Sometimes each of us needs to make an urgent purchase. It can be either a household item or a plane ticket - everything requires additional funding. However, not every American has enough money to cover urgent purchases. If you are faced with the need to buy something when you have no money - you can use the online lender Affirm to fund your purchases. The loan amount can be up to $ 17,500, but before you apply you should be aware of the high interest rates on the loan. Review the basic information about Affirm and decide if you should contact this lender or need to find another option to finance your purchases.

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Table of Contents:

What is Affirm and how does it work?

How Affirm Personal Loans compare

What are the pros and cons of shopping with Affirm?

How much does an Affirm loan cost?

Is it safe to apply for an Affirm Loan?

Can Affirm Loan damage Your Credit History?

What are the Affirm interest rates?

What are the repayment terms of the Affirm loan?

Should I use an Affirm loan?

What reviews does Affirm loan have?

How to sign up for Affirm?

What credit score is needed to get an Affirm loan?

How to create an account with Affirm?

What is Affirm and how does it work?

If you've never heard of Affirm before, you need to learn the basics before using it. So Affirm is an online lender for retail products that can provide you funding through partner stores. The loan amount can be large and reach $ 17,500. Thus, if you want to make a purchase on the Internet, you can do it instantly, and then pay it in monthly payments. Of course, Affirm has loan interest rates, which generally range from 0 to 30 percent. Typically, loan repayment terms are up to 1 year, so you do not need to repay the debt as soon as possible.

There are several options for working with Affirm. The first is to visit the Affirm website and borrow the required amount, and the second is to go to the website of the partner stores. All you have to do is select Affirm as your payment method.

Many people compare Affirm with a credit card, which allows you to make the necessary purchase and then pay off the debt with fixed payments, but unlike credit cards, Affirm does a soft credit check that does not harm your credit rating. After receiving the loan, you will receive a message reminding you of the due date. Also with Affirm you can pay off the loan earlier, as this lender does not charge any early repayment fees. Moreover, you can pay less interest on the loan if you pay off the debt earlier than the deadline.

How Affirm Personal Loans compare

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
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  • $100 - $1000 Payday Loans
  • $5,000 - $35,000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High loan amounts up to $35,000. 
  • Minimal basic requirements.
  • No collateral or co-signer.
  • Bad credit is OK. 
Cons
  • High interest rates.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

 

 

What are the pros and cons of shopping with Affirm?

Before contacting any lender, you need to carefully study all the advantages and disadvantages of the loan, otherwise you may receive a completely different offer than you wanted. Consider the pros and cons of shopping with Affirm before deciding.

Affirm benefits
  • There are no early repayment penalties. If you want to repay your loan in advance, many lenders will charge an early repayment fee. However, if you take an Affirm loan, then you do not need to worry about it, as the lender does not charge any fines or fees for early repayment. This way, if you pay off the loan in advance, you can save on interest rates.
  • The ability to improve credit. If you have received an Affirm loan and want to improve your credit rating, then all you need to do is pay off the debt on time. All the payments are reflected in the credit report, so you can improve your credit without any problems.
  • There are no late payment penalties. If for some reason you missed a payment, the lender will not charge you additional commissions. However, it should be understood that a late payment will affect your credit history and worsen it. Thus, it is better to pay off the loan debt on time.
  • Convenient payment terms. Affirm gives you the ability to choose the payment terms that are right for you. Thus, depending on the amount you can pay monthly, you will receive 3, 6 or 12 months’ terms.
  • Soft credit check. When you go to traditional lenders, you know that they do a hard credit check, that is reflected in your credit rating. However, Affirm offers you a soft credit check when you apply, so your credit will not be damaged.
  • Ability to get multiple Affirm credits. Many lenders will refuse to approve a loan if you have other outstanding loans. However, working with an Affirm lender, each application is considered separately, so you can have several Affirm loans at the same time. This option is convenient for people who need to make 2 or 3 purchases at the same time.
  • Payment reminder. Many people miss payments because they forget when they have to pay off the loan. Luckily Affirm has solved this problem. Before making a payment, you will be sent a message that will remind you to pay off your loan debt.
 
Affirm disadvantages
  • High interest rates. Typically Affirm offers high interest rates that vary on the purchase amount, maturity date and your loan. Thus, it is worth considering several times before taking out a loan with high interest rates.
  • Possibility of worsening your credit rating. If you missed a payment, it will be reflected on your credit report. Therefore, if you do not want to worsen your credit ratings and have unfavorable offers in the future, you should pay off the loan on time.
  • Available at select retailers. Unfortunately, you can only use Affirm loans in partner stores. Thus, you will not be able to make a purchase in any store you like if it is not a partner.

