Affirm Buy Now, Pay Later: 2024 Review

Best for on-the-spot financing 

The Affirm card allows people to check out using Affirm regardless of where you are. By linking the card to your bank account, you can use the Affirm app to request payment plans for eligible purchases.

Affirm pros and cons

Do you qualify?

To increase your chances of getting approved for an Affirm loan, make sure you meet the requirements outlined by the company.

• U.S. resident, including U.S. territories.
• At least 18 years old.
• Have a valid Social Security number. 
• Have a phone number that can receive SMS and is registered to the U.S. or U.S territories.

Although it doesn't state the exact eligibility requirements, Affirm states that your loan application may be impacted by these factors: 

• Account and payment history with Affirm.
• Credit score. 
• Credit utilization
• Income and current debt.
• Recent bankruptcies.

How this lender compares

Affirm vs. Sezzle

Sezzle is a BNPL option that is similar in many ways to Affirm. What sets it apart is that Sezzle has two options with 0 percent interest, whereas Affirm only offers one. Sezzle also has a lower APR maximum of 34.99 percent for its options beyond the zero-percent plans, which is slightly less than Affirm's maximum.

Affirm vs. Klarna 

Klarna and Affirm are similar in many ways. In terms of zero-percent options, Klarna comes out on top with a 30-day option in addition to its pay-in-four one. And while Affirm has purportedly started piloting a rewards program with some users, Klarna has a full-fledged program in place that rewards a point for every $1 spent.

What we like 

• No fees: Affirm doesn't charge any fees for using its pay-in-four financing option. This includes late fees.
• Usable online and in person: The Affirm Card can be used on the go to finance eligible purchases using its pay-in-four feature or an installment loan.
• Low minimum amount: You can use Affirm for eligible purchases as low as $50.

What we don't like 

• Only one interest-free option: Several BNPL services offer a pay-in-two or 30-day option with a 0 percent interest rate. Affirm only offers a pay-in-four option at 0 percent.
• High number of CFPB complaints: As of January 2024, Affirm has over 3,000 complaints filed against it with the Consumer Financial Protection Bureau over the past three years. This is significantly more than similar services.
• Defaulting can result in collections: If you haven't made a payment for over 120 days, Affirm says that it may charge off your loan to one of its third-party collections partners.

How Bankrate rates Affirm