If your Affirm purchasing power has drastically gone down recently, then your eligibility for their loans has probably gone down. Unfortunately, Affirm is known for these sudden drops in spending power due to its policy of never charging late fees.
In fact, Affirm users have avoided paying $231 million worth of late fees from July 2016 to June 2023. Of course, this statistic is as useful as a white crayon if you can’t even get approved for any Affirm loan.
So, we’ve compiled several tips on how to improve your Affirm loan eligibility. But first, you need to pass the basic requirements.
What are the Basic Requirements for Affirm Loans?
Here are the basic requirements for Affirm’s services:
- Be at least 18 years old (19 if you’re a ward of the state in Nebraska)
- Live in the US
- Have a Social Security number
- Have a valid and verifiable mobile number
Why Did My Affirm Loan Get Denied?
If you’ve passed all of the basic requirements and your loans still get denied, then these are the usual suspects:
- Your credit score dropped.
- Your credit utilization increased
- You missed a payment
- You have too many concurrent Affirm loans
- You haven’t verified your income
- You’ve recently filed for bankruptcy
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How to Improve Your Affirm Eligibility
The quickest way to improve your Affirm eligibility is to increase your credit score, which is easier said than done. Unfortunately, there’s no quick method to do this.
However, there is a way to solve three of the above issues with one app:
- Build your credit history with BNPL Payments
- Track all of your recurring payments
- Manage all of your BNPL loans in one dashboard (or calendar)
You can do all three of these just by signing up for Cushion! While we can’t promise a quick fix, we can ensure that your spending power doesn’t suddenly drop in the future.
| Affirm Overview | |
| Countries of Operation | U.S., U.S. territories, Canada |
| Accepted By | 245,000+ merchants |
| Payment Options |
|
| Rescheduled Payments | No |
| Late Fees | No Late Fees |
| Credit Checks |
|
| Credit Building | Reports your first monthly installment loan to Experian |
Recommended article: Affirm Review: Guide to Buy Now Pay Later
Summary
The usual suspects that cause a sudden drop in Affirm spending power are credit scores going down, making late payments, and applying for too many loans all at once.
Luckily, there are multiple financial apps that can help you alleviate these issues. You can solve your problems with late payments by downloading a bill reminder app. You can improve your credit score with a fintech app that reports your bills to the credit bureaus. And you can download a budgeting app to help you track and reduce your monthly loans.
Or solve three all at once by signing up for Cushion.
Cushion is your go-to app for organizing, paying, and building your credit profile with your existing bills, subscriptions, and Buy Now Pay Later.
Disclaimer: The information provided in this website is for educational purposes only and should not be considered as financial advice. Consult with a financial professional for personalized guidance regarding your specific situation.
