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Acceptance Personal Loans Review
Affirm offers instant financing for retail purchases that offer a range of APRs
By Kate Dore
Updated March 07, 2022
Fact checked by Katrina Munichiello
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Affirm offers instant credit for purchases at the store. Affirm has thousands of partners, both in-person and online, who let you buy now and pay later. You can apply at the point of sale, with just an inquiry to verify your credit, however, your annual percentage rates (APR) might be higher than you expect. Our review covers all you should know concerning Affirm and how you can decide whether it’s the right choice for you.
Affirm offers APRs between zero to 30 percent dependent on your credit score. The amount you can borrow is from $0 to $17,500, however, the amount could vary by retailer. Affirm offers personal loan terms of three, six, or twelve months. However, depending on the store and the magnitude of your purchase the terms can be as short as 2 weeks or 3 months or up to 36 months. It is not necessary to have a minimum credit score to be eligible for an Affirm personal loan however, the company takes into account the current economic situation as well as your credit score as well as your previous experiences with Affirm.
Specifications for the Product
Pros and Pros and
Fees
APR Range from 0% to 30%
Loan Amounts from $0 to $17,500
Loan Terms One to six 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
Pros and Cons Explained
Different types of loans
Time to Funding
Features
Apply
Refinance
Methodology
Pros Explained
Prequalify with soft credit inquiry – You may prequalify via the app or one of our partner retailers without hurting your score on credit.
Fast financing – You can be approved in a matter of minutes.
No costs No service fees, late payment fees, or prepayment penalties.
Could help improve your credit score Affirm may report to Experian, and your history of timely payments could improve the credit rating of your. Be aware that late payments could be reported.
Pros and Cons of the Book
The maximum APR is 30 percent If your creditworthiness is high the APR you pay could exceed the average APR for a credit card of 14.51 percent at the time of November 2021.1
It’s not available everywhere. Affirm isn’t available on all retail purchases.
No refunds for interest paid on returns . If you return one of your purchases Affirm does not offer a refund on the interest that you’ve already paid on the money you borrowed to purchase it.
A possible down payment might not be eligible to purchase the total amount of your purchase and Affirm may require an initial down payment.
Different types of personal loans are offered by Affirm
Affirm provides the two options of private loan options. You may use Affirm to borrow money for purchases at partner stores. If your purchase is less than $250, you may have access to AffirmGo, which offers three-month payments at zero percent APR.
The time to receive funds
You may apply for a personal loan via Affirm partners and get instant approval.
Affirm Personal Loan Features
Loan transparency – Affirm gives complete personal loan details upfront with no hidden fees later.
Many retail partners – Affirm has joined forces with over 2,000 retail companies for instant credit in the store or on the internet.
Virtual card option – After your loan approval, you are able to transfer the money into an Affirm virtual card to make only one time usage online or in person.
Mobile app – You may make payments while on the move through Affirm’s mobile app.
Request an Affirmation of Personal Loan
Before making an application for an Affirm personal loan You can prequalify by a retail partner or through Affirm’s mobile application. You can do either through a soft credit inquiry that won’t hurt the credit rating. Prequalification isn’t a guarantee of approval, but you can see how much you may be able to borrow.
There are three options you can apply to the Affirm personal loan by contacting a partner store, via Affirm’s mobile application or online through Affirm.com. The three options provide quick application processes with instant approval and the ability to fund.
Partner Store
Shop on the internet or in person, and choose Affirm at payment page.
Enter your mobile phone number.
Set up your own Affirm Account (first time only).
Enter the verification number you received via text.
Get instant approval or denial.
Affirm Mobile App
Download Affirm’s mobile app.
Enter your mobile phone number.
Make your own Affirm account (first chance only).
Enter the verification number you received by text message.
Select a retailer and loan amount.
Get instant approval or denial.
Affirm.com
Create an Affirm account and login.
Enter the verification code you received by text message.
Select a retailer and loan amount.
Get instant approval or denial.
Can I refinance a personal loan with a confirmation?
No. Affirm does not offer the option for refinancing an old loan at a lower rate.
Verdict
Affirm might be a suitable option for purchases that are larger. It is worth looking into for those with less-than-perfect credit or a poor credit history, depending on the APR at which you qualify. There are fixed payments and no hidden fees This can be appealing however with an max APR that is 30 percent, Affirm may be one of the more expensive options to finance an investment.
If your credit score is excellent or excellent, it could be cheaper to apply for a 0% or low-interest card. Whatever you choose, ensure that you are able to afford the payments. Otherwise, you may risk late payments–or worse, defaulting on the loan you took out. While it can be difficult to make a decision, the best option might be paying for big purchases with cash.
Methodology
Investopedia is committed to offering consumers honest, comprehensive review on personal loan lenders. We have gathered over 25 data points across over 50 lenders–including interest rates as well as fees, loan amounts, and the terms of repayment to ensure that our information helps consumers make the best borrowing decision for their needs.
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