Affirm Review 2022

Affirm Review 2022

Nearly 40% of Americans have used a "Buy Now, Pay Later" service offered by various financial organizations at least once in their lifetime. So today, we're sharing an independent Affirm app review, one of the fastest-growing players in this field. 

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Just imagine going to a store, buying what you want, and paying only 1/4 or 1/12 of the cost of the item at that moment. Everything else you can pay off monthly at low or no interest! Sounds good. 

Our Affirm review aims to verify if that's really how it works. Besides, we're curious: 

  • What opportunities the company provides, and who can take advantage of them?
  • How does taking a loan from Affirm affects credit history?
  • What interest and fees do users of the online application have to pay?
  • What do people who have already borrowed from Affirm say?
  • Can Affirm be trusted, and is it safe to use their services?

According to its representatives, the company's mission is to help people afford what they want without creating unmanageable debt. Let's check in our review of Affirm whether they are accomplishing their mission. 

Pros and Cons of Affirm

The company has many advantages: 

  • Unlike installment loans, Affirm offers low-interest rates – from 0% to 30% APR.
  • Most Affirm loans have no impact on your credit history.
  • You can manage your credit yourself – choose the term, price, and interest rate from the available options.
  • A great benefit of using Affirm is that the company does not charge any fees.
  • Affirm is the trusted market leader in financial services with hundreds of thousands of users.

Of course, alongside the many benefits, there are also some disadvantages: 

  • The company's services apply only to specific categories of products in its partner stores. You are not given cash; you just get the opportunity to buy shoes or clothes, furniture, and other things now and pay for them later.
  • Affirm does a "soft" check on your credit history.
  • The company doesn't approve every application, so you can get credit at one store and not get it at another, or get it today and not get it in 3 weeks.
  • If you want to return an item you bought through Affirm, you may have trouble canceling the credit and returning the money you spent.
  • Poor customer support.

How Does Affirm Work?

You can use the services of this company online or offline. For example, imagine you are shopping and suddenly see something you want to buy, but you don't have enough money. What should you do? 

  • Go to the company's website and find out if this store is its partner.
    You can also ask this store’s representatives.
  • Fill out your information to see how much credit you can get.
    The standard questions on the form are your first and last name, age, address, phone number, and the last four digits of your social security number. Verification usually takes a few seconds, so you can immediately see what credit options are available to you.
  • Choose your loan terms and interest charges.
    Affirm gives you short-term credit for 4 to 12 months. There is also another option; you can select an interest-free loan for two months – you'll have to make the first payment from your bank account now and then make three more payments every two weeks.
  • Connect your existing bank account, make the first payment, and pick up your purchase! Your card should have a minimum deposit of one payment on the loan. Once you pay this first deposit with your bank account, Affirm pays the rest, and you can walk out of the store with your purchase. Your linked bank account will automatically debit your monthly payments, or you can repay the loan manually through direct deposits.

Even though the company doesn't have any overdraft fees, you must make sure you repay the loan on time; otherwise, it will affect your credit history within the app. You can also pay off the loan ahead of schedule without any additional fees by direct transfer from your checking account or debit card. 

According to users' reviews, changing the information on bank accounts in the application is challenging, so specify the one to make direct deposits to pay off the loan. Another trap is returning items, so be careful when choosing a store or service provider. The best way is to buy from trusted vendors, so you don't have to return your purchase.  

The company generally works on the same principle online - you find the products you want to buy in the online store, add them to the cart and go through all the steps from the first to the fourth. Then, once you make the down payment, Affirm will pay in full and ship the product to your address. 

However, other options exist for using Affirm's services, such as their virtual card. Let’s see what it's about. 

Affirm Features

When you look at Affirm's products, it seems like they've developed financial solutions for every situation. Check it out! 

One-time Virtual Card

Imagine that you need to choose a gift for a family member and don't know what it will be yet. How can you be sure that you can buy this gift on credit? 

It's easy! You should apply for a virtual card in the app or on the Affirm website. 

What you have to do:

  • Register on the platform.
  • Apply for a Virtual card and agree to its terms and conditions.

