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Affirm Review 2022

Affirm is committed to helping its clients avoid bad debt by promoting fair and transparent lending. Using the application, people can buy what they want or dream about. The company offers affordable monthly payments for any length of time—usually 3, 6, or 12 months. From the first day, the client knows how long and how much he will pay. Affirm never charge late fees or other hidden fees.

Speedy
Speedy
Simple
Simple
Secure
Secure

In this review of Affirm, we will go through the details of the operation of the application and the site. Also, we will describe at what interest rates online loans are given, what are the penalties and whether they exist at all, and what are the terms for confirming the application.

Pros and Cons of Affirm

The company has been operating for several years on the market. By this time, tens of thousands of people were able to evaluate the quality of work. So Affirm has a list of advantages and disadvantages. Let’s take a look at them below:

Pros:

  •   No initial loan payments
  •   Easy to get a quote and sign up
  •   Ability to make purchases with regular monthly payments
  •   Some sellers offer interest-free loans
  •   No commission for early repayment

Cons:

  •   The interest rate can be high (up to 30%)
  •   Not available everywhere
  •   Borrowing money can affect your credit score
  •   Company does not report timely payments to credit bureaus

What is Affirm?

Affirm is a service that offers loans for purchases in offline and online stores. It provides short-term credit options at the checkout with many retail partners. Clients are given the opportunity to have 4 interest-free payments every 2 weeks. This is a great solution for everyday shopping. Affirm works without interest and commissions. In addition, the use of this application does not affect the credit rating of customers in any way. Payments are managed in the Affirm application or on the website. It is also possible to set up auto payments without commission.

How does Affirm Work?

The platform works with direct deposits. With its help, you can purchase the desired product in two clicks, without worrying about the minimum deposit or a large overpayment. You can buy in both online and traditional stores using Affirm. If a loan is available, this will be shown as a payment option at checkout. For stores where it has not approved, you will still be able to pay using a virtual banking card from Affirm.

To see loan options with different durations, you need to enter some of your personal details to verify your identity. To register, you must be over 18 (depending on the state), and provide a social security number. The company implements a soft credit check to determine loan options. Some merchants offer 0% APR loans, others have APR ranging from 10% to 30%. There is no minimum deposit, as it varies depending on the purchase amount.

APR (Annual Percentage Rate) is the annual interest rate charged when you request money in advance. It combines a nominal interest rate and some fees or additional costs that may be incurred when obtaining a loan. The annual interest rate for quick loan options varies. Credit terms and conditions depend solely on the lender, based on the client’s credit score, income, credit history, and other factors. The lender is required by law to inform you of the annual interest rate and other loan terms before entering into an agreement. Some states have strict laws that limit the APR rates and fees a lender can charge a client. Only the lender can inform a client about specific rates and conditions in accordance with local law.

Sometimes it happens that the client cannot pay on time. The company does not charge a fee for late payment. But if the client stops making payments for more than 120 days, Affirm can charge off the loan.

After the client has made the purchase, repayments are then due directly to Affirm each month. These can be managed on the Affirm app or through the website.

Features & Services of Affirm

Like any “Buy Now, Pay Later” provider, Affirm has its own way of working. But the essence is the same: at the checkout, in the “Payment Options” section, the customer is offered the opportunity to distribute payments for  products and services that clients want to buy. 

He submits an application and instantly receives approval for a short-term loan. Then he makes a small down payment. The client then agrees to pay the balance in installments, depending on the stated terms in the application. Payments can be split over 3, 6, or 12 months (or more) to pay for the client’s purchase in controlled payments that correlate with his budget. 

In addition, it is possible to divide the payment into 4 equal payments every two weeks, depending on the cost of the purchase or service. This makes it possible to quickly pay for purchases without affecting loan terms.

Affirm is a type of third-party lender. That is, it is not the seller who offers you a loan, but the banking companies posted on the site.

There are three ways to apply for an Affirm personal loan: through the mobile app, through a partner store, or online at a web page. All three options offer a fast application process, funding and approval. Through a personal account, a person tracks all the data.

Affirm also works with Cross River Bank, a member of the FDIC. Cross River Bank gives access to interest-bearing savings accounts with no minimum deposit requirements and no fees. Once a customer links their bank account to their Affirm savings, he can transfer money to their account. However, it is not possible to make more than six withdrawals or transfers to accounts during any monthly statement cycle.

