Affirm

Subject to credit check and approval. Down payment may be required. For purchases under $100, limited payment options are available. Affirm loans are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC.

Interest Rates and Fees

What are Affirm’s fees?

The annual percentage rate (APR) on an Affirm loan ranges from 0% to 30%. Affirm discloses any required fees upfront before you make a purchase, so you know exactly what you will pay for your financing. Affirm does not charge any hidden fees, including annual fees.  

Why is my Affirm interest rate so high?

When Affirm determines your annual percentage rate (APR), it evaluates a number of factors, including your credit score and other data about you. If you finance future purchases with Affirm, you may be eligible for a lower APR depending on your financial situation at the time of purchase.

This APR calculator will give you an idea of how much interest you actually pay: https://www.affirm.com/apr-calculator/

When you consider Affirm financing, carefully evaluate the loan terms that Affirm offers you and determine whether the monthly payments fit your budget.  

How is interest on an Affirm loan calculated?

Affirm calculates the annual percentage rate (APR) of a loan using simple interest, which equals the rate multiplied by the loan amount and by the number of months the loan is outstanding. 

This model differs from compound interest, in which the interest expense is calculated on the loan amount and the accumulated interest on the loan from previous periods. Think about compound interest as “interest on interest,” which can increase the loan amount. Credit cards, for example, use compound interest to calculate the interest expense on outstanding credit card debt.   

Making Payments and Refunds

How do I make my payments?

Before each payment is due, Affirm sends you an email or SMS reminder with the installment amount that is coming due and the due date. You have the option to sign up for autopay, so you don’t risk missing a payment.

Follow these steps to make a payment:

1. Go to affirm.com/account.
2. Enter your mobile phone number. Affirm sends a personalized security PIN to your phone.
3. Enter this security PIN into the form on the next page and click Sign in.
4. After you sign in, a list of your loans appears, with payments that are coming due. Click the loan payment you would like to make.
5. Make a payment using a debit card or ACH bank transfer.

If I return an item, how do refunds work?

A refund posts to your Affirm account if we process your refund request. If you have already made loan payments or a down payment, Affirm issues a refund credit to the bank account or debit card that you used to make the payments. 

How long does it take to get my money back in the event of a return?

A refund credit appears in your account within three to ten business days, depending on your bank’s processing time.

Can I amend my order after my purchase has been processed? Can I be approved for a higher loan amount if my purchase amount increases?

You cannot edit your order after you have confirmed your loan. If you want to add items to your purchase, apply for another loan with Affirm or use a different payment method.

Am I able to obtain a refund after my purchase?

Refunds can be processed up to 365 days from the date your order is placed.

Dispute Resolution Process

Overview

For each transaction, Affirm processes the order payment and the merchant processes the order fulfillment. If a customer experiences an issue with their order and contacts Affirm, Affirm will direct the customer to the merchant for a resolution. If the customer is unable to resolve the issue with the merchant, Affirm will help facilitate the resolution.

The general resolution process:

1. Customers can open a dispute within 60 calendar days of capture, during which time, they are not responsible for making payments.
2. Both customers and merchants have 15 calendar days to provide evidence to substantiate their claims.
3. After providing all evidence, Affirm will notify the customer of a decision within 15 calendar days

Affirm Customer Dispute Resolution Procedures

The following Customer Dispute Resolution Procedures govern Affirm’s management of disputes between Customers and Merchants relating to specific transactions processed through the Services. Capitalized terms, unless otherwise defined herein, shall have the same meaning as in the Merchant Agreement (the “Agreement”) between Affirm and Merchant.

Except as otherwise expressly set forth in the Agreement, Merchant agrees that any disputes arising from or otherwise related to a Customer’s use of the Services or Customer transactions with Merchant will be treated in accordance with the procedures set forth below. Affirm may modify these Customer Dispute Resolution Procedures, from time to time, in its sole and absolute discretion, upon at least thirty (30) days’ prior written notice to Merchant. 

Please direct all disputes to resolutions@affirm.com.

 

1. Customer Disputes.

Merchant shall direct any Customer written or verbal inquiry, complaint or dispute about Affirm’s Services related to the origination, terms or servicing of any credit provided to a Customer by Affirm (each, an “Affirm Dispute”) directly to Affirm for resolution. Additionally, Affirm may receive written or verbal inquiries or complaints from Customers about a product or service purchased from Merchant using Affirm’s Services.  In such case, Affirm shall, in the first instance, direct any such verbal inquiries or complaints about a product or service purchased from Merchant directly to Merchant for resolution.  If Customer is unable to resolve their inquiry or complaint with the Merchant directly within a reasonable time, then Affirm may, but is under no obligation to, initiate a formal dispute (each, a “Merchant Dispute”).  In such case, Affirm shall investigate Affirm Disputes and Merchant Disputes as set forth below.  The initiation of an Affirm Dispute or a Merchant Dispute in no way alters the parties’ rights and responsibilities under this Agreement or the rights and responsibilities between Affirm and Customers, unless otherwise stipulated.   

2. Merchant Disputes. Types of Merchant Disputes include, but are not limited to:
3. Product not received. Customer claims that they have not received a product they purchased on Merchant’s website.
4. Product unacceptable. Customer claims that a product they received is incorrect, damaged, or otherwise fails to conform to the product description on the Merchant’s website.
5. Cancelation or return not processed. Customer claims that they were charged for a product or service they canceled or returned in a manner consistent with Merchant’s stated refund and return policy in effect at the time of Customer’s purchase.
6. Incorrect charge. Customer claims that they were charged an incorrect amount.
7. Duplicate charge. Customer claims they were charged multiple times for an item or an order.
8. Affirm’s Investigation of Disputes.

Affirm will use commercially reasonable efforts to resolve Affirm Disputes that Affirm has elected to investigate directly with Customer.

Customers shall have sixty (60) days from Merchant’s capture of a transaction to request that a Merchant Dispute with respect to such transaction be initiated by Affirm, subject to the conditions set forth herein. After initiating a Merchant Dispute, Affirm will: (a) promptly inform Merchant of such Merchant Dispute by forwarding the dispute to Merchant along with any supporting evidence provided by Customer, and (b) withhold the disputed amount until such Merchant Dispute is resolved. Both Merchant and Customer shall have fifteen (15) days from the initiation of a Merchant Dispute to respond and/or provide supporting evidence, after which time Affirm shall have fifteen (15) days to review the Merchant Dispute and communicate its resolution to Merchant and Customer. Affirm will consider all evidence provided by Customer and Merchant within the time frame set forth above in its investigation of Merchant Disputes. The table below illustrates common examples of evidence that a Merchant may present in order to support its claim(s).

 

4. Resolution.

Affirm will resolve all Merchant Disputes in favor of the party that best substantiates its claim(s). If Affirm resolves a Merchant Dispute in favor of Merchant, Merchant will not be liable for any amount of principal or interest related to the disputed transaction, and any funds withheld related to the disputed transaction shall be released. If Affirm resolves a Merchant Dispute in favor of Customer, Affirm shall refund the disputed amount to Customer. In such an event, Merchant shall reimburse Affirm for the amount refunded to Customer. If Merchant wishes to contest Affirm’s resolution of a Merchant Dispute, Merchant may submit a written rebuttal along with any supporting evidence to Affirm promptly following resolution.