Affirm Buy Now, Pay Later: 2024 Review

Affirm offers shoppers a pay-in-four plan with no interest and zero fees. Monthly payments may charge up to 36% APR.
Last updated on July 31, 2024
Written by 
Jackie Veling
Lead Writer
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked
Jackie Veling
Written by 
Lead Writer
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked

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Our Take

5.0

NerdWallet rating
The Nerdy headline:

Affirm is a standout BNPL provider, thanks to numerous term lengths to choose from, zero fees and no-interest offers.

Jump to:Full Review
Affirm
Affirm

Est. APR
36.00%
Loan amount
$50 - $20,000
Min. credit score
None
on NerdWallet's secure website

Pros

  • No fees.
  • Offers payment plans with zero interest.
  • Monthly financing available.
  • Some loans include credit reporting.

Cons

  • Doesn’t pause account after missed payment.
  • Limited payment flexibility.
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Full Review

Affirm offers multiple "buy now, pay later" payment plans to shoppers, including its zero-interest Pay in 4 and longer monthly payment plans, which may charge interest.

You can download the Affirm mobile app to get started or check out with Affirm when shopping at a partner store.

» COMPARE: The best buy now, pay later apps

Affirm at a glance

Affirm Pay in 4

Affirm monthly payments

Payment structure

Pay in four installments, due every two weeks.

Pay monthly, with terms up to five years.

Amount due at checkout

Typically the first installment (one-fourth of the purchase price).

None, though a down payment may be required for some shoppers.

Interest

No interest.

0%-36%.

Availability

Available for online and in-store purchases of $50 to $1,000.

Available for online and in-store purchases of $50 to $20,000.

How does Affirm work?

Affirm works by dividing the total cost of your purchase into smaller installments when you check out with Affirm online, in stores or when shopping in the Affirm mobile app. There will likely be multiple payment plans to choose from, including Affirm Pay in 4 and Affirm monthly payments.

Affirm doesn’t charge any fees, including no late fees, and there’s no penalty for making an early payment or paying off your balance in full before the due date.

Affirm Pay in 4

Affirm Pay in 4 divides your total purchase into four interest-free installments. The first installment is either due at checkout or two weeks after your purchase. The three remaining installments are automatically billed to your selected payment method every two weeks until the loan is paid off.

For example, if you have a cart totaling $100, you’ll pay $25 at checkout (or two weeks after). You’ll then make three remaining payments — each $25 — over the next six weeks.

You can make payments with a debit card, credit card or bank account.

Affirm monthly payments

Affirm also provides longer payment plans for purchases up to $20,000, or $30,000 if you’re able to make a $10,000 down payment. These plans charge an annual percentage rate (APR) of 0% to 36%, and payments are due monthly, with the first payment due one month after your purchase is processed. You may have to make an initial payment at checkout if you don’t qualify for the full loan amount.

Affirm will display all available repayment terms when you check out, and terms vary by merchant, purchase amount and your current credit profile. Possible terms include: three, six, 12, 18, 24, 36, 48 or 60 months.

You can’t pay with a credit card if you choose monthly payments.

Other Affirm payment options

Affirm launched two additional payments options in June 2024: Affirm Pay in 2 and Affirm Pay in 30. Availability is currently limited, but may be offered to more customers in the coming months.

Pay in 2 lets shoppers split their purchase in half with equal, interest-free payments over two months. Pay in 30 lets shoppers pay in full, interest-free, within 30 days of making the purchase. Like all Affirm payment plans, there are zero fees.

How to get approved for Affirm

To be eligible for Affirm, you need to be at least 18 years old and a U.S. resident. You also must have a Social Security number and a U.S.-registered phone number that receives texts.

When deciding whether to approve you, Affirm will consider your credit score, as well as any prior payment history with Affirm (including loans you may have outstanding) and how long you’ve had an Affirm account. Affirm also looks at your credit utilization, income, existing debt and any recent bankruptcies. You can verify your income with Affirm, which may help you get approved.

Each application with Affirm is assessed separately, so you may be approved for a loan at one store but denied at another. If you aren’t approved, you’ll receive an email explaining why.