You can use Affirm to borrow money for purchases. It is possible at partner stores. If your order is less than $250, you may have access to AffirmGo, which proposes three monthly payments with zero interest. APR may vary depending on creditworthiness and which store the purchase is made from. All terms and conditions will be specified when ordering through Affirm.

With Affirm, there are no late fees, service fees, prepayment fees, or any hidden fees.

Affirm Fees & Rates

To begin with, Affirm does not charge any application fees, ongoing loan fees or additional fees. The only additional payment is the interest payment. This varies depending on the chosen payment plan. When buying in some stores, you may be offered 0% per annum. This is good news because you will only pay the purchase amount.  

In addition, there is no commission for overpayment or missed payments. But do not forget about the credit rating: such manipulations can negatively affect it. Buying at other stores can have interest rates ranging from 10% to 30%. 

You can borrow from 1 to 48 months, although most plans are for 3, 6 or 12 months. 

The terms will depend on the seller, the purchase price and the results of your credit check. Some purchases may also require an upfront payment.

Let’s look at the example of paying off a $500 purchase with an annual percentage of 15:

Term length – 3 months; monthly repayment – $170.94; total end cost – $512.82.

Term length – 6 months; monthly repayment – $87.04; total end cost – $522.24.

Term length – 12 months; monthly repayment – $45.15; total end cost – $541.80.

Safety and Security of Affirm

Protecting customer data is Affirm’s top priority. The company complies with all industry standards for the protection of personal information. Affirm’s policy protects the collection, use and disclosure of information by its users. The platform uses various methods to ensure network and data security.

When you share your personal information, it is transmitted using TLS, a cryptographic protocol. Then saved at rest with AES 128-bit encryption or higher. Encryption keys are stored at a remote site. Access to your data requires multifactor authentication and is limited to authorized personnel who perform certain tasks at your request.

Affirm’s management team is also scrupulously selected. All people in it are trained and adhere to the code of the company. They are screened before being hired. Every year, the team participates in legal and security training.

Although Affirm advertises itself as an alternative to accumulating debt, you are still financially obligated when you use this payment service. After all, an installment loan is still a loan.

Is Affirm Legit?

The business has been in existence for over 10 years. Affirm’s loan services are approved by the Better Business Bureau (BBB) after being reviewed by the national consumer organization and successfully meeting all of their stringent requirements. The BBB Rating & Accreditation is A+, which means that the platform is reliable and of high quality.

Affirm Platform Supported

The app of Affirm is one of the best with the above benefits and features. Users can rest and receive the cash they need directly through their smartphone or tablet, anywhere and anytime. 

In the application, you can understand how much you can borrow through a virtual card. Later, if you apply for a loan and get approved, you will receive a virtual card that can be used at almost any online checkout or store. Affirm is aimed at providing high-level services with the help of modern technologies. Using it, you can forget about the queues in conventional institutions and still receive loans. You just need to download the application in the app store for Android or iPhone. It is available for free.

Customer Service at Affirm

In addition to supporting consumers, the company helps stores. A business that wants to cooperate with Affirm can contact managers who will help arrange everything on the site. And also receives round-the-clock advice on all issues.

On the site, you can find answers to frequently asked questions. If there is no exciting question in the list, it is possible to write to the mail: through the web form in the Help Center. The same is possible in the mobile application. The support service works from Monday to Friday, 24 hours a day. Customer service works flawlessly. Affirm never contacts or calls its clients. 

For which Needs Affirm Fits the Best?

Affirm is suitable for those who want to buy something here and now. This application is for those who are not afraid to take a loan when there is little money left before the next paycheck. Payment takes place in a short term, and purchases in some partner stores do not have an interest rate on lending. 

Affirm provides complete personal loan information in advance without any hidden fees later. Like any citizen of America, you can use this 24/7 money loan app  directly from your smartphone and also use the borrow feature for solving any upcoming monetary issues in short term. Affirm will not hurt your credit score.

There are three ways to apply for an Affirm personal loan: through a partner store, through the mobile app, or online at affirm.com. All three options offer a fast application process, instant approval and funding. Through a personal account, you can track all the data, which is very convenient for lovers of modern technology.

What are Apps Like Affirm?

Affirm is not the only such app. It has alternatives, no less popular, which have the same features. Brief information about three of them is presented below:

Loan app Loan amount Speed without paying a fee Fast funding fee Other fees
Earnin $25 – $250 12 to 48 hours. $0.99 – $7.99. None.
Dave $5 – $200 Up to 3 days $1.99 – $5.99. $1 monthly membership fee.
Brigit $50 – $250 1 to 2 days None. $9.99 monthly subscription fee.

