Affirm financing review: Buy now, pay later

Affirm allows you to buy items you need now without paying the total cost. Depending on what you buy, you can choose three different loan plan options and payback terms.

Purchase small, everyday items and choose Affirm at checkout to pay the amount back in equal biweekly installments over eight weeks. Or choose monthly repayments for big-ticket items over six to 12 months.

The Pay in 4 repayment plan is interest-free, whereas the six-month and year-long plans carry a 15% APR. The longer your plan, the more you’ll pay in interest. Let’s suppose you need to purchase a $1500 plane ticket to visit a sick relative:

How do I borrow and repay with Affirm?

Borrow with Affirm through its website, app or browser extension. At checkout, simply choose Affirm as your payment method.

Choose to pay with a debit card, checking account or mail in a check. You may repay some Pay in 4 loans with a credit card other than a Capital One card.

Autopay is a handy way to set up regular payments from your bank account or debit card. If you choose to repay your loan sooner, you won’t be charged a prepayment fee, and you’ll save on interest if your loan comes with an APR.

Take note: You’ll have separate loans each time you borrow from Affirm. So, if you purchased that plane ticket, then needed to shop for new luggage to take on the trip and take your cat to the vet before leaving, you’ll have three separate active loans each with their own terms and repayment schedules.

What credit score do I need to qualify for an Affirm loan?

The Affirm website states there’s no minimum credit score to qualify for a buy now, pay later (BNPL) loan. Along with a soft pull on your credit, Affirm determines whether you qualify for a loan based on your:

• Income.
• Debt-to-income ratio (DTI).
• Previous repayment history with Affirm.
• Loans you already have with Affirm.
• Length of time with an Affirm account.
• Verification of income and debt obligations.
• Recent bankruptcies.

Is Affirm safe?

All sensitive information you provide Affirm is transferred with TLS and stored with AES 128-bit or higher encryption, and encryption keys are stored at an offsite facility.

Affirm reviews and complaints

As of April 2023, Affirm scores 1.15 out of 5 stars on the Better Business Bureau, based on over 800 customer reviews. Several customers report paying for products never received, trouble getting refunds for canceled flights and making payments on time but still getting reported to Experian.

It scores low on Trustpilot as well, earning 2.6 out of 5 stars based on over 4,800 reviews. Some shoppers report customer service issues and trouble getting refunds, while others complimented the service for an efficient overall process.

How to get approved for Affirm

You must meet the following criteria to create an Affirm account:

• Be at least 18 years old (19 in Nebraska)
• Be a US citizen or permanent resident
• Have a social security number
• Have a US-registered cell phone that receives text alerts

If you’re eligible to apply, simply create an online account with Affirm or choose Affirm as your payment method when checking out in-store or online.

How do I create an Affirm account?

Follow these steps to create your account with Affirm.

1. Go to Affirm’s site.
2. Choose Create your account in the upper right corner to begin the application.
3. Enter your mobile number once you’re redirected to a simple form.
4. Wait for Affirm to text you a confirmation number.
5. Enter the confirmation number in the box online and select Verify.

Once you have an account, you may apply for a loan through Affirm for purchases at its partner merchants. Each inquiry begins with a soft credit check, and you’ll learn whether you’re approved shortly after. If you’re offered a loan, confirm it to finalize your purchase.

Compare buy now, pay later services

Narrow down BNPL products to find the best for your budget and financial goals. Select up to four services and hit Compare to see them side by side.

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Name	Product	Convenience fee	Payment term	Number of merchants
PayPal		$0	Pay in 4 (four interest-free payments) or Pay Monthly (6, 12, or 24 payments)	Available where PayPal is accepted	Buy now, pay later. Choose Pay in 4 or Pay Monthly when you use PayPal for purchases.	Go to site View details	Compare	loading Fetching your data...

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Bottom line

Affirm is a BNPL service that could be useful for emergencies and other unexpected expenses. It offers three repayment terms, sometimes without an APR. And there’s no negative effect on your credit rating to prequalify for an account.

But if you want to build your creditworthiness, your payment history won’t boost your credit score. In fact, Affirm reports to Experian if you’re late making repayments, potentially lowering your credit rating. And if using Affirm becomes a habit, it could lead to an ongoing cycle of debt.

If Affirm doesn’t quite meet your BNPL needs, you may find other options on our BNPL comparison page.

Frequently asked questions

How do I contact Affirm?
Email help@affirm.com or call 855-423-3729 to get in touch with an Affirm representative.

Are Affirm loans insured?
Yes. Affirm funds its loans through Cross River Bank, which is insured by the Federal Deposit Insurance Corporation.

Is there a credit limit with Affirm?
No. Affirm considers each application individually. Multiple loans are possible, but excessive loans or unpaid debts could result in a cycle of ongoing debt and getting rejected on future applications.

What should I do if I know I’ll be late on my bill?
Contact Affirm as soon as possible to let them know you might be late. While Affirm does not impose late fees, late payments can affect your credit and ability to borrow in the future. Make sure your budget can handle your loan before signing any contract.