🤓

Nerdy Tip

One of the best ways to get approved for a BNPL loan is to show a history of on-time payments with that provider. Consider using BNPL to make a small purchase first, then pay off your loan on time or early. This may help you get approved for a slightly larger purchase in the future.

Does Affirm check credit?

Affirm checks your credit with a soft credit pull, which doesn’t hurt your credit score. Though there’s no minimum requirement, Affirm considers your credit score as part of your application.

How to use Affirm

Download the Affirm app or Affirm Chrome extension

You can download the Affirm mobile app to create an account and see what type of loan you may be eligible for by pre-qualifying (also known as checking your purchase power). Pre-qualifying isn’t the same thing as getting approved for a loan, but it gives you an idea of how much you can borrow with Affirm.

Affirm also offers a Chrome extension, which lets you use Affirm when shopping online in your Chrome browser.

Shop with Affirm online and in stores

Some retailers have Affirm directly integrated into their online checkout, which means when you go to pay, you can apply and opt in to an Affirm plan without leaving the retailer’s website.

If you want to shop in person with Affirm, you can apply for a one-time virtual card in the mobile app. Once approved, you can save this card to your mobile wallet and use it to check out at a physical store (or online, too).

Is Affirm safe?

Affirm is a safe and reputable provider of BNPL loans. Weigh the pros and cons below to decide whether Affirm is the right fit for you.

Where Affirm stands out

Zero-interest loans: Affirm Pay in 4 comes with no interest, which is standard among BNPL providers offering this type of plan. But Affirm may also extend 0% financing for its longer loans, which not all BNPL providers do. This means you could potentially break up a sizable purchase for no additional cost.

No fees: Affirm never charges fees, even if you miss a payment. Many BNPL providers charge a fee for late payments, and others may charge a service fee, installment fee or convenience fee.

Wide range of loan amounts and repayment terms: Among BNPL providers, Affirm offers some of the most flexible payment options available. Shoppers can choose from a wide range of loan amounts — up to $30,000 in some cases — and terms up to five years. If you can’t qualify for traditional credit, this may be one way to pay for a larger purchase over a longer period of time.

May be able to build credit: Affirm reports payment history to Experian for some larger loans that have multimonth terms, but it isn’t guaranteed. If building credit is a priority for you, it’s best to go with a financing option where payments are always reported, like a personal loan or credit card. (See more on alternatives below.)

Where Affirm falls short

Doesn’t pause account after missed payment: Affirm doesn’t pause your account after you miss a payment, which other providers do. This feature acts as a built-in protection for users, so you don’t overextend yourself. However, Affirm takes any outstanding payments into account when approving you for additional Affirm loans.

Limited payment flexibility: Though borrowers can change their payment date if they turn on autopay, they can’t extend the due date. Other providers let you extend a payment date once per order for free and some let you reschedule a payment multiple times per order for a small fee.

Affirm reviews

At the time of writing this review, Affirm holds an A+ rating from the Better Business Bureau (BBB) with more than 2,400 complaints closed in the last year. Complaints against Affirm mostly revolve around product and billing issues, including missing or inaccurate refunds and problems with settling disputes.

On Trustpilot, Affirm is rated 3.0 out of five stars. Users praise being able to break up payments for big purchases, often for zero interest, when using Affirm. Some users complain about rejected applications and limited purchasing power.

Affirm’s mobile app pages are another good resource for reading Affirm reviews. In the Apple app store, Affirm is rated 4.9 out of five stars, with 1.4 million ratings. In the Google Play app store, Affirm is rated 4.8 out of five stars, with over 350,000 reviews.

Expert take on Affirm

"When I think about who the best BNPL lenders are right now, Affirm is top-of-mind. You can use their product almost anywhere, there are never any fees and — what I think is arguably the biggest perk — you may be offered multiple interest-free payment plans to choose from, so you can pick the one that’s best for your budget.

Still, you need to take the same precautions you would with any BNPL provider, which means keeping an eye on your spending and avoiding late payments."

Jackie Veling, Lead Writer, BNPL

Frequently asked questions about Affirm

  • The downside of Affirm is that you may be tempted to overspend, since you don’t have to pay for your purchase all at once. You could also lose track of your payments and end up falling behind, which could hurt your credit score. These are risks of any BNPL provider.

