What is Affirm?
What is required to have an Affirm account?
Affirm is a financing alternative to credit cards and other credit payment products. Affirm offers financing for online, in-store, and telesales purchases. Affirm is transparent, flexible and fair. When a customer selects their payment option – we tell that customer upfront what their total is going to be. And we do it with simple, non-complicated numbers. The amount that the customer agrees to pay is what they pay and that number will never go up. With Affirm, there are no fees. Seriously. No late fees... penalties... hidden interest. Ever.
How does Affirm approve borrowers for loans?
To sign up for Affirm, you must:
- Be 18 years or older (19 years or older in Alabama or if you're a ward of the state in Nebraska)
- Provide a valid U.S. or APO/FPO/DPO home address
- Provide a valid U.S. mobile or VoIP number and agree to receive SMS text messages. The
phone account must be registered in your name
- Provide your full name, email address, date of birth, and the last 4 digits of your social security
number to help us verify your identity
Does Affirm perform a credit check? Does it impact my credit score?
- 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
Why was I denied financing by Affirm?
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.
Why was I asked to verify my identity?
The merchant has no information regarding a customer's financing denial. Affirm strives to offer all credit-worthy applicants financing with Affirm, but isn't able to offer credit in every case. Affirm will send you an email with more details about its decision. Unfortunately, Affirm's decision is final.
Why was I prompted to enter my income?
If Affirm has difficulty confirming your identity, you may need to provide more information. Affirm uses modern technology to confirm your identity, including verifying your address or full SSN, or requesting a photo of your ID. Affirm takes these steps in some cases to counter fraud and provide the most accurate credit decision they can.
Why was I prompted for a down payment?
Affirm may sometimes need more information about your finances and your ability to repay in order to make a credit decision. Your income gives Affirm additional insight into your ability to repay.
Will I see how much interest I am paying prior to accepting my loan?
Affirm isn't always able to offer credit for the full amount you request. In these cases, Affirm asks you to make a down payment with a debit card for the remainder of your purchase. The down payment amount can't be changed and must be made upon confirming your loan and before the loan offer expires.
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.