Click here for additional FAQs: https://www.affirm.com/business/faq
Why should I offer Affirm?
Affirm is a Buy Now, Pay Later (BNPL) financial services tool that enables clients to purchase products or services with full transparency and with no hidden fees that are associated with traditional loans. Affirm may be a good option for your clients for the following reasons:
1. By enabling clients to spread out costs, you can encourage bigger projects while still getting paid upfront.
2. Providing flexible payment options can alleviate financial stress for clients, leading to an increase in transaction volume, improved satisfaction and loyalty towards your company.
3. By offering a structured payment plan through Affirm, you can reduce the effort spent on following up with clients for payments.
What is the transaction limit for your clients via Affirm?
Affirm supports a wide range of cart sizes, from $50 to $30,000 USD, but the amount the user is approved for will depend on their eligibility and credit worthiness. Affirm offers closed-end consumer loans and does not offer a line of credit products. Each loan will have its own application process.
What financing programs does Affirm offer?
Affirm offers a flexible checkout solution that presents affordable payment options for your clients. Clients can receive payment terms ranging from 3 to 36 months (based on their eligibility) with just a few simple pieces of information.
Buying with Affirm is quick and easy — approval is a real-time decision, and returning clients just need to sign in to apply. Eligible clients are then offered up to three payment options depending on factors such as their cart size and credit history.
How do my clients access Affirm as a payment option?
Whenever clients are using your payment solution, they will now have access to Affirm as an option on their project invoices. Clients can select Affirm as their payment method when they are ready to pay. Once clients confirm their payment plan, their order will process as usual with Affirm. They will make their payments at affirm.com or in the Affirm app, where they can turn on AutoPay.
What are Affirm's fees?
Affirm strives to keep your clients out of unhealthy debt by facilitating fair, transparent credit so they can pay over time for the things they love. They'll never owe more than what they agree to up front. Instead, they'll always get a flexible, transparent, and convenient way to pay over time. 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.
What are the Affirm interest rates?
The annual percentage rate (APR) on an Affirm loan ranges from 10–36% which is determined by Affirm in its sole discretion. Affirm charges simple interest only and discloses the total cost upfront before the clients makes a purchase, so they know exactly what they will pay for their financing. Affirm does not charge any hidden fees, including annual fees.
What is required to have an Affirm account?
To sign up for Affirm, the client must:
➔ Be 18 years or older
➔ Provide a valid mobile number
➔ Provide their full name, email address, date of birth, and the last 4 digits of their social security number
How does Affirm approve borrowers for loans?
Affirm utilizes a proprietary method of approving consumers which considers data points such as 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
Payment options are subject to eligibility and provided by Affirm’s lending partners: affirm.com/lenders