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Credit & Debt Buy Now, Pay Later

Confirm Personal Loans Review

Affirm provides immediate financing for purchases, offering a variety of APRs
By Kate Dore
Updated March 07, 2022
Fact checked by Katrina Munichiello

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The Investopedia Rating 3.4
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Affirm offers instant financing for retail purchases. Affirm has thousands of partners, both in-person and online, who permit you to purchase immediately and then pay later. You can apply at the point of sale with only one soft credit inquiry but your annual percentage rate (APR) might be higher than you expect. Our review covers all you should learn concerning Affirm and how to decide if it’s right for you.

Affirm provides APRs ranging from 30 and 0% dependent on your credit score. It is possible to borrow anything between $17,500 and $0, but the amount can vary depending on the store. Affirm provides personal loan terms for three or six months, but depending on the retailer and size of your purchase terms may be as brief as two weeks up to three months or as long as 36 months. No credit scores are required required to qualify to receive an Affirm personal loan However, the firm considers the current economic conditions and your credit score and your prior history with Affirm.

Specifications for the Product
Pros and Pros and
Fees

APR Range from 0 from % to 30 percent
Loan Amounts $0 to $17,500
The loan terms range from 1-36 months
Recommended Minimum Credit Score , no minimum

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Overall score 3.4
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Table of Contents

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

Pros Explained

Prequalify with soft credit inquiry – You can apply on the app or at a partner retailer without hurting your credit score.
Fast financing – You can be approved in a matter of minutes.
No fees There aren’t any costs for service, late payments fees, or prepayment penalties.
Could help improve your credit score Affirm could be reported to Experian and your record of on-time payments may improve the credit rating of your. Remember that late payments may also be reported.

Pros and Cons of the Book

The maximum APR is 30% – Depending on your creditworthiness the APR you pay could surpass the typical APR on a credit card, which was 14.51 percent as of November 2021.1
It’s not available everywhere. Affirm isn’t available on all retail purchases.
There is no reimbursement for interest paid on returns . If you return any of the items you purchased, Affirm will not give you a reimbursement on the interest that you’ve already paid on the money you borrowed to buy it.
A possible down payment might not be eligible to purchase the entire amount of your purchase and Affirm may require an initial down payment.

Types of Personal Loans Offered by Affirm

Affirm provides the two options of private loan options. You can use Affirm to borrow money for purchases through partners stores. If your order is under $250, you might have access to AffirmGo which provides three monthly payments with a APR of 0.
Time to Receive Funds

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

Loan transparency – Affirm gives complete personal loan details upfront with no hidden costs later.
Thousands of retail partners – Affirm has formed partnerships with over 200 retail businesses to offer instant credit in the store or on the internet.
Virtual card option – After your loan decision, you can transfer the funds to an Affirm virtual card for one-time usage online or in person.
The mobile app can manage your payments on the go via the mobile app of Affirm.

Apply for an Affirm Personal Loan

Before making an application to get an Affirm personal loan, you may prequalify via a retailer partner or via Affirm’s mobile application. You can complete either option with a soft credit inquiry that doesn’t harm your credit score. Prequalification isn’t a guarantee of approval, but it does allow you to determine how much you might be capable of borrowing.

There are three ways you can apply to an Affirm personal loan via a partner store, via Affirm’s mobile app, or online through Affirm.com. All three options offer a quick application processes that is quick approval and instant funding.
Partner Store

Shop on the internet or in person, and choose Affirm at check-out.
Enter your mobile phone number.
Make an Affirm accounts (first chance only).
Enter the verification number you received via text.
Get instant approval or denial.

Affirm Mobile App

Download the Affirm mobile app.
Enter your mobile phone number.
Set up an Affirm accounts (first chance only).
Enter the verification code that you received by text message.
Choose a store as well as a loan amount.
Get instant approval or denial.

Affirm.com

Create an account with Affirm or log in.
Enter the verification code that you received by text.
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 to get a better rate.
Verdict

Affirm might be a suitable option for purchases that are larger. It is worth looking into for those with less-than-perfect credit or have a limited history of credit dependent on the APR you are eligible. There are fixed payments with no hidden costs, which can be attractive however, with a max APR that is 30 percent Affirm could be one of the most expensive ways to finance a purchase.

If you have a credit rating of great or excellent, it could be more affordable to get the 0% or low interest credit card. Whatever you choose, be sure that you have the funds to make the monthly payments. If not, you could be in danger of being late with payments or worse, owing on what you borrowed. While it can be difficult to do, the most secure option could be to pay for big purchases with cash.
Methodology

Investopedia is dedicated to providing customers with impartial complete reviews of personal loan lenders. We have gathered over 25 data points from more than 50 lenders–including interest rates as well as fees, loan amounts, and the terms of repayment to make sure that our content can help consumers make the best borrowing decision for their needs.
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