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Confirm Personal Loans Review

Affirm gives instant financing for retail purchases, offering a variety of APRs

By Kate Dore

Updated March 07, 2022

Fact verified by Katrina Munichiello

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The Rating of Investopedia is 3.4

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Affirm provides instant financing for retail purchases. Affirm has thousands of partners, both in-person as well as online, which let you buy immediately and then pay later. It is possible to apply at the point of sale with only a soft credit inquiry, but your annual percentage rate (APR) may be higher than what you expected. This review will cover all you should know about Affirm and how to decide whether it’s the best option for you.

Affirm provides APRs that range from 0% to 30% depending on your credit history. The amount you can borrow is from $0 to $17,500, but the amount may vary by store. Affirm provides personal loan terms of three, six, or twelve months. Depending on the retailer and the amount of your purchase the terms could be as short as two weeks up to three months or up to 36 months. There is no minimum credit score required to be eligible in the event of an Affirm personal loan However, the firm takes into account the current economic situation and your credit score as well as your previous experience with Affirm.

Specifications for the Product

Pros and Cons

Fees

APR range from 0% to 30%

The loan amount ranges from $0 to $17.500.

Loan Terms 1-36 months

Minimum Credit Score Recommendation no less than

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Overall rating 3.4

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Table of Contents

Pros Explained

Cons & Cons Explained

Types of Loans

Time to Funding

Features

Apply

Refinance

Methodology

Pros Explained

Prequalify using a soft credit inquiry — You may prequalify on the app or at a partner retailer without hurting your credit score.

Quick loan — You could receive instant approval.

No charges There aren’t any charges for service, late payment fees, or prepayment penalties.

May help improve credit score Affirm might be reported to Experian and your track record of on-time payments may improve the credit rating of your. Be aware that late payments may also be reported.

Pros and Cons of the Book

Maximum APR of 30 percent — Depending on your creditworthiness, your APR may be higher than the typical APR for a credit card of 14.51% as of November 2021.1

Not everywhere available — Affirm isn’t offered for all retail purchases.

There is no reimbursement for interest paid on returns — If you want to return any of the items you purchased, Affirm does not offer a refund on the interest you’ve already paid for 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 a down payment.

The types of personal loans offered by Affirm

Affirm provides two private loan options. You may use Affirm to get money to finance purchases at partners stores. If your order is under $250, you may 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 get instant approval.

Affirm Personal Affirm Personal

Loan transparency — Affirm provides full personal loan details up front with no hidden costs later.

A large number of retail partners Affirm has joined forces with over 200 retail businesses to offer instant credit in the store or online.

Virtual card option — Following the loan approval, you can transfer the funds onto the Affirm virtual card that you can use for one-time use either online and in person.

The mobile app may manage your payments on the go through Affirm’s mobile app.

Apply for an Affirm Personal Loan

Before you apply in for an Affirm personal loan You can prequalify through a retail partner or by using Affirm’s mobile app. You can complete either option with a soft credit inquiry, which won’t hurt your score on credit. Prequalification does not guarantee approval, but it does allow you to see how much you may be eligible to borrow.

There are three options you can apply to the Affirm personal loan via a partner store, via Affirm’s mobile application, or online through Affirm.com. All three options offer a rapid application with instant approval and funding.

Partner Store

Shop either online or in-person and select Affirm at the check-out.

Enter your mobile phone number.

Set up an Affirm Account (first chance only).

Enter the verification code you received via text.

Get instant approval or denial.

Affirm Mobile App

Download the Affirm mobile app.

Enter your mobile phone number.

Set up your own Affirm account (first time only).

Enter the verification number you received via text.

Select a retailer with a loan amount.

Get instant approval or denial.

Affirm.com

Create an Affirm account and sign in.

Enter the verification code you received by text.

Pick a retailer with a loan amount.

Get instant approval or denial.

Can I refinance a personal Loan Using Affirm?

No. Affirm does not offer the option for refinancing an old loan to get a better rate.

Verdict

Affirm could be a good alternative for larger purchases. It’s worth considering in the event that you have less than perfect credit or limited credit history, depending on the APR at which you are eligible. Fixed payments are available and no hidden fees that can be appealing however, with a max APR that is 30 percent Affirm could be one of the more expensive methods to finance a purchase.

If your credit score is good to excellent, it could be more affordable to get an interest-free or low-interest credit card. Whatever you choose, be sure that you have the funds to make the payments. In the event of a financial crisis, you risk late payments—or worse, defaulting on what you borrowed. Although it’s not easy to do, the most secure option could be paying for big purchases in cash.

Methodology

Investopedia is dedicated to providing customers with impartial, comprehensive reviews of private loan lenders. We collected over 25 data points from more than 50 lenders—including interest rates and fees, loan amounts, and repayment terms to ensure that our information helps customers make the right loan decision for their requirements.

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