How to qualify: Affirm doesn't have a minimum credit score requirement, but it will perform a soft credit check. It also takes into account any prior payment history with Affirm, how long you've had an Affirm account and the merchant's available interest rate.
Affirm Credit Score For Approval. Affirm reports that you're "more likely to be approved" for their financing with a score of 640 or higher. There are user reports of being approved with a score as low as 600. Ensuring your revolving balances are low and that you have less than six inquiries will help.
Affirm requires a soft credit check when opening an account, which does not affect your credit score. When you are ready to make a purchase, Affirm may require a hard credit inquiry to verify your score and provide financing options based on your credit profile.
When you are approved for a loan, a number of factors are taken into account: current economic conditions; eligibility criteria—which include things like your credit score, your payment history with Affirm, and how long you've had an Affirm account; and the interest rate offered by the merchant where you're applying ...
Affirm provides clear, simple, and on the spot financing for online purchases. ... Affirm performs a 'soft' credit check that does not affect your credit score. Affirm reports loan and payment activity to credit bureaus, allowing customers the opportunity to build their credit history as they repay their Affirm loan(s).
No, you can't increase your credit limit. However, Affirm lets you take as many loans as you qualify for.
You won't get approved if you don't have good credit — You'll need to have a good credit score to qualify for an Affirm loan. You may have to pay a downpayment — For some borrowers, Affirm asks for a down payment that must be paid during purchase. This can be anywhere from 10% - 50% of the cost of the item.
When information does not match what is on public record, we are unable to approve an application. If you believe there is incorrect information in your application, just fill out this form and we'll get back to you.
Merchants can take up to 21 days, and sometimes even longer, to process a return, so we can't update your Affirm account until the merchant does their part. You should still make any payments that come due, to avoid late payments.
When you open an account with Affirm, you receive prequalification and a maximum spending limit. These limits vary by customer, but the maximum purchase amount allowed by Affirm is $17,500.
If you have already made loan payments or a down payment, Affirm will issue you a refund credit to the bank account or debit card that you used to make the payments. You should see a refund credit within 3-10 business days, depending on your bank's processing time.
This probably means your order wasn't fully processed by the store. To make sure, look for the purchase in your Affirm account. If you do not see the purchase, your order did not go through.
You're able to take out multiple loans through the provider and being approved for one Affirm loan does not guarantee that you'll be approved for another loan. The maximum value you can take out on one loan is $17,500.
If your Affirm application was denied, the best thing that you need to do is try to figure out was you were denied financing. You need to look back at your application and figure out what you did wrong. Contacting Affirm may not help since the company does not store information regarding a customer's financial denial.
Interest Rates and Fees
Affirm does not charge any hidden fees, including annual fees. Why is my Affirm interest rate so high? When Affirm determines your annual percentage rate (APR), it evaluates a number of factors, including your credit score and other data about you.
Is Affirm Safe? BNPL merchants like Affirm generally don't offer as many consumer protections as credit cards. You don't have zero-liability fraud protection or the insurance-style benefits many credit cards provide. They're also so seamless to use that you might be tempted to buy more than you need.
It's meant to be used one-time only, at a merchant of your choice, either online or in-store (most merchants who accept Visa cards will accept an Affirm Visa virtual card as a form of payment).
4 interest-free payments
Depending on the merchant and your order value, you can make 4 equal payments, every two weeks, so you pay your purchases off quickly with no impact on your credit.
Affirm loans are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC.
Affirm generates revenue on the loans that it issues to consumers. The biggest draw for Affirm is that it does not impose any hidden fees (for instance on late payments) and makes the interest rate transparent upfront.
If you have proof that you made the payment on time, dispute the mark with the credit bureaus. Affirm reports to Experian, so write to Experian and explain the mistake, providing any proof you have of it so they can remove it from your credit report.
Is Affirm a good company to work for? Affirm has an overall rating of 4.4 out of 5, based on over 218 reviews left anonymously by employees. 85% of employees would recommend working at Affirm to a friend and 87% have a positive outlook for the business.
Fast-growing, successful startup with lots of opportunity
Affirm has been a wonderful place to work. It's growing fast, which means there's a lot to do—but this also creates a ton of opportunity for taking on more and continuing to redefine your role as the company expands.