Affirm Personal Loan Lender Review

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ByChristopher Boston
Edited byRae Osborn
ByChristopher Boston
Edited byRae Osborn

Updated: February 14, 2024

Advertising & Editorial Disclosure

Affirm specializes in providing personal loans for shopping at partner stores, with loans up to $20,000. It offers quick approvals and a user-friendly mobile app. However, loans are restricted to specific purchases and may sometimes require a down payment.

Although Affirm is transparent with no hidden fees, its interest rates can be high based on the loan amount and repayment plan, making it less ideal for those seeking low-cost borrowing options or loans for general use.

  • Affirm

    • 0% to 36%APR Range
    • NoneMinimum Credit Score
    • $0 to $17,500Loan Amount Range
    • 1 to 36 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Affirm is a great choice if you're looking for a personal loan that's flexible and straightforward. It offers loans from $50 to $20,000, so whether you're buying something small or financing a larger purchase, it has you covered. What's really great about Affirm is that you can choose how long you take to pay it back, with terms ranging from 1 to 48 months depending on how much you borrow.

    For smaller purchases, Affirm even has zero-interest plans. That means you can buy what you need without worrying about extra costs piling up. Plus, it doesn’t charge any fees. That means no origination fees, late fees or penalties if you pay off your loan early.

    However, keep in mind that for some purchases, you might need to make a down payment. This upfront payment is part of the total cost and helps you manage the rest of your loan better.


    • Loan amounts start at $50
    • Repayment terms from 1 to 48 months
    • Zero-interest plans for small purchases.
    • No origination, late or prepayment fees


    • May require a down payment for some purchases
    • Not all retailers accept Affirm.
    • Limited to purchases, not general cash loans.
    • Purchasing power capped at $20,000

Features of Affirm Personal Loans

When considering a personal loan from Affirm, it’s important to explore all its features. Affirm loans are great for various purchases, like electronics or clothing. It’s also crucial to understand its fees, how long you have to repay the loan and if it offers any help with repayments. Additionally, check whether it provides efficient customer service and user-friendly online tools that can make your loan management much easier.

By examining these aspects, you can better determine if Affirm is the right fit for your financial needs, ensuring you make a well-informed and comfortable decision for your personal finances.

What Can You Use Your Funds For?

You can shop at many of its partner stores with a personal loan from Affirm. This means you can use the funds for a variety of purchases, whether it's upgrading your wardrobe, getting the latest tech gadgets, furnishing your home or even shopping for groceries. Affirm provides a flexible way to finance these purchases, allowing you to buy now and pay over time.

However, it's important to know that Affirm does have some rules on how you can use their funds. Not everything can be bought with an Affirm loan. The restrictions include:

  • No Gambling: You can't use Affirm loans for betting or gambling activities.

  • No Illegal Purchases: Funds must not be used for anything illegal.

  • No Cash Advances or Credit Payments: You can't use the loan to get cash or pay off other loans or credit cards.

  • No Currency Purchases: This includes not buying any form of currency, like cryptocurrency.

  • No Money Transfer Services: You can't use Affirm funds for services that move money, such as PayPal or Venmo.

  • No Unacceptable Goods or Services: If Affirm or its bank partners consider something unacceptable, you can't use the loan.

While Affirm offers great flexibility for financing various purchases through its partner stores, there are clear boundaries on how you can use the funds. Understanding these rules helps you plan better and ensures you use your Affirm loan wisely.

Loan Terms for an Affirm Personal Loan

When looking into an Affirm personal loan, it's important to understand the terms like loan amounts, repayment terms, and APR (Annual Percentage Rate) ranges. Knowing these helps you make a choice that fits your budget and financial plans.

  • Loan Amounts: Affirm offers loans from $50 to $20,000. This range means you can finance small or large purchases. Pick a loan amount that you need and are sure you can pay back without stress.

  • Repayment Terms: You can typically pay off your Affirm loan over the course of 3, 6 or 12 months. However, depending on how much you borrow, your repayment terms may only last for one to three months or extend up to 48 months. Shorter terms usually mean higher monthly payments but less interest overall, whereas longer terms make loans more manageable each month, but you might pay more in interest in the long run.

