Affirm Loans Review

Affirm Loan Review Summary

Affirm loans are good for people looking to make a purchase now and then pay it off over time. The company offers loans of $100 - $17,500 that you can repay monthly or with Affirm’s Pay-in-4 program, which involves making a total of 4 interest-free payments (one every two weeks). Keep in mind that the monthly option will include an APR of 0% - 36%. A down payment may also be required if you don’t qualify for a loan equal to the full amount of your purchase.

Affirm partners with thousands of stores. When you’re shopping with one of these companies, you can select “Affirm” at checkout to instantly apply for a loan. You can then select your repayment plan and see the total cost. If you’re shopping with a company that doesn’t partner with Affirm, you can still apply for a loan and receive the money on a one-time-use virtual debit card.

Keep reading to learn more about how WalletHub scores Affirm loans in three main review categories: Terms, Requirements & Application, and Reviews & Transparency.

Affirm Personal Loan Terms

APRs	0% - 36%
Loan Amount	$100 - $17,500
Loan Terms	3 - 60 months
Origination Fee	0%
Prepayment Fee	0%
Late Fee	0
Minimum Credit Score	Not disclosed*
Minimum Income	N/A
Loan Purpose	Big Purchase, Vacation Loans, Other
Time to Receive Loan Money	As soon as the next business day
Other Requirements	- Loans are only available in U.S., U.S. territories and Canada - Be at least 18 years old (19 if you’re a ward of the state in Nebraska) - Have a Social Security number - Own a phone number that receives SMS and is registered to the United States or U.S. territories

*According to multiple third-party sources

Affirm Loan Rates, Fees & Other Terms

Category Rating: 3.58/5

• Overall APR Range: If you choose to repay your loan in 4 equal payments, you will not have to pay interest. However, if you want to repay the loan monthly, you will have to pay interest at a fixed APR of 0% - 36%, which will not change over the life of the loan.
• How Rates Are Determined: The exact APR you’re assigned will depend on factors like your credit score, your payment history with Affirm, how long you’ve had an account, the number of loans you have with the company, and the interest rates offered by Affirm’s partner stores.
• Fees: There are no fees associated with an Affirm loan. If you make a late payment or want to pay off the loan early, for example, you will not be penalized.
• Loan Amounts and Repayment Timelines: The company offers loans of $100 - $17,500 with repayment periods of 3 - 60 months. Or you can use their Pay-in-4 program.

Affirm scores well in this category because it offers options for repayment, no fees, and large loan amounts. However, it loses points due to the high maximum APR for the monthly payment option.

Affirm Loan Requirements & Application Info

Category Rating: 3.5/5

• Minimum Credit Score: Not disclosed, but the rate you receive for a loan with monthly installments will depend on your credit and other factors.
• Minimum Income: The company does not disclose a minimum income requirement.
• Age: You must be 18+ years old (19 if you’re a ward of Nebraska).
• Residency: You must be a U.S. resident or a resident of a U.S. territory.
• Identification: You must have an SSN and a phone number registered in the U.S. or a U.S. territory that receives text messages.
• Pre-qualification: You can pre-qualify for an Affirm loan on the company’s app or at partner stores. This will not affect your credit score.
• Ways to Apply: You can apply for an Affirm loan either online or from the Affirm app. When shopping online with one of Affirm’s partners, all you need to do is choose Affirm as your payment method at checkout and follow the prompts to apply for a loan. If the merchant you’re shopping with doesn’t partner with Affirm, simply request a one-time-use virtual card to use for your purchase through the Affirm app or website and then go back to the retailer to complete your purchase. You’ll then pay back the amount you borrow, plus interest, according to the payment plan you chose.
• Joint Applications: Affirm is for individuals only.

Affirm scores decently in this category because it is widely available, and you can pre-qualify before applying. The company loses points because it does not disclose a credit score requirement or a minimum income requirement.

Affirm Loan Reviews & Transparency

Category Rating: 2.75/5

• Better Business Bureau: Affirm earned an “A+” rating from the Better Business Bureau and has been accredited since 2020.
• Consumer Financial Protection Bureau: Affirm has received very few complaints in the past 10 years. Some complaints include issues with getting a loan, making payments, and getting charged fees or interest the customer didn’t expect. The company responded to these complaints in a timely manner.
• WalletHub: Affirm has an average rating of 1.3/5 among users on WalletHub.
• Transparency: Affirm is not transparent enough about loan terms, given that some terms were only listed in small footnotes on the company’s website. The complete list of terms can be found at the very bottom of the page by clicking on the “Terms” link. The company does allow you to pre-qualify in the app or in select stores, though.

Affirm receives a decent score in this category because of its high BBB rating and minimal complaints. However, loan terms and application requirements are not very clearly displayed on the company’s website.

Summary: Affirm Loans Scores by Review Category

Affirm Loans vs. Popular Competitors

	Affirm	LendingPoint	Upstart
Reviews	*****	*****	*****
APRs	0% - 36%	7.99% - 35.99%	6.6% - 35.99%
Loan Amounts	$100 - $17,500	$1,000 - $36,500	$1,000 - $75,000
Loan Terms	3 - 60 months	24 - 72 months	36 months or 60 months
Minimum Credit Score	Not disclosed*	Bad*	Bad*

*According to multiple third-party sources

Methodology

In order to provide the most accurate Affirm loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Affirm’s loan terms do not fluctuate significantly by state, however.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.

Disclosure from Upstart:

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).

The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 19.60% and a 6.90% origination fee of $690, for an APR of 23.22%. In this example, the borrower will receive $9310 and will make 60 monthly payments of $264. APR is calculated based on 5-year rates offered in March 2025. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. When the funds will be available to you will depend on your bank’s transaction processing time and policies.

Although educational information is collected as part of Upstart's rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.