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Affirm Buy Now, Pay Later: 2024 Review

Written by
Denny Ceizyk
Edited by
Kellye Guinan

Updated on Dec 10, 2024

At a glance

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4.8
Bankrate Score
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Availability
4.9
Affordability
4.7
Customer Experience
4.2

About Bankrate Score

Full methodology

Affirm is a buy now, pay later (BNPL) payment plan service. It allows you to split the cost of a purchase into four equal installments with no interest when you pay on time. Affirm has partnered with thousands of companies to give users the ability to spread the payment out on everything from clothes purchases to travel expenses.

It also offers the Affirm Card, which works like a credit card, allowing you to pay both online and in store. You have the ability to choose your repayment plan at checkout, and if you need more time to pay off the balance, Affirm has installment loans with terms ranging from 3 to 60 months and interest rates up to 36 percent.

Lender Details

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Loan amount

Starts at $50

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APR from

0%-36%

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Term lengths

1 to 60 months

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Funds available in

Instantly at checkout

Affirm is best for on-the-spot financing

The Affirm buy now, pay later plan can be used at any approved partner through the Affirm app, on your desktop or with Apple Pay at checkout. You should receive regular notifications of upcoming payments to help you stay on top of your budget.

The Affirm Card can be used like a credit card, allowing you to choose a preset amount and finalize your payment plan when completing a purchase. The card is linked to your bank account, making repayments simple.

Affirm BNPL purposes

Affirm can be used for a wide variety of purchases, from shoes and electronics to auto and home gear. The Affirm Card allows you to set an amount for ongoing spending and repay it over a timeline that fits your budget. Both are alternatives to a traditional installment loan.

Options may vary depending on the size of your purchase or because of merchant restrictions. In addition, Affirm's service may not be available in all states. If you don't qualify for a large amount or aren't in a serviced area, compare personal loan rates to finance a large expense.

Where Affirm BNPL stands out

  • No fees. There are no fees to use the service — not even if you pay late. There's also no annual or monthly subscription fee, making it cost-effective compared to some other BNPL options.
  • Multiple ways to use Affirm's payment services. Users can shop from the Affirm phone app, install the extension on their laptops or use the Affirm Card like a credit card for a specific dollar amount.
  • Additional repayment options offered. If the pay-in-four plan payment is too high, you can choose repayment options up to 60 months. 

Where Affirm BNPL falls short

  • Only one interest-free option. To avoid interest charges, you'll need to pick Affirm's pay-in-four option. Other terms will come with interest, similar to other installment loans.
  • First payment is due at checkout. Most payment plans require you to pay the first payment upfront when your purchase is completed.
  • Longer terms have interest. Depending on your credit, you could pay a rate up to 36 percent if you choose any of its longer repayment terms. 

Affirm customer resources

Customer support

Phone support is available Monday through Friday from 8 a.m. to 11 p.m. ET, seven days a week. Affirm also offers chat support between 7 a.m. and 7:30 p.m. ET, Monday through Friday.

Customers can also fill out an email form for a callback.

Digital experience

Affirm's digital app allows users to shop for products through its merchant partners. The service can be added to Apple Pay or Google Pay, but some restrictions may exist. The Affirm Card is a credit card that can be used to make payment plan purchases where Visa is accepted.

Affirm's app has a 4.9 out of 5 rating on the App Store and 1.4 million ratings. Most of the positive responses appreciate the ease of using the app and choosing payment plans.

How this lender compares

logo
4.8
Bankrate Score
APR from
0%-36%
Loan Amount
Starts at $50
Term Length
1 to 60 months
Min Credit Score
Not disclosed
Compare ratesArrow Right Icon
on Bankrate
logo
5.0
Bankrate Score
APR from
0% to 34.99%
Loan Amount
$10 to $15,000
Term Length
2 weeks-48 months
Min Credit Score
Not disclosed
Read our reviewArrow Right Icon
on Bankrate
logo
4.5
Bankrate Score
APR from
0%
Loan Amount
No set maximum
Term Length
30 days to 24 months
Min Credit Score
Not disclosed
Read our reviewArrow Right Icon
on Bankrate

Affirm vs. Sezzle

Sezzle has a very limited partner base for its free plan and requires a subscription to a premium service to access partners that are already free with Affirm. Affirm also offers a wider range of repayment options than Sezzle for borrowers who need more time to repay a purchase.

