Did you know there were a total of 21.1 million outstanding personal loans in the U.S.? So, what about Affirm? In this review, we will show you how it works, what kinds of loans they offer, and more. We also take a look at the most important aspects of this company and its service. Furthermore, we analyzed Affirm’s safety and security to help you determine whether it is trustworthy.
In the financial industry, there are a lot of players that have been around for a while. Some of these companies have been around since the early 1900s. A new player on the scene is Affirm. This company has been able to make a name for itself in a very short time. In this article, we take a look at Affirm financing company and whether they are safe to use or not.
Affirm Company Info
| Official Website: | www.affirm.com |
| Founded: | January 1, 2012 |
| Owner: | Max Levchin |
| Number of Employees: | 1,342 |
| Revenue: | 510 million USD (2020) |
| Location: | 650 California Street, San Francisco, California, U.S |
| Customer Service Contact: | unknown |
What is Affirm?
Affirm Financial is a financing company based in San Francisco. Affirm is an alternative to credit cards and other forms of traditional financing. It helps make big-ticket items more affordable by letting consumers split the cost into monthly payments. It’s backed by over $2 billion in annual loan volume and is led by a team with experience from PayPal, Skype and Yahoo.
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How does Affirm work?
The Affirm buy now, pay later (BNPL) app is an amazing way to purchase anything you want, right now. Whether you’re buying a new bike or a kitchen remodel, the Affirm app can finance your purchase. With rates as low as 0% for up to 36 months, the Affirm app doesn’t charge any hidden fees and provides financing with no more than what your original payment plan was — regardless of whether you make your payment on time.
Is Affirm legit or a scam?
Affirm is 100% safe and legitimate for consumers with even decent credit. The company offers short loan terms, so it doesn’t take years to pay back your purchase like with a credit card. You also only pay a flat fee of interest, so there are no expensive compound charges to worry about.
The company has streamlined the lending process and only extends credit to customers with decent credit — meaning you won’t end up like thousands of others who have been scammed by risky, fraudulent lenders.
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Affirm Fees and Costs
There are no costs or fees with Affirm. All of their rates are 0% interest. How cool is that? Affirm is a financing option for shoppers, especially at retailers who offer rates of 0%. This means that there are no hidden fees or anything extra beyond your purchase cost. There are no late fees with Affirm either.
Affirm is a company that offers buy now, pay later services. However, it has grown to include other products as well. You can now sign up for an Affirm Savings Account and also get on the waiting list for an Affirm credit card.
Does Affirm have good customer service?
Affirm is not easy to contact. On their website, there are no phone numbers or email addresses for customer service. But through the Help Center, you can try to find solutions to your questions or problems. There are also some webforms available to request information; for example, if you want verification that a loan was paid off, you can submit a form through the Help Center. The company does have a Digital Assistant bot that uses artificial intelligence and chatbox technologies to try to answer your questions.
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Does Affirm have a refund policy/ buyer protection?
If you purchase a product and the merchant either cancels your order or returns it, you’ll receive the refund via Affirm. However, this process can take up to 21 days, depending on the merchant. To avoid having to wait for the return to be processed, we recommend checking the merchant’s website for their specific return policy.
How to delete an Affirm account?
You can close your account by filling out the form on the Closing your account page. If you want to close your account, it means that you cannot sign into Shop Pay to see your installment history, and you cannot use Shop Pay installments any more. If you are paying for an order with Shop Pay installments, then you can cancel your Shop Pay once your loan is paid off.
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The Pros and Cons of Using Affirm
Affirm is a great option for consumers looking for flexible monthly payments. It’s similar to a credit card, but with added benefits like no interest or penalties. Affirm isn’t the best choice for everyone, though. Here are its pros and cons.
Pros:
- Low interest rates
- No late fees
- Purchase limits of up to $17,500
Cons:
- Credit check may be required
- Difficult to reach customer service
- Rates may be as high as 30%
Careers With Affirm
Affirm has many different career options. The company wants people to have the freedom to work from home, but it also has jobs in offices, so people can have a mix of lifestyles. In addition to working from home, there are office-based opportunities in places such as Pittsburgh, Chicago, New York City, Salt Lake City, San Francisco, and Toronto.
Affirm’s contributions to its employees’ health are more than mere words on paper. The company has a genuine culture of support for personal growth and well-being, reflected in the time off policy, flexible spending options, wellness program for mental healthcare, and 16 weeks of paid parental leave provided to mothers and fathers.
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Alternatives to Affirm
Personal loans: Sometimes, people are not offered a 0% interest rate to pay for their purchase. If you are considering financing a large purchase with Affirm and shop around for a lower APR, you may save money in the long-term.
In the event that you would like to purchase online and have a bad credit history, there are other options. One alternative is a 0% interest credit card. This type of card offers a low interest rate during the intro period as well as a sign-up bonus or rewards program.
We did research on the best alternatives to Affirm, which included Sezzle, PayPal Credit, Klarna, and Splitit. These solutions were voted the best overall, and are highly reviewed by users. When researching an alternative to Affirm, you should consider reliability and ease of use.
- Sezzle
- PayPal Credit
- Klarna
- Splitit
- Afterpay
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(FAQ) Frequently Asked Questions About Affirm
Is Affirm bad for your credit?
Affirm offers a solution for those who may not be able to use a credit card to make a purchase. It will allow you to have a small installment loan to cover the cost of the purchase, rather than paying for it with your credit card. In the future, your credit score can be adversely impacted if you don’t pay the loan back on time.
Can you pay off Affirm early?
You can pay off your Affirm early. You won’t be penalized or charged any fees, and you’ll save on any interest that hasn’t accrued yet.
What is the benefit of Affirm?
Affirm offers instant, clear, and simple financing to make online purchases. Affirm does not charge late fees, service fees, or other hidden fees. Unlike a credit card, Affirm does not offer revolving credit.
How much does Affirm hurt your credit?
You’ll get a “soft pull” of your credit history, which doesn’t affect your credit score. Depending on your interest rate and approval, you could be eligible for 0% interest rates or rates up to 30%.
Why did Affirm deny me?
Affirm is not able to offer credit in every case. Unfortunately, Affirms decision is final. The merchant has no information regarding a customer’s financing denial.
What happens if you don’t pay Affirm?
Affirm doesn’t charge hidden fees of any kind, including late fees. If your payment is late, you won’t be charged a fee, but you may have limited access to shopping. Late payments can hurt your credit score, so it’s important to stay on top of them.
Does Affirm raise your limit?
The Affirm credit limit is fixed. The maximum amount you can borrow is 17,500. However, you can take as many loans as you qualify for.
What credit bureau does Affirm use?
Experian. This is for all loans from Affirm, not just those with financing from them. For these loans, an entire loan history is reported to the credit bureau for both negative and positive payments.
Why does Affirm need my SSN?
Affirm requires Social Security number for sign up. It’s important to make sure the person signing up is in fact the cardholder. However, all your information is encrypted with bank-level security.
Can you have 2 Affirm loans?
The loans are individually underwritten and depend on the credit worthiness of the consumer. You can take out up to two loans through Affirm, but approval for one does not guarantee approval for another. The maximum value you can take out on one loan is $17,500.