Affirm Buy Now, Pay Later Review 2024 (2024)

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• Who Affirm Is Best For
• Who Affirm Isn’t Right For
• Affirm Financing Details
• How To Qualify for Affirm
• How To Pay Using Affirm
• How Affirm Stacks Up
• Customer Reviews
• Methodology

Affirm may be best if you:

• Need to purchase something now but need time to pay for it
• Can qualify for a no-interest loan with Affirm’s Pay in 4 loan, which is paid over two months with four biweekly payments
• Don’t qualify for a credit card

Affirm may not be right if you’re:

• Relying on it to make purchases that aren’t necessary
• Looking to build your credit
• Unsure if you can repay your loan
• Unable to qualify for the no-interest loan option.

Loan Amounts and Terms

• Pay in 4. Affirm doesn’t charge any fees or interest if you split your purchase into four equal payments, due every two weeks. There is no predetermined loan amount; rather, it depends on how much you want to borrow and your ability to repay it.
• Monthly installments. Affirm allows partner merchants to design installment loans with interest rates from 0% to 36%, paid off over the course of three, six or 12 months. The loan amount depends on the retailer, how much you want and your ability to repay.

Loan Costs

• APR. Monthly installment plans charge an APR of 0% to 36%; Pay in 4 charges no interest or APR.

Perks & Features

• Virtual card. You can apply for an Affirm virtual card through the app to get a one-time-use credit card number that expires in 24 hours. You can use this card at a physical store that accepts payments from virtual wallets, or for an online purchase.
• Browser extension. Affirm offers a browser extension so that you can apply for a virtual card right from your browser and use it to pay for eligible purchases online.
• My Rewards program. This invite-only rewards program allows you to earn one point for every dollar of payments made through the Affirm app or on a virtual card established through the app, and one point for every $4 you spend elsewhere through Affirm. Points can be redeemed for Affirm credits.

Affirm provides limited info about qualification requirements for its payment plans. Various personal information is taken into account when determining eligibility, and individual retailers may have different approval requirements.

Credit Score Requirements

Affirm doesn’t disclose its minimum credit score requirements. However, it takes your credit score into account when you apply, so we recommend a minimum score of 670. Affirm also considers any previous financing you’ve had with the company, including:

• How long you’ve been using Affirm
• How many Affirm loans you’re currently repaying
• Whether you’ve paid late, deferred your payment or defaulted on a previous Affirm loan

Income Requirements

Affirm doesn’t disclose any minimum income requirements, but it does take your income into consideration when deciding whether to approve financing. It also uses your debt-to-income (DTI) ratio—how much of your monthly income goes toward debt payments—to calculate whether you’ll be able to repay your loan.

Other Requirements

To use Affirm, you’ll also need to meet these requirements:

• 18 years old or older
• Be a U.S. resident
• Have a Social Security number
• Have a phone number that can receive SMS text messages
• Loan must be used for a permitted purchase (weapons, illegal items and others don’t qualify for financing)

Affirm—like most BNPL lenders—is relatively easy to use, but it must be used with eligible retailers. Some retailers offer Affirm once you checkout on an online purchase, and other purchases can be made with the Affirm virtual card.

When a merchant offers Affirm, you apply for the loan as you checkout. For other eligible retailers, you can apply for an Affirm virtual card before completing the purchase and pay with that virtual card.

Pay in 4

Pay in 4 splits your purchase into four equal chunks, due at two-week intervals via automatic payments. Affirm does a soft credit check, which won’t impact your credit. There are no fees if you pay late, but late or partial payments could affect your credit score.

Monthly Installments

Affirm monthly installments are like a personal loan where you repay your balance monthly over the course of three, six or 12 months. There are no fees if you pay late, but there is interest, which can reach as high as 36% APR.

Many new BNPL lenders have been jumping into the market. They have similar options, but there are some key differences that might make one better suited to your needs.

Affirm vs. Afterpay

Affirm and Afterpay’s plan options are similar, but Affirm offers a shorter-term plan if you only need a small loan but don’t want to opt for the Pay in 4 option. Affirm also has an edge over Afterpay if you plan to use your financing in-store. While Afterpay can offer you virtual cards to use at any retailer, you’re limited to in-person stores that accept Google Pay or Apple Pay. Affirm, on the other hand, offers physical cards that you can swipe at any store.

Affirm vs. Klarna

If you’re hoping to stick with one BNPL lender, Klarna might be a better option because it’s available with twice as many retailers as Affirm. It also offers the widest range of payment options. With Klarna, you can create a one-time card to use with any retailer—including ones that partner with Affirm—however, there’s a $2 service fee for doing so.

Affirm vs. PayPal In 4

You might recognize PayPal as a money transfer service, but it also offers BNPL loans. It’s unclear how widely available it is because it doesn’t disclose the size of its partner network. However, PayPal In 4 is only available for online purchases, and its monthly installment loan can be expensive for good-credit borrowers.

Affirm only has a 1.15 out of 5 stars with the Better Business Bureau (BBB), based on over 800 reviews. Trustpilot reviewers also gave it a poor rating of just 2.6 out of 5 stars, based on over 4,000 reviews. Affirm also has formal complaints filed with the Consumer Financial Protection Bureau (CFPB), including individuals reporting a wide range of problems with making payments, being charged fees or interest they didn’t expect and more.

We reviewed Affirm based on 11 data points in the categories of loan details, loan costs, perks, customer experience and accessibility. We rated Affirm on the weighting assigned to each category:

• Loan cost: 30%
• Loan details: 25%
• Accessibility: 20%
• Perks: 15%
• Customer experience: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, interest and applicable fees. We evaluated Affirm’s customer support tools, borrower perks and features that simplify the borrowing process.

Where appropriate, we awarded partial points depending on how well a lender met each criterion.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our .

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