 The Review Process

We have done long research to select the best money loan sites for you. We were guided by strict technical standards, the time the company has been on the market, independent customer reviews (for example the site Trustpilot), and experts’ assessments when making our choice.  

All of them have gone through a rigorous selection. The review process took some time. We took into account what types of fees the company has, which banks it cooperates with, how quickly processes applications, at what interest rates they give loans, and much more. After that, we compared all the options and selected Affirm from it.

As of 2021, the app has 86% positive reviews and is in the highest category of “excellent”. You can rely on our choice. We have many years of studying the topic behind us, we cooperate only with the best. Our team has conducted multiple types of research, so we are fully responsible for the result.

Is Affirm Worth it?

Affirm is a handy app and platform for those who need to make a big purchase and have the finances for the monthly payments to cover it. The purchase is carried out in a short time. This activity is available even for those who do not have credit cards. 

Therefore, this option is good for those who have a bad credit history. But if you have significant debt and don’t have the finances to cover your payments, getting another loan is not your option.

Affirm partners with over 2,000 retailers for instant in-store or online funding. After the loan is approved, you can transfer money to the Affirm virtual card for one-time use online or in person. Conveniently manage payments on the go with the Affirm mobile app.

In general, this is an excellent option with a small credit interest or even with its absence for those who do not want to put off life for later.

FAQ 

  •       Does Affirm work with Chime?

Yes, we confirm the work with Chime. The platform accepts Chime as a payment method for goods. Affirm provides credit for its members to buy what they need and pay for it later. To do this, users only need to make a purchase using the Affirm virtual card. 

  •       Does Affirm report to the credit bureau? 

Affirm doesn’t report payments to the major credit bureaus (only if you do not overdue payments). Therefore, you cannot worry about your credit rating –  it will not be affected. 

  •       How many loans can you have with Affirm at once? 

Affirm doesn’t approve every request, so you may be authorized for a loan at some stores but not others, or may already have an Affirm loan but not be approved for another right now. 

  •       Does Affirm run your credit? 

No, but it performs a soft pre-credit check. It also takes into account any previous payment history and how long you have had an Affirm account. If your application is not approved, you will receive an email explaining why. 

  •       Does Affirm affect your credit? 

No, Affirm won’t affect your credit score or show up on your credit report. Affirm will not tell you if the credit is 0% and 4 biweekly payments, or if you were offered only one option when applying a three-month payment term with 0%. For other loans, Affirm may share your payment history with Experian. In addition, Affirm may report loans that are in arrears, which may affect your credit. 

  •       Who is the Founder of Affirm? 

Affirm was founded like a start-up by Max Levchin in 2012 like a start-up. Affirm was founded in 2012 by Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell as part of the initial portfolio of startup studio HVF. Levchin, who co-founded PayPal, became CEO of Affirm in 2014. In May of 2022, Affirm signed a partnership with the financial infrastructure firm Stripe to make its Adaptive Checkout feature available to Stripe users in the USA. 

  •       What banks does Affirm work with?

The company works with banks such as Cross River Bank, Celtic Bank, Evolve Bank & Trust, New Jersey State Chartered Commercial Bank, and others banks. 

  •       Can I pay to Affirm off early? 

Yes, you can. Affirm does not charge any additional fees for early payments, so this can be done at any time. You can also overpay in the same way, reducing the interest that adds on later. 

  •       How fast does Affirm deposit money? 

Refund confirmation occurs within 1-3 days of purchase, after which your rewards will be pending. After that, rewards are usually credited to your Affirm savings account within 30-90 days, depending on each store’s policy. 

  •       How long does it take Affirm to verify my documents? 

Any transactions and operations in Affirm are fast. Verification takes 24 to 48 hours. 

  •       Does Affirm app give you money instantly? 

Affirm is a type of purchase loan that allows users to buy items instantly and pay for them later. You are able to get money immediately on your bank accounts even if your credit score is bad. 

  •       What is the max amount of money Affirm lets you borrow? 

On the site, you can find information that the maximum purchase amount is $17,500. But the actual amount you can finance with an installment loan may vary by vendor. Therefore, everything is individual. 

  •       What happens if you don’t pay Affirm?

Sometimes it happens that the client cannot pay on time. The company does not charge a fee for late payment. But if the client stops making payments for more than 120 days, Affirm can charge off the loan. 

  •       What are Affirm working hours?

In order to provide fast and high-quality service to its customers, the company works seven days a week. Affirm works from Monday to Friday, 24 hours a day.