Affirm is a financing alternative to credit cards and other credit payment products. Affirm offers instant financing for purchases online. With Affirm, you can buy and receive your purchase now, and pay for it in fixed monthly installments over the course of three, six, or twelve months.
Here is what Affirm offers:
Here are the steps in the Affirm loan application process (see Appendix for screenshots of the customer flow):
Going forward, you’ll get monthly email and SMS reminders about your upcoming payments. You can also set up autopay to avoid missing a payment. Your first monthly payment will be due 30 days from the date we the merchant completes processing your order.
Affirm will ask you for a few pieces of personal information – your name, email, mobile phone number, date of birth, and the last four digits of your social security number. Affirm uses this information to verify your identity, and to make an instant loan decision. Affirm will base its loan decision not only on your credit score, but also on several other data points about you. This means you may be able to obtain financing from Affirm even if don’t have an extensive credit history.
Affirm does a “soft” credit check which does not affect a customer’s credit score to verify their identity and provide them with a financing offer. Our underwriting model removes the hard credit check from applying for a loan. Previously, Affirm would perform a "soft" credit check for initial loan offers, and only a hard credit check when the consumer accepts the loan. We've now eliminated the hard credit check step so there is no effect on a consumer's credit when applying for an Affirm loan.
Please contact Affirm via email at firstname.lastname@example.org or by calling (855) 423-3729 for assistance on denials.
Regrettably, Affirm is available only to shoppers residing in the United States. Affirm hopes to expand its services to customers outside the U.S. in the future.
The annual percentage rate (APR) on an Affirm loan can range from 10%-30%. Affirm discloses any required fees upfront before you make a purchase, so you know exactly what you will be paying for your financing. Affirm does not charge any hidden fees, including annual fees.
When determining your annual percentage rate (APR), Affirm evaluates a number of factors including your credit score and many other pieces of data about you. If you finance future purchases with Affirm, you may be eligible for a lower APR depending on your financial situation at the time of purchase.
When considering Affirm, you should carefully evaluate the loan terms Affirm offers you and determine whether the monthly payments fit your budget.
Affirm calculates the annual percentage rate (APR) of a loan using simple interest, which equals the rate multiplied by the loan amount and by the number of months the loan is outstanding. This is different from compound interest, in which the interest expense is calculated on the loan amount and also the accumulated interest on the loan from previous periods. You can think about compound interest as “interest on interest,” which can make the your loan amount grow larger and larger. Credit cards, for example, use compound interest to calculate the interest expense on outstanding credit card debt.
Before each payment is due, Affirm will send you reminders via email and SMS that will include the installment amount that is coming due and the due date. You can also sign up for autopay so you don’t risk missing a payment.
Please follow these steps to make a payment:
A refund will post to your Affirm account if we process your refund request. In the event that we issue you store credit instead of a refund, you will still be responsible for paying off your Affirm loan.
If you have already made loan payments or a down-payment, Affirm will issue you a refund credit to the bank account or debit card that you used to make the payments. You should see a refund credit within 3 to10 business days, depending on your bank’s processing time.
You should see a refund from Affirm post within 3 to10 business days, depending on your bank’s processing time.
Unfortunately, you cannot edit your order after you have confirmed your loan. If you would like to add items to your purchase, you can apply for another loan with Affirm or use a different payment method.
Refunds can only be processed within 90 days of the date we process your order.