credit & Debt Buy Now, Pay Later

Confirm Personal Loans Review

Affirm offers immediate financing for purchases that offer a range of APRs
By Kate Dore
Updated March 07, 2022
Facts verified by Katrina Munichiello

We only recommend the best products using an independent review process, and the advertisers are not a factor in our recommendations. We may earn a commission for visiting companies we recommend. Read our advertiser disclosure for more info.
Affirm Logo
Investopedia's Rating 3.4
Find Out More

Affirm provides instant cash-back for purchases made at retail. The company has thousands of partners, both in-person as well as online, which let you buy now and pay later. It is possible to apply at the time of sale using only a soft credit inquiry, however, your annual percentage rate (APR) might be higher than what you expected. Our review covers everything you should know about Affirm and how you can decide if it's right for you.

Affirm provides APRs ranging from zero to 30 percent according to your credit history. You may borrow anywhere from $17,500 to $0 but the amount may differ by store. Affirm provides personal loan terms for three months, six or twelve months, but depending on the store and the amount that the transaction is, 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 to receive an Affirm personal loan However, the firm takes into account the current economic situation, your credit score, and your past experience with Affirm.

Specifications for the Product
Pros and Cons
Fees

APR Range from 0 from % to 30 percent
Loan Amounts from $0 to $17,500
The loan terms range from One to six months
Recommended Minimum Credit Score no less than

Affirm Logo
overall rating 3.4
Find Out More
Table of Contents

Pros Explained
Pros and Cons Explained
The types of loans
Time to Funding
Features
Apply
Refinance
Methodology

Pros Explained

Prequalify with soft credit inquiry - You can prequalify in the app or through an authorized partner retailer without affecting the credit rating.
Quick loan - You could get instant approval.
No charges No service fees, late payment charges, or prepayment penalties.
Can help improve credit score - Affirm may report to Experian, and your history of on-time payments may improve your credit score. Be aware that late payments may also be reported.

Pros and Cons of the Book

The maximum APR is 30 percent Based on your creditworthiness the APR you pay could exceed the median APR of a credit card, which was 14.51% as of November 2021.1
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 any of the items you purchased, Affirm doesn't offer a refund on the interest that you've already paid for the money you borrowed to purchase it.
Possible down payment - You might not be eligible for the total amount of your purchase, and Affirm may require an initial down payment.

The types of personal loans offered by Affirm

Affirm provides the two options of personal loan options. You can use Affirm to get money to finance purchases through Affirm's partner stores. If your purchases are less than $225, then you may be able to access AffirmGo that offers three monthly payments with a zero percent APR.
The time to receive funds

You may apply for a personal loan through Affirm partners and receive instant approval.
Affirm Personal Credit Features

Loan transparency - Affirm provides full personal loan information upfront, without any hidden charges later.
Many retail partners - Affirm has partnered with over 22,000 retailers to provide instant credit in the store or on the internet.
Virtual card option - After the loan acceptance, you may transfer the funds onto an Affirm virtual card to make one-time use online and in person.
Mobile app - You are able to make payments while on the move through Affirm's mobile app.

Apply for an Affirm Personal Loan

Prior to you apply to get an Affirm personal loan You can prequalify via a retailer partner or through Affirm's mobile app. It is possible to complete either through a soft credit inquiry that won't hurt the credit rating. Prequalification doesn't guarantee approval, but it does allow you to estimate the amount you could be capable of borrowing.

There are three ways to apply for an Affirm personal loan via the partner store, using the mobile app of Affirm or online through Affirm.com. The three options provide rapid application, instant approval, and the ability to fund.
Partner Store

You can shop on the internet or in person, and then select Affirm at checkout.
Enter your mobile phone number.
Set up your own Affirm Account (first time only).
Enter the verification code you received via text message.
Get instant approval or denial.

Affirm Mobile App

Download the Affirm mobile app.
Enter your mobile phone number.
Make your own Affirm account (first time only).
Enter the verification number you received via 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 number you received via text message.
Pick a retailer 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 to refinance an existing loan for a better rate.
Verdict

Affirm may be a convenient alternative for larger purchases. It is worth looking into for those with less-than-perfect credit or limited credit history subject to the APR at which you qualify. Fixed payments are available with no hidden costs, which can be attractive however with an maximal APR of just 30% Affirm could be one of the more costly methods to finance an investment.

If your credit score is great or excellent, it might be more affordable to get an interest-free or low-interest credit card. Whatever you choose, ensure that you are able to afford the payments. Otherwise, you may risk paying late or, even worse, going into default on what you borrowed. Although it's not easy to do, the most secure option could be to pay for big purchases with cash.
Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews on personal loan lenders. We gathered more than 25 data points across more than 50 lenders--including interest rates and charges, loan amounts, and the terms of repayment to make sure that our content can help consumers make the best borrowing decision for their needs.
Learn More
Article Sources
Related Articles
Affirm online bank logo

Buy Now and Pay Later
How Does Affirm Work?
Affirm Vs. Afterpay

Buy Now Pay Later
Affirm against. Afterpay
Klarna Vs. Afterpay

Buy Now, Pay Later
Klarna vs. Afterpay

Credit Cards
How to improve your credit score Quickly
Screen of the computer, macro of "checkout"

Buy Now Pay Later
What You Need to Be Aware of about Afterpay
Stores with layaway

Buy Now and Pay Later
Buy Now, Pay Later vs. Layaway

If you loved this article and you also would like to get more info pertaining to Payday Loans Near Me (https://ratloaf.com/0750/Free-Clock-3D-Screen-Saver.html) please visit our own web page.