MoneyGeek’s Take

Affirm Personal Loan Review

Affirm is a “buy now, pay later” company that provides point-of-sale (POS) loans by partnering with lenders like Cross River Bank and Celtic Bank. Its loans allow you to buy your favorite products right now and pay for them later using one of the company’s flexible payment options.

Last Updated: 6/23/2022
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Affirm offers their payment service or POS loan with interest rates ranging from 0%–30%, depending on your credit score, the size of your purchase and where you spend it. There are no origination or service fees, and no penalties will be imposed for late payments or paying off your loan early.

At a Glance: Affirm Personal Loans


  • Affirm

    • 0% to 30%APR Range
    • NoneMinimum Credit Score
    • $0 to $17,500Loan Amount Range
    • 1 to 36 monthsRepayment Terms
    • Same DayTime To Recieve Funds

    on Affirm Website

MoneyGeek Breakdown: Affirm Personal Loan Details and Requirements

  • APR

    The company’s loans are offered at rates between 0% and 30%, based on your credit score, purchase amount and the point of sale.

  • Credit Score Requirements

    N/A

  • Income Requirements

    N/A

  • Loan Amounts

    You can get point-of-sale loans of up to $17,500.

  • Loan Terms

    Loans can be repaid in four equal weekly payments without interest. Longer terms are available from three to 12 months or more based on the purchase amount.

  • Permitted Uses

    Affirm’s loans can be used to buy apparel and accessories, automotive parts, beauty and health products, electronics, fitness gear, home products and furniture, luxury products, travel packages, shoes and more. You can use it in Affirm’s partner stores, where its payment solution will be accepted.

  • Prohibited Uses

    You cannot use Affirm to fund illegal items and activities, weapons, narcotics and drug paraphernalia, cryptocurrency, PayPal, Venmo and other money transfer services, cash advances or loan and credit card payments.

  • Time to Receive Funds

    Every time you make a purchase and choose Affirm for payment, your loan application will take 12 seconds or less to get approved.

  • Origination Fees

    The company does not charge an origination fee for its point-of-sale loans.

  • Late Fees

    There is no late fee associated with Affirm’s loans.

  • Prepayment Penalty Fees

    You will not be imposed a penalty for paying off your loans early.

  • Co-signers and Co-applicants

    N/A

  • Perks

    • Loans are approved with soft credit inquiries that do not affect your credit score.
    • Option to pay off the loan in four easy installments without interest.
  • Mobile Application

    Affirm offers a mobile app that provides exclusive deals and discounts, introduces you to new brands and finds out what amount you're prequalified for.

Is Affirm Right for You?
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Lenders have varying qualifying requirements for loan disbursement. Additionally, not all lenders are suitable for everyone. You can use MoneyGeek's Affirm personal loan review to determine if the company is a good fit for your loan requirements and existing financial situation.

Who Affirm Is Perfect for

Individuals who do not have access to sufficient funds to buy their favorite products and services can take advantage of Affirm's point-of-sale loans. They can shop at their favorite stores and pay for their purchases later with a convenient payment method of their choice. Borrowers with excellent credit scores can make the best use of the loans through 0% interest rates while repaying their loans. The loans are also good for those who want to fund their holidays or vacation expenses not exceeding $17,500.

Who Should Not Choose Affirm

The interest rate charged by the lender is determined by your credit score, the size of the purchase and the place where you shop. If you do not have a good credit score, you risk paying a higher interest rate of up to 30% on each transaction. This disadvantages those with low credit scores or those making big purchases. Even if you disregard the high interest rate, the lender is not suitable for those seeking funds in excess of $17,500, the lender's maximum approval amount.

How to Apply for an Affirm Personal Loan

To help you with the application process for your Affirm loan, we've compiled a step-by-step guide that applies to all Affirm transactions.

1

Prequalify

The first step is to sign up for an Affirm account through the Affirm app, website or partner store. Once your account is created, you will receive an estimate of the maximum amount you can borrow at the specific partner's store.

2

Fill Out Application Form

The Affirm application for account creation needs you to give your full legal name, email address, mobile number, date of birth and the last four digits of your Social Security number.

3

Wait for Approval

After you've created an account, you'll be prompted to enter your mobile number each time you choose an Affirm transaction. This generates a verification code. Affirm does not approve all loan requests. Additionally, you may be approved at some stores but not others.

4

Review Loan Agreement

As part of the Affirm loan process, you will not receive a loan agreement to review.

5

Sign Loan Agreement

In addition, there is no loan agreement to sign as part of the Affirm loan application and approval process.

6

Receive or Direct Funds

Upon approval of your loan application at the partner store or online store, you will be able to make the payment almost immediately. The loan amount can be loaded onto a virtual Visa card, which is meant for one-time use.

7

Make Payments

You can pay for all Affirm transactions on affirm.com or in the app using your checking account or debit card. You may also pay by check, but due to the time required to process checks, you may want to pay 10 days prior to the due date. Additionally, you can schedule payments through the app or website.

What to Do if You Are Rejected by Affirm

Any or all of the following may have an effect on your loan application:

  • Your credit score
  • Your Affirm payment history, including late payments, deferred payments and loan delinquency
  • How long you have been an Affirm customer
  • The total number of loans you have with Affirm at the moment
  • Utilization of your credit
  • Verification of your income and obligations in terms of debt

Affirm does not approve all applications; you may be authorized for a loan at some stores but not at others. Affirm may also reject loan requests if you may already have an Affirm loan but are not eligible for another at the moment. If your application is rejected, you may be considered again at a later date. Affirm will send you an email outlining the specific reasons for your rejection. This provides you with an opportunity to remedy the situation and position yourself to be eligible the next time.

Frequently Asked Questions About Affirm Personal Loans

To assist you further, we've compiled a list of frequently asked questions concerning Affirm's point-of-sale loans. You can examine the pros and cons of Affirm's loans against your own financial demands and commitments to decide if it's the ideal option for you.

Read More on Personal Loans

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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