Benefits explained

  • Prequalification with flexible credit application – You can pre-qualify in the app or through a partner retailer without harming your credit score.
  • Quick financing You can get instant approval.
  • No charges There are no service charges, late payment fees or prepayment penalties.
  • Can help improve credit score Affirm can report to Experian, and your on-time payment history can improve your credit rating. Remember that late payments can also be reported.

Disadvantages Explained

  • 30% maximum APR Depending on your creditworthiness, your APR may be higher than the average APR for a credit card, which was 14.75% in April 2021.
  • Not available everywhere Affirm is not available for all retail purchases.
  • No refund of interest paid on returns If you return any of your purchases, Affirm does not offer a refund on the interest you have already paid on the money you borrowed to purchase it.
  • Possible down payment You may not be eligible for the full amount of your purchase, and Affirm may require a deposit.

Types of personal loans offered by Affirm

Affirm offers two personal loan options. You can use Affirm to borrow money for purchases at partner stores. If your purchase is less than $ 250, you can get access to AffirmGo, which offers three monthly payments with 0% APR.

Deadline for receipt of funds

You can apply for a personal loan through Affirm partners and get instant approval.

Affirm the characteristics of the personal loan

  • Loan transparency Affirm provides the full details of the personal loan in advance with no hidden charges later.
  • Thousands of business partners Affirm has partnered with over 2,000 retail companies for instant in-store or online financing.
  • Virtual card option After your loan is approved, you can transfer the money to an Affirm virtual card for one-time use online or in person.
  • Mobile app You can manage payments on the go through the Affirm mobile app.

Apply for an Affirm personal loan

Before applying for an Affirm personal loan, you can pre-qualify through a business partner or through the Affirm mobile app. You can supplement either option with a gentle credit check, which will not hurt your credit score. Prequalification doesn’t guarantee approval, but you can see how much you can borrow.

There are three ways to apply for an Affirm personal loan: through a partner store, through the Affirm mobile app, or online at All three options provide a quick application process, instant approval, and funding.

Partner store

  1. Buy online or in person and select Confirm at checkout.
  2. Enter your mobile phone number.
  3. Create an Affirm account (first time only).
  4. Enter the verification code you received by SMS.
  5. Get instant approval or denial.

Affirm the mobile application

  1. Download the Affirm mobile app.
  2. Enter your mobile phone number.
  3. Create an Affirm account (first time only).
  4. Enter the verification code you received by SMS.
  5. Choose a retailer and the loan amount.
  6. Get instant approval or denial.

  1. Create an Affirm account or log in.
  2. Enter the verification code you received by SMS.
  3. Choose a retailer and the loan amount.
  4. Get instant approval or denial.

Can I refinance a personal loan with Affirm?

No. Affirm does not offer the possibility of refinance an existing loan for a better rate.


Affirm can be a convenient option for larger purchases. It might be worth considering if you have less than perfect or limited credit credit history, depending on the APR for which you are eligible. There are fixed payments and no hidden fees, which can be great, but with a maximum APR of 30%, Affirm can be one of the more expensive ways to finance a purchase.

If your credit rating is good to excellent, it might be cheaper to apply for a 0% or low interest credit card. Either way, you need to make sure you can afford the payments. Otherwise, you risk late payments or worse, default on what you have borrowed. While it can be difficult, the safest option may be to pay for large purchases with cash.


Investopedia is committed to providing consumers with unbiased and comprehensive reviews of personal lenders. We’ve collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts, and repayment terms, to make sure our content helps users get it right. borrowing decision for their needs.

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