  • APR Range: The APR includes interest and other costs. Affirm's APR varies depending on various factors like your loan amount, affecting your total repayment amount. A lower APR is more cost-effective, so look for the best rate that fits your budget.

By understanding these details, you can decide whether an Affirm loan aligns with your financial needs and goals. It’s about finding the right balance for your budget ensuring you borrow responsibly.

Fees and Discounts for an Affirm Personal Loan

Knowing the fees of a personal loan is important because it helps you understand the total cost you’ll pay. Different lenders have different fees, so checking out what they charge is smart.

One of the big perks of Affirm is that it doesn’t have any fees on its loans. This means:

  • No Service Fees: You won’t pay extra just to manage your loan.

  • No Late Fees: If you miss a payment, Affirm won’t charge a fee. This eases the worry of unexpected costs.

  • No Prepayment Penalties: Paying off your loan early won’t cost you anything extra. This is great if you want to get out of debt sooner.

Having no additional fees with Affirm means you can borrow money without worrying about surprise charges. It makes managing your loan simpler and more predictable.

Affirm Personal Loan Repayment Assistance

When you have a loan with Affirm and face financial challenges, like those brought on by unexpected events such as the coronavirus, it's reassuring to know there's support. If you're worried about not being able to make a payment on time, reach out to Affirm. It may be open to discussing options to help you during tough times.

Another thing worth noting about Affirm is that if you need to cancel a purchase you've made, you can get a refund. This is a safety net that can really help if you change your mind or can't afford the purchase anymore.

When picking a personal loan lender, consider how it provides support when things get tough. A lender like Affirm, who offers flexibility and understanding, can be a huge help. Remember that it’s not just about borrowing money; it's also about having a lender that's there for you when life gets unpredictable.

Affirm Customer Service

When picking a personal loan lender like Affirm, it’s important to think about customer service. Good support means you can get help not just when you have loan concerns but also for any general questions.

You can easily contact Affirm in a couple of ways:

  • Phone: If you want to talk to someone, call Affirm’s customer service hotline at (855) 423-3729. It’s available Monday through Friday, 8 a.m. to 8 p.m. ET.

  • Chat: If you prefer typing out your concern or query, Affirm also offers chat support on its website, available from 7 a.m. to 4:30 p.m. ET

Having access to helpful customer service can make your loan experience way better. It’s reassuring to know you can reach out to Affirm, whether you need assistance with your loan or just have a question. This kind of support can make all the difference.

Affirm Personal Loan Online Resources

Selecting a personal loan lender involves more than just getting a loan. It's also important to look at its additional resources, like educational articles, online calculators or mobile apps. These help you learn about loans and better manage your finances.

Affirm offers specific resources tailored to different users. While its blog primarily offers insights for merchants to help grow their businesses, Affirm provides a valuable tool for shoppers: a mobile app. This allows you to manage your loan payments and shop with your loan effortlessly. It simplifies the process, making it easier to keep track of your finances and shopping needs in one place.

Qualifying for an Affirm Personal Loan

Understanding the eligibility criteria for an Affirm personal loan is crucial before you apply. Knowing what Affirm looks for can help you determine if you're a good fit and what to expect during the application process.

When Affirm assesses if you're eligible for a loan, it considers:


Affirm doesn't clearly state if it accepts co-signers or co-applicants. Adding someone else to your loan can help you qualify, especially if they have strong credit or a higher income. But it also means they share the responsibility for the loan. This can be beneficial if you need that extra support to qualify, but it's a significant commitment for both parties.

Knowing all of this information can help you make an informed decision when applying for a loan with Affirm.

Is an Affirm Personal Loan Right for You?

Choosing the right lender, like deciding if Affirm is a good fit for you, is a crucial financial decision. It's important because it affects how comfortably you can manage your loan and your overall financial health.

By assessing Affirm’s features and offerings, you can see if it aligns with what you need and can financially handle. This careful evaluation helps you avoid future financial stress and ensures a more beneficial loan experience. Essentially, it’s about finding a lender that meets your financial needs and supports your financial journey in the long run.