Once approved, you can add it to Apple Pay or Google Pay and use it as a regular card! In addition, it will have a specific number that you can put on sites to pay for products and services online. 

The main advantage of this advanced feature is that you can pay with this card even in those stores that aren't Affirm partners. The only limitation is the category of items; for example, you can't buy guns or alcohol, pay bills, medical expenses, or pay off existing loans. 

This virtual card is only valid for 24 hours; you won't owe anything if you don't use it. You may also use only part of the money available on it. 

Ultimately, the amount of your credit will be precisely the price of the item you buy. The loan terms depend on your account; there are no additional fees. 

The other two products are more common: 

  • 4-month, 6-month, and 12-month loans at 10-30% APR - once chosen the term, the purchase amount is automatically divided by the desired number of months. You must make the down payment right away to receive funds. Loan amounts range from $50 to $17,500.
  • Interest-free credit for 1.5 months is a good decision for those with precise control over their budgeting. Thus, if you bought a phone for $1,500, with this loan, you would have to make the first payment of $375 right away and then three more payments every two weeks. No interest and no extra fees!

Affirm Fees & Rates

As we've seen above, the company has different products, and the percentages of each can vary. Depending on your credit profile, your APR can end up being 0%, or 10% to 30%, with monthly expenses ranging from $10 to $1850, depending on the loan size. The average annual percentage of virtual cards is 16.44%. 

There are no prepayments or overdraft fees. Besides, you don't need to pay the membership fee or monthly fee, and Affirm does not charge for its services. No additional fees!

What factors affect your loan terms, cost, and interest rates? 

  • Your credit history.
  • How long have you been registered on the platform, and what is your history with it.
  • The overall economic conditions in the country are the only factor the company should track itself, which is independent of you.

Affirm Safety and Security

Since you give Affirm your data, including information about bank accounts where your money is stored, the company takes several steps to protect it. 

The app is secure because all information is encrypted and unavailable to employees. In addition, you can be assured of your data security because it’s encrypted, and all staff members must pass background checks before hiring. Affirm also works with accredited banks and financial institutions; it has been on the market since 2012 and has helped hundreds of thousands of users. 

Trustworthiness & BBB Rating of Affirm

One significant factor in evaluating a company is checking the reviews from its users. Affirm cannot boast of good feedback; its ratings are as follows: 

  • On BBB website - 1.18/5 according to 564 users.
  • On - 1.5/5, 142 ratings.
  • On Trustpilot - 4,500 users have left feedback, and an average rating is 3.7.

Most of the problems for users arise with the cancellation of credit if the product is returned, failure to receive funds, an incomprehensible system of evaluating the reliability of customers, and bad user support service. 

Affirm Mobile Support and Accessibility

You can use Affirm on any mobile device, whether you have an iPhone, Samsung, or Android smartphone. It's also available on tablets and iPads. 

If you want to use the company's services while shopping online from your computer, go to the desktop version of its website, as all the functionality is available there.

If you're without internet, you can call the company number and apply for a loan over the phone, and if you don't know how to use the app, just send your request to Affirm's email! 

Customer Service at Affirm

Customer Service is the only apparent weakness of the company. In one of three reviews, users wrote that Affirm employees did not answer when people called them, did not respond to mail, and even when they did, they couldn't solve the issue. 

Customers often say that their credit limit within the app is changed for no apparent reason, and they can't get it back - the employees are not helpful. 

In general, judging by the reviews, you can count on the call center to answer you anytime Monday through Sunday, 7:00 a.m. - 10:00 p.m., but not that they will help solve your problem. 

Is Affirm a Good Choice for You?

Affirm is a good and popular app that helps millions of people. It's great for:  

  • Shopaholics who don't want to wait until their next paycheck to buy something.
  • Any urgent purchases, like when your phone breaks down, or you need to buy a gift for your mom.
  • People with a good credit score and stable income can take advantage of 0% credit.
  • Families renovating their houses can buy, for example, several beds at once and pay for them within 12 months.

Overall, this app is not helpful for those with poor or no credit history, as sometimes the platform approves as little as $50 in credit for some users. Moreover, don't forget that short-term loans from Affirm cannot be used to pay bills, rent, and utility, nor can you refinance old debts. 

