Affirm Installment Loans

Affirm Installment Loans

in Personal Loans from Affirm Inc.


Affirm Installment Loans


in Personal Loans from Affirm Inc.

SuperMoney Net Recommendation Score -13


This product is mostly not recommended by SuperMoney users with a score of -13, equating to 2.7 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly not recommended

3 users recommend
1 user is unsure
4 users don't recommend
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You voted: May or may not recommend

Community Rating Mostly not recommended
APR  (Fixed APR) 10% - 30%
Loan Amount N/A
Loan Term (Months) 3 - 12 months
Number of Reviews 8

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 Installment Loans is available in 49 states (and Washington, DC).

Key Takeaways
  • APRs starting at 10%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Affirm Installment Loans are on the higher end of the spectrum.
  • Fast access to funds. In some cases you can 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 credit score.
  • No late fees. Missing a payment can seriously damage your credit, but Affirm Installment Loans will not charge additional fees if you miss the due date on a payment.
  • Short loan terms. Affirm Installment Loans offers loan terms as short as 3 months. Most personal loans have a minimum term of 12 to 36 months.
Affirm loan Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • APRs as high as 30%.
  • Charges an origination fee.
  • Short loan terms (maximum of 12 months).
  • Affirm Installment Loans does not report to credit bureaus.
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.

Affirm loan Interest Rates & Loan Terms
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 one of the monthly 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.

Affirm loan Fees
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.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Affirm Installment Loans. Their rates fall within the limits of The Military Lending Act.

Permanent resident / green card holders are also eligible to apply.

Affirm loan Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Application Types Accepted
  • Individual Applications
  • Credit Score 640 - 850

    What is the estimated funding time for a personal loan via Affirm loan?

    Affirm loan will typically approve (or deny) a loan application within 1 hour and fund loans within 7 business days of approval.

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    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.


    About Affirm Installment Loans


      Available in 49 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • Wisconsin
    • Wyoming

    Feature Breakdown

    No Prepayment Fee
    No Late Fees
    Immigration Status Considered
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Credit Score Range 640 - 850
    APR (Fixed APR) 10% - 30%
    Loan Term 3 - 12 months

    Affirm Installment Loans Community Reviews


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    This product is mostly not recommended by SuperMoney users with a score of -13, equating to 2.7 on a 5 point rating scale.


    Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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