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Affirm Loan Review

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An Affirm loan might be best for customers looking for an alternative to cash, credit cards and traditional loans to pay for everything from a new mattress to their dream vacation. Affirm offers loan options that you can use at checkout with more than 2,000 online retailers. However, while you might get zero-interest financing with certain retailers, the APRs are typically higher with Affirm than with other lenders. Read on to learn more about Affirm in this review.

Affirm loan highlights

  • May qualify for a 0.00% interest rate: Interest rates range from 10.00% to 30.00%, with 0.00% interest offered at select merchants.
  • No fees: Aside from interest costs, Affirm doesn’t charge any fees.
  • Short repayment terms: In general, terms are 3, 6 or 12 months, but exceptions may be made for particularly large and small purchases.
  • Receive a virtual card to make your purchase: An Affirm virtual card — a one-time use card loaded with your approved loan amount — can be used at most merchants.

Affirm at a glance

  • APR range: 0.00% – 30.00%
  • Minimum credit score: 0
  • Terms: 6 to 36 months
  • Origination fee: No origination fee

By clicking “See Offers,” you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

Terms Fees and penalties
  • Terms: 6 to 36 months, but terms of 3, 6 or 12 months are more commonplace
  • APR: 0.00% – 30.00%
  • Loan amounts: Not specified
  • Time to funding: You can receive an Affirm loan at checkout
  • Credit check: Soft Pull to determine your eligibility for a loan; hard pull if you commit to the loan.
  • Origination fee: No origination fee
  • Prepayment fee: None
  • Late payment fee: None

Eligibility requirements

  • Minimum credit score: 0
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

To qualify for an Affirm loan, you must be a U.S. resident and 18 years of age (19 in Alabama or if you’re a ward of the state in Nebraska.) You have to provide a valid address and a U.S. mobile or VoIP number. Residents of Iowa and West Virginia aren’t eligible.

Affirm offers little information as to their eligibility requirements when it comes to your financial history. They don’t state a specific credit score, credit history or debt-to-income ratio to qualify for a loan. Potential borrowers can, however, check to see if they prequalify for a loan and the amount you may be eligible to borrow via Affirm app or partner stores. Prequalifying doesn’t affect your credit score and isn’t a guarantee that you’ll receive a loan.

Applying for a loan from Affirm

There are three ways to apply for a loan from Affirm:

  • At a partner store
  • Via Affirm’s app
  • On Affirm’s website

To apply at a partner store, you shop as you normally would, then when it comes time to check out, there will be an Affirm option. After selecting it, you’ll be prompted to enter your phone number, and a PIN will be texted to you. Enter the PIN on the checkout screen, and you’ll receive an immediate decision as to whether your loan is approved or not.

To apply for a loan via the app, the process is similar. Download the app via the Apple app store if your phone is IOS or via the Google Play store if you have Android, then enter your phone number. A PIN number will be texted to you, after which you’ll enter where you want to shop and how much you want to spend. You’ll receive a decision immediately. First-time users will have to take the additional step to set up a profile after receiving their PIN.

To apply via Affirm’s website, first-time users will be prompted to set up an account, while those who have used it before will enter their account information. You state how much money you want to spend and where, and you’ll get an immediate decision.

In all cases, if your loan is approved, you will be able to do the following before accepting and completing your purchase:

  • See the interest rate being offered
  • Choose the length of the loan
  • See exactly how much that amount will cost you over the life of the loan
Pros Cons
  • Fast funding: With Affirm, you can get access to loan funds at checkout.
  • Few fees, if any: Afirm doesn’t charge fees of any type, and you may qualify for a zero-interest loan.
  • May borrow again and again: Affirm doesn’t limit the number of loans you can have.
  • Unclear borrowing limits: The Affirm website does not specify how much or how little you can borrow.
  • Limited use: Affirm loans and its virtual card are limited to use at stores.
  • Short repayment terms: Unless you make an especially large purchase, you’ll only qualify for terms up to 12 months.

Who’s the best fit for an Affirm loan?

An Affirm personal loan is best for someone who needs to make a purchase and doesn’t have another, more attractive option to do so. For example, if you need new tires on your car so you can get to work, and you don’t have the cash or can’t qualify for a traditional, lower-interest personal loan or credit card, Affirm may be an option to consider.

In many cases, the interest rates of Affirm are lower than other loan options for people with bad credit. The danger, however, is that Affirm makes it relatively easy to purchase things for which you may be better off saving or skipping all together.

Affirm is not available everywhere. You’ll need to shop at certain stores to be eligibility to apply for a loan. So, Affirm is not a good option for borrowers looking to take care of other needs, such as to consolidate debt or pay for a medical emergency.

Alternative loan options


  • APR: 9.99%–35.99%
  • Minimum credit score: 585
  • Terms: 24 to 60 months
  • Origination fee: 0.00% - 6.00%

LendingPoint offers more traditional personal loans with longer terms than those offered on Affirm loans. Rather than paying for one particular item or service, the amount of the loan can be used at the borrower’s discretion for multiple purposes. While Affirm charges no fees, there is an origination fee for LendingPoint loans depending on your state of residence.

Affirm doesn’t specify a minimum credit score, but LendingPoint states that their borrowers a minimum score of 585 and must have a minimum annual income of $20,000. Funds aren’t received as instantaneously as they are with Affirm, but they may be available as soon as the next business day.


  • APR: 7.04% – 35.89%
  • Minimum credit score: 0
  • Terms: 36 or 60 months
  • Origination fee: 3.00% - 6.00%

LendingClub is a peer-to-peer lending marketplace that borrowers can use to apply for a personal loan. If approved for a loan, you’ll need to draw in investors to fund it, but you can get up to $40,000.

Receiving loan funds will take longer than with Affirm, however; borrowers who use LendingClub receive funds in about four days.

With interest rates ranging between 7.04% – 35.89%, the interest rate on a LendingClub loan may or may not be lower than with Affirm, depending on your credit score and other financial factors. You’ll also have to pay an origination fee with LendingClub, meaning Affirm may be a cheaper option for some borrowers.

Discover Bank

  • APR: 5.99% – 24.99%
  • Minimum credit score: 0
  • Terms: 36 to 84 months
  • Origination fee: No origination fee

Discover also offers traditional personal loans in amounts up to $35,000 with longer terms than Affirm. Their interest rate range (5.99% – 24.99%) is lower than that offered by Affirm, but your individual rate may or may not be depending on your credit score and other financial factors.

Funds aren’t available instantly, but may be received as soon as the next business day.  While Discover doesn’t state a minimum credit score, they do state that you must have a minimum household income of $25,000 to qualify. Affirm doesn’t specify a minimum income.


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