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- Affirm is essentially a loan that you can get approved for based on your credit.
- During the checkout process, you provide some basic information and get instant approval to split your purchase into 3, 6, or 12 monthly payments with rates from 10-30% APR.
- Affirm does a credit check to verify your identity and provide you with a financing offer when you sign up. This is a ‘soft’ credit check and will not impact your credit score. If you choose to complete a purchase and finance it with Affirm, Affirm will do a single ‘hard’ credit check when your first order is processed by the merchant. This may have a minor impact on your credit score. For future purchases with Affirm, they won’t need to check your credit again.
- Affirm tries hard to approve every purchase but sometimes can’t approve the full amount. When this happens, they provide a debit card down payment option so that you may still complete your purchase right away.