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Loan Amounts: Up to $20,000

Typical: 0% APR or 10% APR-36% APR

Origination Fee: None

Time to funding: Immediate

Repayments: 3, 6, 12, 24, or 36 months (longer terms available at some retailers)

Soft credit check?: Yes

How to qualify? No minimum credit score or history

Best for: Borrowers new to credit who want to pay for a big purchase over time


An alternative to credit cards for online purchases

What is Affirm?

Affirm is an online lender that provides loans up to $20,000 in financing directly through its partner stores. It's similar to a credit card, allowing you to make an online purchase immediately and pay it back it in fixed installments. Rates typically range from 0% APR or 10% APR-36% APR, though 0% APR financing isn't available with every store. You typically have up to one year to pay it back.

How does borrowing through Affirm work?

You can borrow with either through its website or through one of its partner's websites. At checkout, you simply choose Affirm as your method of payment. Unlike other lenders or credit cards, Affirm performs a soft pull on your credit, meaning you won't have an inquiry listed on your report. You could improve your credit with positive repayment history with Affirm — it reports your payments to the credit bureau, Experian. Once you get a loan, you'll be notified with a text or email before each monthly payment is due. Choose to pay with ACH transfer, debit card or check. If you choose to pay back your loan sooner, you'll save on interest and won't be charged a prepayment fee.

How much does it cost?

You won't find fees for using Affirm: No late fees or no prepayment fees. You'll be charged simple interest on what you borrow. Affirm makes it clear how much you'll pay once you apply for your loan. For example, if you borrow $500 and are offered a 20% APR interest rate, paying back your loan over three months would cost $516.75 — or $16.75 in interest. If you're required to make a down payment on your purchase, it means you weren't approved for the full amount. Make your down payment with a debit or credit card, and Affirm covers the rest.

What are the benefits of an Affirm personal loan?

  • Extra security. Because you don't provide a credit card number, and purchases are made through Affirm, you benefit from an extra layer of protection against identity theft or fraud.
  • Flexible payback terms. Depending on how much you can afford to pay each month, choose payback terms of 3, 6 or 12 months using online payments, debit cards or checks.
  • No prepayment penalties. Save money and improve your credit score by paying back your loan early — with no prepayment penalties.
  • *Core items will incur additional costs, a credit card is required.