Have you been eyeing that perfect sofa or the latest tech gadget but your budget says no? Affirm might be the answer you’re looking for. This buy now, pay later (BNPL) service lets you split your purchase into smaller payments, making it easier to fit into your budget. But before you can enjoy the convenience of Affirm, you need to get approved.
What is Affirm?
Affirm is a financial technology company that offers flexible payment options for online and in-store purchases. When you use Affirm, you can pay for your purchase over time with affordable monthly payments. The interest rates vary depending on your creditworthiness and the purchase amount, but they’re typically lower than credit cards.
How to Get Approved with Affirm
Getting approved with Affirm is a straightforward process. Here are the steps to follow:
1. Check Your Credit Score
Affirm considers your credit score when making a decision on your application. A higher credit score increases your chances of approval and qualifies you for lower interest rates. Before applying, check your credit score for free at AnnualCreditReport.com.
2. Choose Your Purchase
Find the item you want to buy and add it to your cart. At checkout, select Affirm as your payment method.
3. Fill Out the Application
You’ll be asked to provide basic personal and financial information, such as your name, address, income, and employment status. Affirm will perform a soft credit check to verify your information.
4. Get a Decision
Affirm will typically make a decision within a few minutes. If you’re approved, you’ll see your payment plan and interest rate.
Factors that Affect Approval
Several factors influence Affirm’s approval decision, including:
- Credit Score: A good credit score is key to getting approved for Affirm.
- Income: Affirm considers your income to ensure you can afford the monthly payments.
- Employment Status: A stable job increases your chances of approval.
- Purchase Amount: Larger purchase amounts may require a higher credit score or income.
Quick Tips for Getting Approved
Here are a few tips to improve your chances of getting approved with Affirm:
- Maintain a good credit score.
- Make sure you have a steady income.
- Keep your debt-to-income ratio low.
- Choose a smaller purchase amount for your first Affirm loan.
- Apply during off-peak hours.
Affirm vs. Competitors
| Feature | Affirm | Klarna | Afterpay |
|---|---|---|---|
| Credit Check | Yes | Soft | None |
| Interest Rates | Vary based on creditworthiness | Fixed at 0% | None |
| Loan Terms | Up to 48 months | Up to 36 months | Up to 12 months |
| Late Fees | Yes, up to $10 | No | Yes, up to $15 |
| Return Policy | Must contact merchant | Can return directly to Klarna | Must contact Afterpay |
Conclusion
Getting approved with Affirm can be a quick and easy way to finance your purchases without breaking your budget. By following the steps outlined above and considering the factors that affect approval, you can increase your chances of getting approved and enjoying the benefits of Affirm.
Additional Reading:
FAQ about Affirm Approval
What is Affirm?
- Affirm is a financial technology company that offers point-of-sale loans to consumers.
How do I get approved with Affirm?
- You can apply for an Affirm loan online or at a participating store. You will need to provide your basic personal and financial information. Affirm will review your application and make a decision within seconds.
What are the requirements to get approved with Affirm?
- To be eligible for an Affirm loan, you must be at least 18 years old, have a valid Social Security number, and have a regular source of income. Affirm also considers your credit history and debt-to-income ratio when making a decision.
What is the maximum amount I can borrow with Affirm?
- The maximum amount you can borrow with Affirm varies depending on your creditworthiness. However, Affirm typically offers loans between $100 and $17,500.
What is the interest rate on Affirm loans?
- The interest rate on Affirm loans varies depending on your creditworthiness. However, Affirm typically offers interest rates between 10% and 30%.
How do I make payments on my Affirm loan?
- You can make payments on your Affirm loan online, by phone, or by mail. Affirm will automatically withdraw payments from your bank account on the due date.
What happens if I miss a payment on my Affirm loan?
- If you miss a payment on your Affirm loan, you will be charged a late fee. Affirm may also report your missed payment to the credit bureaus, which could damage your credit score.
What is the Affirm app?
- The Affirm app is a mobile app that allows you to manage your Affirm account and make payments on your loan. The Affirm app is available for both iOS and Android devices.
Is Affirm a safe and legitimate company?
- Yes, Affirm is a safe and legitimate company. Affirm is a publicly traded company and is subject to all applicable laws and regulations.
How do I contact Affirm customer service?
- You can contact Affirm customer service by phone at 855-423-3723 or by email at help@affirm.com.
