Ben Todd | Apr 16, 2017 | 3
Affirm Review – Buy Big Ticket Items On Finance With Affirm
Affirm allows you to make expensive purchases without having to save up, without needing a credit card, and without getting a personal loan. The Affirm Company will set up a finance deal for you at the point of sale. While completing the Affirm review, I found that there are no hidden fees, and the terms are easy to understand, but they are not very clear, which means you have to read the small print to understand. You may sign up for an account either on their website or when you use them as a payment option with selected merchants. Affirm only works with selected merchants, though that number will grow as the company grows.
How Do They Explain Their Loan/Finance Service?
They claim there are no gimmicks such as deferred interest and hidden fees, and they say that what you see at the checkout is what you pay in total at the end. They say they are simply offering another method of payment and giving people another option when they are stood at the checkout making a payment.
Pay For Items With Finance
Some stores and car dealerships will offer you some sort of finance deal that you may take, which allows you to buy an expensive item without paying for it in full right away. The Affirm Company is offering a similar deal, but they are offering it in stores and locations that do not offer finance deals.
Affirm will set up the finance deal, and they will do it quickly. This means that when you are at the checkout, you do not have to fill in large forms to buy your item. Instead, you enter a few details and get a decision in seconds. In truth, there are many occasions where you do not need to be at the checkout or sales counter I order to use the service.
- Roger CPA Review
A Brief Look At Affirm’s Selling Points
While completing the Affirm review, I found that there are no hidden fees, the service is safe and secure, and you get to choose the plan or loan that suits your budget. Loans are set up quickly, and there are many merchants where Affirm is applicable (see above).
Your monthly payments will have an APR of between 10% and 30% depending on your credit rating. This is actually better than most credit cards, and unlike a credit card, your monthly payments will lower the loan balance. Credit cards charge you a minimum every month, and that only pays off the interest, but with Affirm, your monthly payments pay off some of the interest and some of the balance.
Get an overview and find out what you may be paying before you hit the checkout, and then see the terms and conditions when you put your purchase through the checkout.
How To Sign Up With Affirm
You may sign up with Affirm on their website or when you make a purchase at a partnered merchant’s store. When you are at the checkout of a partnered store, you may choose Affirm as your payment method, where you are then able to sign up and see your finance options.
The other method is to go to their website account creation page and set up your account from there. If you live in West Virginia, you are unable to buy with Affirm.
You must be 18 years old or 19 years old if you live in Nebraska or Alabama. You will need to provide a US home address or an APO/FPO/DPO address.
In order to receive SMS text messages, you must provide a valid US mobile number. You may also provide a VoIP number to receive text messages.
Give your full name, your email address, the last four digits of your social security number, and your date of birth, and you are all done. You now have an Affirm account that you may use to arrange finance when buying from certain merchants.
Negative Points About Affirm
While completing the Affirm review, I found that the customer support team is a little unforgiving when it comes to certain issues. For example, if your auto pay (direct debit) is not paid because of a bank error or an Affirm error, then the customer service staff is unsympathetic and offers no ways to help you.
Affirm seems to make the process a little more confusing than it has to be. If you are more interested in making the purchases rather than finding the best price, then Affirm is the company for you.
If you try to change things, such as the phone number associated with your account, and you do not have access to the old number, then the customer service people will put you through an obscene amount of verification.
The customer support department is frequently criticized for saying they will do things that they do not do. The customer support team is able to tell you whatever they like and then get away with not following through on what they say they will do.
Positive Points In Our Affirm Review
Many people say that using the service is quick. They are pleased that they may apply for finance very quickly while on the website checkout or while stood at the merchant’s checkout.
The process is simple enough, especially if you are using the Smartphone to make your purchase. The Affirm company offers finance in shops and for items that you cannot usually get financing for. You may need certain items that you wouldn’t otherwise be able to buy without financing.
The company does offer credit, which means that if you handle it well, then it improves your credit rating in the long run. If you mess it up, then not only will your credit rating be damaged, but you may also receive fees and worse rates from Affirm both now and the in future
If you already have multiple loans and credit cards, then you may have a hard time getting more loans and credit cards. Our Affirm review found that you are still judged on your credit rating and such, but they use their own decision-making tools. That means there is a bigger chance of you getting financing with Affirm.
Conclusion – A Viable Payment Option, But A Little Confusing
The way that Affirm works/operates has been described each and every way possible to ensure you understand what they do. It takes some explaining because the company has made the process overly confusing, and the confusion extends all the way to setting up the loans for big-ticket item finance. Before signing up, make sure you read our description of what the company does, and make sure you understand the terms and conditions when you set up your loan. It is unclear why you are only able to see the terms and conditions while at the checkout, is it because the company wants customers to rush through the terms and conditions section?
The company could have described their function and process a little clearer, and they could have made the loan creation process a little more transparent. Their loans are also rather expensive, even if they do call it finance rather than call it a loan. The only defense against their prices is that they offer a lower APR than what a credit card offers.