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Financing

Does Affirm do a credit check, and how does it impact my credit score?


Applying to Affirm does not affect your credit score. When undergoing the real-time review process, Affirm does what is called a Soft Credit Check which has no effect a consumer's credit record. This will show up on your credit report, but it will not impact your credit score in any way.


How does Affirm approve borrowers for loans?


Affirm will ask you for a few pieces of personal information – your name, email, mobile phone number, date of birth, and the last four digits of your social security number. Affirm uses this information to verify your identity and to make an instant loan decision. Affirm will base its loan decision not only on your credit score, but also on several other data points about you. This means you may be able to obtain financing from Affirm even if don’t have an extensive credit history.


How is interest on an Affirm loan calculated?


Affirm calculates the annual percentage rate (APR) of a loan using simple interest, which equals the rate multiplied by the loan amount and by the number of months the loan is outstanding. This is different from compound interest, often found on credit card loans in which the interest expense is calculated on the loan amount and also the accumulated interest on the loan from previous periods. You can think about compound interest as “interest on interest,” which can make the your loan amount grow larger and larger. Since Affirm does not use compound interest, it makes Affirm an affordable and reliable financing option.


Can I pay off my loan at any time?


You sure can! Affirm has what is called an open loan. An open loan charges interest solely on the time financed. In the event a loan is paid off before the 3, 6 or 12 month loan period no additional interest will be charged for the balance that was paid.


How do I make my payments?


Before each payment is due, Affirm will send you reminders via email and SMS that will include the installment amount that is coming due and the due date. You can also sign up for auto-pay so you don’t risk missing a payment. 



How do refunds work on items I return?


A refund will post to your Affirm account if we process your refund request. In the event that we issue you store credit instead of a refund, you will still be responsible for paying off your Affirm loan.

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 to 10 business days, depending on your bank’s processing time.

Please note that there are no refunds under any circumstance after 90 days have elapsed from order date.

For all other questions you may reference Affirm's consumer FAQ: https://www.affirm.com/faqs


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