Who Can Benefit From a Personal Loan From Affirm?

Affirm may not be the ideal choice for every borrower, but for certain people, it aligns well with their financial needs. It's essential to look at your specific situation and see if Affirm's unique features match your borrowing requirements.


Understanding Affirm’s features and how they align with your borrowing habits and lifestyle is key. If you find that these characteristics match your needs, especially if you fit into one of these borrower profiles, then Affirm could be the right lender for you.

Who Shouldn’t Secure a Personal Loan From Affirm?

Affirm might be a great lending option for many, but it's not a one-size-fits-all solution. There are some borrowers for whom Affirm may not be the best fit based on its features and requirements.

  • Those with Poor Credit: Affirm considers credit scores in their approval process. So, individuals with poor credit might struggle to get approved or might not get favorable terms.

  • Borrowers Seeking Loans for Other Purposes: Affirm is primarily for making purchases at partner stores. If you need a loan for general cash needs or something else, Affirm might not be suitable.

  • Those Who Want Higher Loan Amounts: Affirm's loans go up to $20,000, which might not be enough for those needing larger amounts.

  • Individuals Who Prefer Not Having a Down Payment: Sometimes, Affirm requires a down payment for certain purchases, which might not work for everyone.

If these aspects of Affirm don’t align with your specific financial needs or preferences, it may be worthwhile to look into other lenders. The key is to find a lending solution that fits your unique situation, ensuring a loan experience that's comfortable and manageable for you.

How to Apply for an Affirm Personal Loan

Knowing the steps to secure a personal loan from Affirm can be really helpful. It gives you a clear roadmap of what to expect, reducing uncertainty and helping you plan. Let’s go through the process step by step to understand how to get a loan from Affirm.


Choose Affirm at Checkout or Apply Through the App

When you're shopping at a store that partners with Affirm, select Affirm at checkout. Alternatively, you can apply for a loan directly through the Affirm app. This initial step is about choosing where and how to use Affirm's financing options.


Complete the Application

You'll need to fill out a short application. Affirm will ask for basic personal details and may run a soft credit check. This doesn't impact your credit score but helps Affirm assess your eligibility for a loan.


Get a Decision Quickly

Affirm typically provides an immediate decision on your loan application. It uses your application details and credit information to quickly determine if you qualify and what terms it can offer.


Choose Your Payment Plan

If approved, you'll get to choose from several payment plan options. Affirm offers various terms, allowing you to select a repayment schedule that fits your budget.


Confirm and Finalize Your Loan

Once you’ve chosen your payment plan, you'll need to confirm and finalize the loan agreement. After this, you're all set — Affirm pays the merchant and you start your repayment according to your chosen plan.

By understanding this process, you can navigate Affirm’s loan application with confidence. Each step is straightforward, designed to get you the financing you need with clarity and ease. Remember, being prepared and informed helps you manage your loan responsibly.

What to Do if You’re Denied

Having your personal loan application denied by Affirm can be a setback, but it's not the end of your financial path. It’s a chance to reassess and explore other avenues. Here’s what you can do next:


Remember, a denial from Affirm isn’t a full stop on your financial journey but a pause to regroup and plan your next move. By understanding the reasons, working on your financial health, considering other lending options and possibly seeking expert advice, you’re taking proactive steps towards your financial goals.

Frequently Asked Questions About Affirm as a Personal Loan Lender

To better understand what Affirm offers as a personal loan lender, MoneyGeek addressed some of the most commonly asked questions. Our answers can clarify Affirm’s features, requirements and services, helping you determine if it’s a suitable option for your financial needs.

Does Affirm have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for an Affirm personal loan?
How long does Affirm take to approve a personal loan?
Does Affirm have a mobile app?
Is an Affirm personal loan secured or unsecured?
How much can I borrow using an Affirm personal loan?
What fees will I encounter with an Affirm personal loan?
How does applying for an Affirm personal loan affect my credit score?
Does Affirm offer an autopay discount for personal loans?
Can you have co-signers on an Affirm personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.