Frequently asked Questions

How much does an Affirm loan cost?

Unlike other lenders, Affirm does not charge any commissions or penalties, so the cost of the loan is limited by the interest rate. You don't need to think about late fees or prepayment penalties.

The interest rate of the Affirm loan varies from 0 to 30 percent. Thus, if you have a bad credit history, you are unlikely to get the best interest rates. However, compared to other lenders, these interest rates are not that high to be uncovered. Also, in some cases, you may be asked to make a down payment in case you have not received approval for the full amount of the loan. However, with a prepayment, you will have to pay a smaller amount of debt.

Is it safe to apply for an Affirm Loan?

Yes, it's safe as Affirm takes the safety of its customers seriously. Of course, when filling out an application, you will need to provide your personal data, but you should not worry about its safety, since all your data is encrypted. Thus, your data cannot be passed on to third parties.

Can Affirm Loan damage Your Credit History?

No, Lender Affirm does not affect your credit history in any way, so you do not have to worry about it. However, if you miss a payment, it will certainly negatively affect your credit rating. Affirm does report to major credit bureau Experian, so you should take care of debt repayment. Affirm will send you messages to remind to repay your loan debt. However, in any case, before applying and making purchases with Affirm, make sure that you can pay off the entire loan debt on time.

What are the Affirm interest rates?

Interest rates may vary depending on the purchase amount and the borrower’s credit history. Thus, the better your credit rating, the lower the interest rates on the loan you will receive. As a rule, Affirm offers interest rates from 0 to 30 percent.

What are the repayment terms of the Affirm loan?

Affirm loan repayment terms can also vary depending on the purchase amount and the amount you can spend on paying off the debt on a monthly basis. However, the advantage of working with Affirm is that you can choose convenient payment terms for yourself. Thus, the options offered are 3 months, 6 months and 12 months.

Should I use an Affirm loan?

Of course, like any other loan, Affirm is not suitable for everyone. In some situations Affirm may be a good solution, but in others there are options that are more appropriate.

So, you should use Affirm if you need to make an urgent purchase. Sometimes the money to buy some things may be urgently needed, and there is no time to save the necessary amount. In this case, Affirm may be a good option for you as it will help you make a purchase as quickly as possible. If you have a very bad credit history, Affirm will work for you as well. Banks and other traditional lenders refuse to approve loans to unreliable borrowers with bad credit. Thus, you can count on an Affirm loan.

Avoid Loan Affirm if you already have a huge credit card debt. If you do not already have the funds to cover your card debt, you should not take an Affirm loan, as it will badly affect your credit history in case of a missed payment. Thus, it is better to deal with debts before taking out an Affirm loan. If the purchase is not urgent, it is better to save money to buy it without a loan. This way, you can save a lot of money as Affirm loan has high interest rates.

What reviews does Affirm loan have?

It is hard to say, since Affirm has a rather ambiguous reputation. On some sites Affirm has a low rating and a large number of complaints about unprofessional staff, on other sites Affirm's rating is quite high. However, there are both clients who are satisfied with Affirm's work process and borrowers who complain about client service. You can also study Affirm reviews and decide whether to use this lender or not.

How to sign up for Affirm?

Of course, in order to sign up for an Affirm account, you need to meet certain requirements of the lender. Study the main ones to make sure you are eligible to apply.

  • You must be at least 18 years old (minimum 19 if you are from Alabama)
  • You must be a US citizen or official resident
  • You must have a credit score of at least 550.
  • You must agree to text alerts

As you can see, there are not a lot of criteria that you have to match in order to sign up and get an Affirm loan. Thus, if you're eligible to apply then you need to create an online account with Affirm. You can also choose Affirm as a payment method in partner stores.

What credit score is needed to get an Affirm loan?

As you know, Affirm approves loans to people even with bad credit, but there is still an eligibility criterion. In order to be eligible for an Affirm loan, your credit rating must be at least 550. However, when approving the application, the lender will take into account other factors such as your employment, monthly salary and income-to-debt ratio. Thus, if you have a large salary and want to get a small loan with bad credit, then you will most likely be approved.

How to create an account with Affirm?

In order to create an account with Affirm you need to perform a few simple steps. On the lender's website, select "create an account". Then you will be directed to fill out a simple form, where you will be asked to enter your mobile phone. After entering, you will receive a text message where you will see your confirmation number. You will enter this number in the box online and select the Verify button. That's all! Now you have an account with Affirm and are able to use it. Once you have created an account, you can apply for a loan to shop at Affirm's partner stores. Every loan request starts with a soft credit check that is not reflected on your credit report. After verification, you can find out if your application is approved or not.