Affirm FAQs

Get more ways to pay with Affirm!
We’ve partnered with Affirm to provide you with easy payment options at checkout. You’ll see different plan options depending on your purchase size and where you’re shopping.

What is Affirm?
Affirm is a financing alternative to credit cards and other credit payment products. Affirm offers instant financing for purchases online. With Affirm, you can buy and receive your purchase now, and pay for it in fixed monthly installments over the course of 3, 6, or 12, 18, 24, or 36 months.

How to checkout with Affirm?
Select to pay with Affirm at checkout.
Affirm will prompt you to enter a few pieces of information- your name, email, mobile phone number, date of birth, and the last four digits of your social security number. Please ensure that all of this information is your own and is consistent information otherwise you may experience difficulty with your checkout.
To ensure that you’re the person making the purchase, Affirm will send a text message to your cell phone with a unique authorization code.
Enter the authorization code into the application form. Within a few seconds, Affirm will notify you of the loan amount you’re approved for, the interest rate, and the number of months you will have to pay off your loan. Rates vary from 0-36% APR over 3, 6, 12, 18, 24, or 36 months depending on the seller and based on creditworthiness. Affirm will also state the amount of your fixed, monthly payments and the total amount of interest you’ll pay over the course of the loan.
If you would like to accept Affirm’s financing offer, click “Confirm Loan”and you’re done.
Going forward, you’ll get monthly email and SMS reminders about your upcoming payments. You can also set up autopay to avoid missing a payment. Your first monthly payment will be due 30 days from the date the merchant completes processing your order.

Learn More about How Affirm Works.

Sign-up
Companies partnering with Affirm offer it as a payment method on their website or online store. When selecting Affirm for payment, you must enter your full name, phone number, email, date of birth, and the last four digits of your Social Security number.

To use Affirm, you must be a US or Canadian resident, at least 18 years old, and have a mobile phone number registered in your name and a Social Security number.

Credit check
Affirm runs a quick credit check to confirm your identity and determine whether you qualify. Qualification is based on overall credit history, payment history, income, and debt obligations and other factors like current economic conditions and the size of the Affirm loan requested.

Loan approval or denial
Depending on the loan application, Affirm can approve submissions within seconds. If a customer’s application is denied, Affirm sends an email explaining why. If approved, customers receive their loan terms to review, which include information about interest rates, payment schedules, and the amount due for the first payment.

Loan repayment options
Affirm offers two structures for their point-of-sale loans:

Pay in 4. Pay in four biweekly payments.
Monthly installments. For larger loans, you can make monthly payments over three, six, or 12 months, with the flexibility to extend up to 48 months.
Affirm is unavailable for purchases of less than $50. The maximum credit limit for eligible customers is $30,000.

Interest rates
Although Affirm’s Pay in 4 option involves interest-free payments, the interest for monthly payments can range from 0% to 36% APR. The exact interest rate for a particular installment depends on the transaction amount and the customer’s credit history.

Both biweekly payments and monthly payments may require a down payment, especially for more expensive purchases. For example, at the maximum $30,000 level, qualified customers would need to make a $10,000 down payment.

Affirm sends transparent agreements with no hidden fees or late fees. It also only charges interest on the purchase amount itself rather than compound interest, which involves interest on interest.

Frequently Asked Questions

1. Does Affirm do a credit check, and how does it impact my credit score?

When you first create an Affirm account, we perform a “soft” credit check to help verify your identity and determine your eligibility for financing. This “soft” credit check will not affect your credit score. If you apply for more loans with Affirm, we may perform additional “soft” credit checks to ensure that we offer you the best financing options possible.

2. Why was I denied financing by Affirm?
Please contact Affirm via their Help Center or by calling (855) 423-3729 for assistance on denials.

3. What are Affirm’s fees?
Rates range from 0-36% APR and 3, 6, 12, 18, 24, or 36 monthly payments based on creditworthiness. Affirm discloses any required fees upfront before you make a purchase, so you know exactly what you will be paying for your financing. Affirm does not charge any hidden fees, including annual fees.

*Previous purchases ineligible for offer. Down payment may be required. For purchases under $50, limited payment options are available. Your rate will be 0-36% APR based on credit, and is subject to an eligibility check. For example, a $700 purchase might cost $63.18/mo over 12 months at 15% APR. Payment options through Affirm are provided by these lending partners: affirm.com/lenders. Options depend on your purchase amount and a down payment may be required.

4. Why is my Affirm interest rate so high?

When determining your annual percentage rate (APR), Affirm evaluates a number of factors including your credit score and many other pieces of data about you. If you finance future purchases with Affirm, you may be eligible for a lower APR depending on your financial situation at the time of purchase.

When considering Affirm, you should carefully evaluate the loan terms Affirm offers you and determine whether the monthly payments fit your budget.

5. How is interest on an Affirm loan calculated?

Affirm calculates the annual percentage rate (APR) of a loan using simple interest, which equals the rate multiplied by the loan amount and by the number of months the loan is outstanding. This is different from compound interest, in which the interest expense is calculated on the loan amount and also the accumulated interest on the loan from previous periods. You can think about compound interest as “interest on interest”, which can make the your loan amount grow larger and larger. Credit cards, for example, use compound interest to calculate the interest expense on outstanding credit card debt.

6. How do I make my payments?

Before each payment is due, Affirm will send you reminders via email and SMS that will include the installment amount that is coming due and the due date. You can also sign up for autopay so you don’t risk missing a payment.

Please follow these steps to make a payment:

• Go to affirm.com/account
• You will be prompted to enter in your mobile number where you will be sent a personalized security pin.
• Enter this security pin into the form on the next page and click “Sign In”.
• You’ll now see a list of your loans and payments coming due. Click on the loan payment you would like to make.
• You can make a payment utilizing a debit card or ACH bank transfer.

7. How do refunds work on items I return?

A refund will post to your Affirm account once the seller processes your refund request.

If you have already made loan payments or a down-payment, Affirm will issue you a refund credit to the bank account or debit card that you used to make the payments. You should see a refund credit within 3 to 10 business days, depending on your bank’s processing time.

Disclosure

Payment options are offered by Affirm, are subject to an eligibility check, and may not be available  | in all states. California residents: Affirm Loan Services, LLC is licensed by the Department of Business  | Oversight. Loans are made or arranged pursuant to California Financing Law license. 60DBO-111681.

Learn more about Affirm

You can visit the Affirm website here for a detailed list of FAQs and to check out Affirm’s Privacy Policy here.