cash-out.

Partner Store

Shop either online or in-person and choose Affirm at check-out.

Enter your mobile phone number.

Create an Affirm Account (first time only).

Enter the verification number you received by text.

Get instant approval or denial.

Affirm Mobile App

Download the Affirm mobile app.

Enter your mobile phone number.

Create your own Affirm Account (first attempt only).

Enter the verification code that you received by text.

Pick a retailer as well as a loan amount.

Get instant approval or denial.

Affirm.com

Create an Affirm account or login.

Enter the verification code that you received by text.

Choose a store as well as a 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 might be a suitable option for purchases that are larger. It could be worth considering for those with less-than-perfect credit or a poor credit history dependent on the APR at which you qualify. Fixed payments are available and no hidden fees This can be appealing however with an maximum APR of 30 percent Affirm could be one of the more expensive methods to finance an investment.

In the event that your credit is good or excellent, it could be less expensive to apply for the 0% or low-interest credit card. Whatever you choose, ensure that you are able to afford the cost of the card. If not, you could be in danger of being late with payments or worse, owing on the loan you took out. Although it may be difficult, the safest option may be to pay for big purchases in cash.

Methodology

Investopedia is committed to providing customers with impartial, comprehensive reviews of private loan lenders. We collected over 25 data points on over 50 lenders–including interest rates, charges, loan amounts, and repayment terms to ensure that our information helps customers make the right loan decision for their requirements.

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Article Sources

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Buy Now, Pay Later

How Does Affirm Work?

Affirm against. Afterpay

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Affirm vs. Afterpay

Klarna Vs. Afterpay

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Klarna vs. Afterpay

Credit Cards

How to Improve Your Credit Score Fast

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Buy Now Pay Later

What You Should Be Aware of About Afterpay

Stores that offer layaway

Buy Now, Pay Later

Buy Now, Pay Later vs. Layaway

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