Affirm Status: Maximizing Reliability and Transparency (2024)

FAQs

Is it hard to get approved for Affirm? ›

You may be eligible for Affirm financing even if you don't have an extensive credit history. Affirm bases its loan decision not only on your credit score but also on several other data points about you. After your purchase, you'll receive monthly email and SMS reminders about your upcoming payments.

Past loans through Affirm do not guarantee future approvals. Each loan is considered separately, and it's important to keep certain factors in mind: Your history with Affirm, including the number of loans you currently have with us, late or deferred payments or current or previous loans, and any charged-off loans.

Affirm approves loans from $50 to $30,000, and large amounts may require a down payment. Loan limits vary by merchant and will depend on your credit record and payment history with Affirm.

Your loan application may be affected by any or all of the following: Your credit score. Your credit utilization. Your payment history with Affirm, including overdue payments, deferred payment, and loan delinquency.

Understanding Affirm's Credit Score Requirements

Having a credit score of 640 or higher will greatly increase your chances of approval with Affirm. However, even if your credit score is lower, there is still hope. Reports indicate that some borrowers with credit scores around 550 have been successfully approved.

Cons Explained

Affirm may do a soft credit inquiry to verify a customer's identity and to prequalify them for their spending limit. While this does not affect their credit score, some competing BNPL lenders do not check credit at all.

If your application was declined you may still be eligible to use Affirm for a different purchase. Each loan application is considered separately, and checking your eligibility doesn't harm your credit score, so we hope you'll give us another chance in the future.

The highest cart allowable is $30,000 USD. Affirm will finance up to $20,000 USD for qualified applicants, and the customer would then be responsible for the remaining $10,000 USD with a downpayment. For any purchase over $30,000, Affirm won't be available as a payment option.

Make sure you meet all eligibility requirements, including age and residency. Be aware of your credit history, including your current score and debt obligations, both with Affirm and other creditors. Help us understand your financial situation better by verifying your income.

Other important factors to consider when researching alternatives to Affirm include customer service. The best overall Affirm alternative is Sezzle. Other similar apps like Affirm are PayPal Credit, Klarna, Afterpay, and Zip.

How many loans will Affirm give you? ›

No loan limit

There is no limit to how many loans you can have at one time. But if you've recently opened credit accounts, we'll consider that when reviewing your application. We also consider things like your payment history, how much credit you've used, and how long you've had credit.

Affirm offers small personal loans, which means you can typically borrow between $50 and $20,000 and have three to 36 months to repay the loan. Affirm loans also have no origination fee. Once you apply for an Affirm loan online, you'll receive a decision right away.

You can't use loans through Affirm for:

Illegal items and activities. Weapons, including firearms, ammunition, certain firearm parts or accessories, and certain knives or other weapons regulated under applicable law. Narcotics and drug paraphernalia. Currency, including cryptocurrency.

Affirm doesn't specify what credit score you'll need to qualify. Qualification is based on your overall credit history, your history with Affirm, and current economic conditions. Generally, the better your credit, the easier it will be to get approved for a point-of-sale installment loan.

Customers with recent bankruptcies are generally not able to be approved for an Affirm loan.

Affirm performs a soft credit inquiry when you create an account to prequalify you for future purchases.

An unusual transaction might have been detected. Your Affirm Card may be suspended. Your Affirm Card was not activated. ATM transactions are not allowed.