To get started, be prepared to provide the following information: Once you start the application process, Affirm will send a confirmation number to your mobile device to confirm that it’s you. There is no effect on a consumer's credit score when they apply for an Affirm … Loan offer 3. Affirm reports that you're "more likely to be approved" for their financing with a score of 640 or higher. Pay only the minimum on your credit cards. Loans from Affirm are convenient when you need to make a big purchase, as long as you have room in your budget to pay it off. . His work has been featured by The New York Times and MarketWatch. That being said, the loan could have an effect on your credit score if you’re not making your payments on time. You will still have to pay interest on the loan. Credit cards offer other perks, such as travel and cash-back rewards or, Pay only the minimum on your credit cards. The best part about the service is the … Many or all of the products featured here are from our partners who compensate us. This can signal as a red flag to some lenders, as it … If this situation sounds familiar to you, there is an alternative option. Costs: Affirm's annual percentage rates range from 0% to 30%, and it does not charge origination or other fees. “We also consider things like payment history, how much credit [the borrower] has used, and how long they've had credit. There is no effect on your credit score when you pre-qualify or apply for an Affirm loan. Installment programs can affect your credit. Affirm will perform a credit check, and if you are approved, show you loan offers. Affirm lets you know up front what you'll be … There are two ways to get an Affirm loan: Select Affirm at checkout at a partnering retailer, either online or using the app at a store’s checkout terminal, and sign up by providing information such as your phone number, name, Social Security number and email address. Loan example: Affirm says the average customer takes a $750 loan. However, this does not influence our evaluations. An Affirm loan is a quick and easy way to finance large purchases at point-of sale. Usually, customers who are approved get notified within seconds of the amount, the interest rate, and the loan terms (whether or not the loan is for three months, six, or 12). What if I see an interest rate as low as 0% APR available, but the interest rate I see is between 10-30% APR? Affirm loans are often compared with credit cards, but it’s better to compare them with other personal loans, which also have fixed rates and terms. © 2020 Pocket your dollars, Inc. All rights reserved. Does using Affirm affect my credit score? Enter a few pieces of information for a real-time decision. Creating an Affirm account, pre-qualifying and applying for a loan will not affect your credit score. Usually, Affirm loans can last for three, six, or 12 month periods. It’s not a good idea for an impulse buy or something you know you can save up for. Ensuring your revolving balances … Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. So how do we make money? NerdWallet does not receive compensation of any sort for our reviews. There’s a good chance that Affirm will still approve you even if you are working on building your credit. The bottom line: Affirm provides no-fee loans for one-time purchases if you can't use a credit card or pay with cash. Our opinions are our own. Affirm, Inc., NMLS ID 1883087. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.