That said, Sezzle offers two interest-free repayment options compared to only one at Affirm. Sezzle also earned a higher Trustpilot score of 4.4 compared to Affirm's 3.0 rating.

Affirm vs. Klarna 

Klarna charges a late fee of $7 compared to Affirm, which doesn't charge any fees, including late fees. Affirm also gives customers more options for converting purchases to payment plans with its Affirm Card, which is a product Klarna doesn't offer.

Klarna offers two no-interest repayment options, while Affirm only offers one. Klarna also offers a rewards program with one point awarded for every $1 spent, which is not a benefit Affirm offers.

Do you qualify?

Your spending limit is primarily based on your banking transaction history. The interest-free payment plan doesn't require a credit check. As you repay each plan, Affirm may increase or decrease your limit based on a variety of factors. 

Standard qualifying requirements include proof of the following:

  • U.S. residency, including U.S. territories.
  • At least 18 years old.
  • Valid Social Security number. 
  • A phone number that receives SMS messages.
  • A valid bank account.
  • Credit score for loan products.
  • Income and current debt

How to apply for an Affirm payment plan

Applying for a payment plan or loan with Affirm is completely online, either on your mobile device or desktop. There are four steps when you shop using the Affirm app or apply through your desktop.

  1. Download the Affirm app on your smartphone or use the desktop extension.
  2. Create an account with Affirm.
  3. Shop at a merchant that partners with Affirm.
  4. Add purchases to your online cart.
  5. Choose your payment plan.
  6. Receive an approval decision.

The Affirm card works slightly differently: 

  1. Apply for the Affirm card through the Affirm app or on your desktop.
  2. Choose the amount you want to spend and spread payments out on.
  3. Shop at merchants that accept Visa and choose your payment plan.

How Bankrate rates Affirm 

Overall Score 4.8
Availability 4.9 Although it only offers one interest-free repayment option, Affirm gives customers more ways to convert their purchases into payment plan alternatives with its unique Affirm Card option.
Affordability 4.7 The pay-in-four option by Affirm comes with zero fees, including late fees.
Customer Experience 4.2 A highly rated mobile app and strong customer support options combined with 7-day per week customer service.

Methodology

The Bankrate team did a complete analysis of the features and services offered by the most well-known buy now, pay later apps in the industry. Then our experts developed a scoring system to rate these apps, focusing on three main areas:

  • Availability: We look at the minimum and maximum loan amounts offered by the apps, as well as the number of interest-free plans they offer. Apps offering more than one interest-free plan and those with the most flexible loan amounts rank higher in this category.
  • Affordability: We evaluate the APR ranges apps assess on purchases once the interest-free period ends. Additional fees, exclusive perks and discounts are also rated. Apps with the lowest APRs, fewer fees and more perks obtain the highest scores in this category.
  • Customer experience: Purchasing flexibility, as well as return, exchange and refund policies are vetted in this section. Mobile app rating, number of consumer complaints with the CFPB and customer support are also taken into account. Apps with more flexibility and lower complaints rate higher in this category.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

Affirm earned an average 3-star rating on Trustpilot with over 6,000 current reviews. Most positive reviews describe a simple process with virtual cards and the phone app. However, negative reviews reveal a pattern of customer dissatisfaction with getting refunds on canceled orders.

I used the account to buy tires at Walmart. Flawless process, especially because Walmart has a merchant agreement. Next, I set payment plan for 'outside' merchant with virtual card. I was nervous at first because it would be embarrassing to have the transaction fail, but it worked great. 5 starts for Affirm.

— Trustpilot user

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions

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