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Acceptance Personal Loans Review
Affirm provides instant financing for retail purchases with a range of APRs
By Kate Dore
Updated March 07, 2022.
Facts verified by Katrina Munichiello
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The Investopedia Rating 3.4
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Affirm offers immediate credit for purchases at the store. Affirm has thousands customers, both in person as well as online, which let you buy today and pay later. You may apply at the point of sale, with just one soft credit inquiry but your annual percentage rate (APR) may be higher than you expect. This article will provide everything you must learn regarding Affirm and how to determine if it’s right for you.
Affirm provides APRs that range from zero to 30 percent dependent on your credit score. It is possible to borrow anything between $17,500 and $0, however, the amount could vary by retailer. Affirm offers personal loan terms for three, six, or twelve months. Depending on the retailer and the magnitude of the purchase, the terms could be as short as 2 weeks or 3 months or up to 36 months. It is not necessary to have a minimum credit score needed to be eligible for an Affirm personal loan, but the company will consider the current economic climate as well as your credit score as well as your previous experiences with Affirm.
Specifications for the Product
Pros and Pros and
Fees
APR Range 0 from % to 30 percent
Loan Amounts $0 to $17,500
Loan Terms One to six months
Recommended Minimum Credit Score no minimum
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overall rating 3.4
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Table of Contents
Pros Explained
Pros and Cons Explained
Types of Loans
Time to Funding
Features
Apply
Refinance
Methodology
Pros Explained
Prequalify with soft credit inquiry – You can apply in the app or through one of our partner retailers without hurting the credit rating.
Quick financing – You may get instant approval.
No costs No costs for service, late payments fees, or penalties for prepayment.
Can help improve credit score – Affirm might be reported to Experian and your track record of timely payments could improve your credit score. Just remember that late payments can also be recorded.
Pros and Cons Explained
The maximum APR is 30% – Depending on your creditworthiness, your APR may surpass the median APR for credit cards that was 14.51% as of November 2021.1
It’s not available everywhere. Affirm isn’t available on all purchases at retail.
No refunds for interest paid on returns – If you want to return one of your purchases Affirm doesn’t offer a refund on the interest that you’ve already paid on the money you borrowed to buy it.
Possible down payment – You may not qualify for the full amount of the purchase and Affirm may require the payment of a down.
Different types of personal loans are offered by Affirm
Affirm offers the two options of private loan options. You can utilize Affirm to obtain money for purchases through Affirm’s partner stores. If the purchases are less than $225, then you might be able to access AffirmGo that offers three-month payments at APR of 0.
When you can receive funds
You can apply for an individual loan through Affirm partners and get instant approval.
Affirm Personal Loan Features
Affirm offers full personal loan details up front without any hidden charges later.
A large number of retail partners Affirm has formed partnerships with more than 22,000 retailers to provide immediate financing in stores or online.
Virtual card option: After you have received your loan decision, you can transfer the loan funds onto the Affirm virtual card for one-time usage online and in person.
Mobile app – You may manage your payments on the go with Affirm’s mobile application.
Apply for an Affirm Personal Loan
Before making an application for an Affirm personal loan you can apply for prequalification through a retail partner or through Affirm’s mobile app. You can complete either option with a soft credit inquiry that won’t affect your score on credit. Prequalification doesn’t guarantee approval, but you can estimate the amount you could be eligible to borrow.
There are three options to apply for an Affirm personal loan: through an Affirm partner store, through Affirm’s mobile app, or online through Affirm.com. Each of these options offers rapid application, instant approval, and cash-out.
Partner Store
You can shop on the internet or in person, and choose Affirm at checkout.
Enter your mobile phone number.
Set up your own Affirm accounts (first attempt only).
Enter the verification number you received by text message.
Get instant approval or denial.
Affirm Mobile App
Download the Affirm mobile app.
Enter your mobile phone number.
Make an Affirm account (first chance only).
Enter the verification number you received by text message.
Select a retailer and loan amount.
Get instant approval or denial.
Affirm.com
Create an Affirm account or log in.
Enter the verification code that you received by 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 of refinancing an existing loan for a better rate.
Verdict
Affirm might be a suitable option for bigger purchases. It is worth looking into if you have less-than-perfect credit or a poor credit history, depending on the APR you are eligible. Fixed payments are available with no hidden costs, which can be attractive however with an maximum APR of 30% Affirm could be one of the more costly options to finance a purchase.
If your credit score is excellent to excellent, it might be less expensive to apply for an interest-free or low interest credit card. In either case, ensure that you are able to afford the cost of the card. Otherwise, you may risk being late with payments or worse, owing on the amount you borrowed. While it can be difficult, the safest option may be to pay for big purchases in cash.
Methodology
Investopedia is dedicated to providing customers with impartial complete review of personal loan lenders. We collected over 25 data points on more than 50 lenders, including interest rates, charges, loan amounts, and repayment terms to make sure that our content can help customers make the right borrowing decision for their needs.
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