  • Affirm is a legitimate provider of buy now, pay later loans and partners with major retailers like Amazon, Walmart and Apple.

  • Applying for Affirm won’t affect your credit score. Affirm may report some larger loans to Experian, which could help or hurt your credit score, depending if you make on-time payments.

  • Affirm may approve more easily than traditional lenders, like banks. However, Affirm still considers your credit score and income when deciding whether to approve you.

  • If you pay off Affirm early, there are no fees or penalties. In fact, paying early can help you save money on interest.

Compare Affirm with other BNPL lenders

Affirm promises no interest and no fees for its pay-in-four plan, making it similar to BNPL providers like PayPal. However, PayPal charges interest for monthly financing, which Affirm may not.

Interest

Terms

Fees

Affirm
NerdWallet rating
on NerdWallet's secure website
  • 0% for pay-in-four.

  • 0%-36% for monthly financing.

  • Pay in four installments, due every two weeks.

  • Pay monthly, with terms of three to 60 months.

  • No fees.

Afterpay
on NerdWallet's secure website
  • 0% for pay-in-four.

  • 6.99%-35.99% for monthly financing.

  • Pay in four installments, due every two weeks.

  • Pay monthly, with terms of six or 12 months, for online purchases over $400.

  • Late fee: Up to $8.

Klarna
on NerdWallet's secure website
  • 0% for pay-in-four.

  • 0% for pay in full in 30 days.

  • 0%-33.99% for monthly financing.

  • Pay in four installments, due every two weeks.

  • Pay in full in 30 days.

  • Pay monthly, with terms up to 24 months.

  • Late fee: Up to $7.

  • May charge a service fee when you use a one-time card at a nonpartner retailer.

  • May charge a payment rescheduling fee.

PayPal
on NerdWallet's secure website
  • 0% for pay-in-four.

  • 9.99%-35.99% for monthly financing.

  • Pay in four installments, due every two weeks.

  • Pay monthly, with terms of six, 12 or 24 months, for online purchases of $199 or more.

  • No fees.

Sezzle
on NerdWallet's secure website
  • 0% for pay-in-four.

  • 0% for pay-in-two.

  • 5.99%-34.99% for monthly financing.

  • Pay in four installments, due every two weeks.

  • Pay in two installments, due two weeks apart.

  • Pay monthly, with terms of three to 48 months.

  • Late fee: Up to $15.

  • Convenience fee: Up to $2.50.

  • Failed payment fee: Up to $5.

  • Payment rescheduling fee: First is free, then up to $7.50.

Zip
on NerdWallet's secure website
  • 0%.

  • Pay in four installments, due every two weeks.

  • Installment fee: Up to $7.50.

  • Late fee: Up to $7.

  • Payment rescheduling fee: First is free, then $2.

Alternatives to Affirm

0% APR credit cards

If you have good or excellent credit (690 credit score or higher), you may consider a 0% APR credit card. These cards offer introductory periods of up to 21 months and charge no interest during that period. You may also receive a sign-up bonus or access to a rewards program.

Small personal loans

If you’re looking to fund a large, essential purchase, you could apply for a personal loan. Personal loans have fixed interest rates and longer repayment terms, and there are options for borrowers with fair or bad credit (689 credit score or lower).

You can pre-qualify for free with NerdWallet to see your loan options. Pre-qualifying doesn’t affect your credit score.

on NerdWallet's secure website

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Methodology

NerdWallet’s review process evaluates and rates “buy now, pay later” loan products from the top financial technology providers. We collect over 40 data points from each lender, verify the information with company representatives and compare the lender with others that seek the same customer or offer a similar BNPL product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to BNPL providers that offer consumer-friendly features, including: soft credit checks to pre-qualify, zero interest and minimal fees, transparency of rates and terms, flexible payment options, accessible customer service and built-in borrower protections. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies to classic BNPL loans, which divide payment into four equal installments, typically due over six weeks. Some providers offer other loan products with longer terms, which is factored into the rating process. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for buy now, pay later and our editorial guidelines.

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