1. At checkout, choose Pay with Affirm.
2. Affirm prompts you to enter a few pieces of information: Name, email, mobile phone number, date of birth, and the last four digits of your social security number. This information must be consistent and your own.
3. To ensure that you're the person making the purchase, Affirm sends a text message to your cell phone with a unique authorization code.
4. Enter the authorization code into the application form. Within a few seconds, Affirm notifies you of the loan amount you're approved for, the interest rate, and the number of months you have to pay off your loan. You have the option to pay off your loan over three, six, or twelve months. Affirm states the amount of your fixed, monthly payments and the total amount of interest you'll pay over the course of the loan.
5. To accept Affirm's financing offer, click Confirm Loan and you're done.
After your purchase, you'll receive monthly email and SMS reminders about your upcoming payments. You can also set up autopay to avoid missing a payment. Your first monthly payment is due 30 days from the date that we (the merchant) processes your order.
Affirm asks for a few pieces of personal information: Name, email address, mobile phone number, date of birth, and the last four digits of your social security number.
Affirm verifies your identity with this information and makes an instant loan decision.
Affirm bases its loan decision not only on your credit score, but also on several other data points. This means that you may be able to obtain financing from Affirm even if don't have an extensive credit history.
Although Affirm performs a credit check when you apply for a loan, this won't impact your credit score. However, if you're approved and decide to buy with Affirm, your loan and payments may affect your credit score. Paying on time can help you build a positive credit history.
Yes! Affirm works hard to be completely transparent. You'll see the amount of interest you'll owe on the terms page and again on the loan confirmation page. If you pay off your loan early, you'll receive a rebate for any interest that hasn't yet accrued.
The annual percentage rate (APR) on an Affirm loan ranges from 10% to 30%. Affirm discloses any required fees upfront before you make a purchase, so you know exactly what you will pay for your financing. Affirm does not charge any hidden fees, including annual fees.
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 model differs from compound interest, in which the interest expense is calculated on the loan amount and the accumulated interest on the loan from previous periods. Think about compound interest as "interest on interest," which can increase the loan amount. Credit cards, for example, use compound interest to calculate the interest expense on outstanding credit card debt.
Before each payment is due, Affirm sends you an email or SMS reminder with the installment amount that is coming due and the due date. You have the option to sign up for autopay, so you don't risk missing a payment.
You cannot edit your order after you have confirmed your loan. If you want to add items to your purchase, apply for another loan with Affirm or use a different payment method.