Financing

That’s great news! If you would like to pay for your order over time, simply select your financing program of choice (Bread® or Katapult) as the payment method in your checkout process.

Affirm is a buy now pay later financing option that helps customers pay over time for the goods and services that they need and want.

Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — Unlike most credit cards and other pay-over-time options, we never charge late fees, hidden fees, or annual fees. And never any compound interest, either.

Benefits:

• Customers have the choice to pick the payment plan that works
  best for them and their budget
• There’s no credit impact to apply
• There are no fees, no gotchas, and no surprises

To sign up for Affirm, the customer must:

• Be 18 years or older
• Provide a valid mobile number and agree to SMS messages
• Provide their full name, email address, date of birth, and in some cases, the last 4 digits of their social security number

Affirm utilizes a proprietary method of approving consumers which considers the following:

• External data from credit reporting agencies
• Internal data with Affirm, including repayment history and the number of loans they currently have open
• Transaction info, including the purchase amount

There is no impact to the customer's credit to create an account and determine eligibility to pay over time with Affirm. With that said, if the customer is approved and decides to buy with Affirm, their loan, and payments may affect their credit.

Affirm strives to offer all credit-worthy applicants financing with Affirm but, unfortunately, isn't able to approve every customer every time. If declined, Affirm will send the customer an email with details about its decision. If the customer has questions, they can visit affirm.com/help or reach out to the Affirm Customer Care Team at (855) 423-3729.

If Affirm has difficulty confirming your customer’s identity, they may need to provide more information. Affirm uses modern technology to confirm their identity, including verifying their address or full SSN, or requesting a photo of their ID. Affirm takes these steps in some cases to counter fraud and provide the most accurate credit decision they can.

Affirm may sometimes need more information about your customer’s finances and their ability to repay in order to make a credit decision. The customer’s income gives Affirm additional insight into their ability to repay.

Your customer may not always qualify for the full amount of their purchase. When this happens, Affirm will ask the customer to make a down payment with their debit card. Affirm will process this payment right after the customer confirms their loan.

For example, if a customer selects a 12-month installment loan for an $800 purchase, they could be asked to make a down payment of $160 today, followed by 12 monthly payments of $57.77 at 15% APR.

After that, it’s business as usual. The customer’s first payment will be due at the usual time based on their selected payment schedule when they completed their Affirm loan.

Yes. Affirm works hard to be completely transparent. The customer will see the amount of interest they’ll owe when applying for a loan.

If the customer pays off their loan early, they will not be responsible for paying the interest for the remaining months.

Customers can have multiple Affirm loans for the same or differing merchants simultaneously. Please note – each loan through Affirm is subject to a separate eligibility evaluation and approval. This indicates that a customer may be approved for a loan at some merchants but not others or may already have an Affirm loan but not be approved for another.

Affirm strives to keep your customers out of unhealthy debt by facilitating fair, transparent credit so they can pay over time for their purchases.

When we say, no fees, we mean it. That means no late fees, no prepayment fees, no annual fees, and no fees to open or close an account. And never any compound interest, either.

The annual percentage rate (APR) on an Affirm loan ranges from 0–36% which is determined by Affirm in its sole discretion. Affirm discloses any required fees upfront before the customer makes a purchase, so they know exactly what they will pay for their financing. Affirm does not charge any hidden fees, including annual fees.

When Affirm determines the customer’s annual percentage rate (APR), it evaluates a number of factors, including the customer’s credit score and other data about them. If they finance future purchases with Affirm, they may be eligible for a lower APR depending on their financial situation at the time of purchase.

Affirm uses simple interest, so the customer will only pay interest on their purchase amount, never on interest that’s already accrued.

Key details:

• Interest doesn't compound, so customers won't pay "interest on interest"
• This differs from credit cards, which typically use compound interest where unpaid interest gets added to your balance and generates additional interest

Before each payment is due, Affirm will send the customer an email or SMS reminder with the installment amount that is coming due and the due date. The customer will have the option to sign up for autopay, so they don't risk missing a payment. Payments can be made by downloading the Affirm app or by visiting affirm.com.

If the customer wants to pay early, they can absolutely do that. There are no penalties or fees, and they’ll save on any interest that hasn’t accrued yet.

A refund will be posted to the customer’s Affirm account after we process their refund request. In the event that we issue the customer store credit instead of a refund, they will still be responsible for paying off their Affirm loan.

If the customer has already made loan payments or a down payment, Affirm issues a refund credit to the bank account or debit card that they used to make the payments.

• Paid interest - Affirm does not refund any paid interest.

Yes. Full and partial refunds are possible after the customer’s purchase. Please note that all refunds are subject to the merchant’s return policy.

A refund credit will appear in the customer’s account within three (3) to ten (10) business days, depending on the customer’s bank's processing time.