In addition, we don't recommend using Affirm for online purchases from unverified sellers because it can be quite challenging to cancel the credit. 

Apps Like Affirm

Down payment at PurchaseIt may be 0% or the same as a monthly payment25%25%25%
Interest rates0%, or 10%-30%0% if paid on-time0% if paid on-time0% if paid on-time
Repayment termsFrom 1,5 months for 0% credit, up to 12 monthsFrom 1,5 months for 0% credit, up to 36 monthsA payment of 25% is required every 2 weeksA payment of 25% is required every 2 weeks
Credit checkYesYes for big loansNoNo
FeesNo feesCharges late fees of $7$10 service fee and $7 late feesThere is $9.99 monthly subscription, but can also be used for free in 47 000 stores
Several financial productsYesYes

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How We Review

We are independent writers who are not paid by the companies we review. To write such an article, we use only information from public sources, user feedback, and our experience using the app. 

All information about interest rates, products, and other app features is taken from the Affirm website. We took information about the company's shortcomings from user comments on reliable sources. 

The entire review process includes: 

  • Analyzing data from the company's website, including the FAQ section.
  • Going through the application process.
  • Checking reviews on different sources.
  • Communicating with customer support on the company's website.


Does Affirm work with Chime?

Yes, it does. Affirm accepts Chime as a payment method. You can just link your Chime account to the platform and use it to purchase products on this platform.

Who Founded Affirm?

Max Levchin, a Ukrainian-American engineer, founded it in 2012. He was one of the cofounders of PayPal and worked on the anti-fraud section. Now it’s located in California and offers its services to millions of people. The Affirm’s mission is to improve lives. As Max Levchin, Founder & CEO, says, it means a lot of work, but it allows all kinds of people to afford things they want to buy. In 9 years, the company financed 17 million purchases throughout the USA.

What banks does Affirm work with?

It works with Cross River Bank and Member FDIC. However, it’s essential to know that Affirm itself provides clients with loans, so it’s available for almost every resident of the USA over 18 years old.

When you pay back to Affirm, can you borrow again?

Yes, you can. Every loan you pay on time positively impacts your Affirm history and allows you to borrow more money next time.

How fast does Affirm deposit money?

Affirm does not deposit money into your bank account; it just approves a purchase or a virtual card, which happens within seconds most of the time.

How long does it take Affirm to verify?

If you’ve never used the app before, take up to 20 minutes to complete the registration and loan approval process. Affirm usually verifies users within seconds, but first-time verifications can be longer.

Does Affirm app give you money instantly?

Yes, if you are a registered user, you will immediately see the amount you can spend and use it as a regular card, even add it to Apple Pay or Google Pay.

How Much Will Affirm let you borrow?

Affirm allows you to use an amount from $50 to $17500, but you should remember that the final balance always depends on several factors, including your credit score and history of using the app.

What happens if you don't pay Affirm?

You don’t have to make extra contributions if you don’t pay your loan on time, but Affirm can report your account activity for installment loans to Experian. As a result, your credit score can fall by several times.

Does Affirm report to the credit bureau?

If it’s a 1.5-month interest-free loan, Affirm doesn’t report these loans to the credit bureau. However, if you are taking out a short-term loan for several months, then yes, Affirm may report your payment history to Experian.

How many loans can you get with Affirm?

There are no restrictions on this on the company’s website. You can take several loans from different stores simultaneously; how many strictly depends on your Affirm profile.

Does Affirm run your credit?

Yes. When you sign up for the platform and submit your personal information, Affirm checks your credit history and capacity to pay. As the company says, it’s a “soft” check that doesn’t affect your credit score.

Does Affirm affect your credit?

Yes. Shopping with Affirm, the repayment process, how much money you’ve used, and how often – all this information will affect your overall credit score. If you just signed up to see if you’ll get credit, your credit score won’t be affected.

When are Affirm working hours?

The Affirm office is open 7:00 a.m. – 10:00 a.m. seven days a week. The call center is also available during those hours so that you can get custom help Monday through Sunday.

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