Last Updated: 04/18/2025
SuperMoney User Recommendation Score +41
Mostly recommended17 total votes
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Highlights
Community Rating
Mostly recommended
APR (Fixed APR)
10% - 30%(Verified 06/21/2024)
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Amount Range
N/A
Loan Term (Months)
3 - 12
Number of Reviews
Affirm Installment Loans Review
Affirm Installment Loans is offered by Affirm Inc., a direct lender founded in 2012 and based in San Francisco, CA. Affirm loan are available in 49 states and Washington, DC.
Key Takeaways
- APRs starting at 10%. Personal loan interest rates typically range between 9% and 36%. The starting rates for Affirm Installment Loans are on the higher end of the spectrum.
- Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
- Prequalified rate. You can check your prequalified rate at Affirm Inc. with a soft pull that will not affect your FICO or VantageScore.
- No late fees. Affirm Installment Loans will not charge additional fees if you miss the due date on a payment.
- Short loan terms. Affirm Installment Loans have loan terms as short as 3 months.
Affirm loan Pros & Cons
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Affirm loan FAQ
What interest rates and personal loan terms does Affirm loan offer?
What interest rates does Affirm loan offer?
Affirm loan offers a fixed APR personal loan product that ranges from 10% APR up to 30% APR.
What is the maximum loan term you can get with Affirm loan?
Affirm loan offers loans with terms of up to 12 months.
| Personal Loan Amount | N/A |
| Loan Term | 3 - 12 months |
| APR | 10% - 30% |
What fees does Affirm loan charge?
Does Affirm loan charge an origination fee?
Affirm loan may charge a personal loan origination fee .
Does Affirm loan charge a late fee?
No, Affirm loan will not charge you a late fee if you miss payments.
Does Affirm loan charge prepayment fees?
No, Affirm loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
| Origination Fee | No |
| Prepayment Fee | No |
| Late Payment Fee | No |
What do you need to qualify for Affirm Installment Loans?
Applicants with a credit score of at least 640 and up to 850 may be eligible for Affirm Installment Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Affirm Installment Loans does not have or does not disclose a minimum annual income eligibility requirement.
| Minimum Age | 18 |
| Bank Account Required? | No |
| Credit Score | 640 - 850 |
What is the estimated funding time for a personal loan via Affirm loan?
Affirm loan will typically fund loans within 1 to 7 business days of approval and clearing necessary verifications.
Does Affirm Inc. perform a hard credit pull?
As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. Affirm loan allows you to check your rates with a soft credit pull.
Are Affirm Installment Loans legit?
Affirm Inc. was founded in 2012, it is a well-established company that has been in business for 14 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from our editor
What We Love About Earnest
One of the best things about Affirm personal loans is the hybrid design offered by the company. It offers the benefits of a credit card and a personal loan in a single product. Consumers get a loan decision immediately, coupled with simple and flexible financing. This lender also takes applicants with little credit history and provides a secure payment method for peace of mind.
What Could Affirm Do Better?
Interest rates can be high for borrowers with poor history when choosing Affirm. Also, the loans offered are installment loans that are three, six, or 12 months in length, which may not meet the needs of all consumers. In some cases, Affirm doesn’t offer the full loan amount but instead requires a down payment using a debit card.
Affirm Backstory
Max Levchin, Nathan Gettings, and Jeffrey Kaditz launched Affirm in 2013 as a team of financial tech entrepreneurs. Levchin, the CEO, was a co-founder of PayPal. Gettings, the Chief Risk Officer, was a co-founder of Palantir Technologies. Kaditz, the Chief Technology Officer, was the founder of Touch Revolution and a program manager at Microsoft.
Affirm receiving $45 million in funding in its first round from Khosla Ventures, Nyca Partners, and Lightspeed Ventures Partners. The second round of funding in 2015 raised $265 million with Stark Capital as the primary investor. This company is located in San Francisco, California, and offers more than 100 stores. It presents an easy way for consumers to buy products online and pay later without leaving the store’s checkout.
The Verdict
Affirm personal loans offer a streamlined application process with accessible options for many individuals. However, it’s always a good idea to explore all of your options before selecting a lender. Some lenders may have lower interest rates or less stringent credit requirements.
Checking to see if you qualify for better terms and rates with another lender, asking friends for a loan, and cutting back on expenses are other options. Even those who have less than excellent credit may be surprised to find they qualify with several companies.