Before you decide where to get a personal loan, be sure to shop around and consider your rates from as many personal loan lenders as possible. While Affirm isn’t one of our partners, you can use Credible to compare rates from other vetted lenders in two minutes.
Affirm isn’t a partner lender. But you can use Credible to compare rates from other lenders who offer personal loans in just 2 minutes.
How Affirm can improve
- Have more consistent interest rates between merchants: With Affirm, the interest rate and loan term you’re approved for can vary depending on which partner merchant you’re shopping at – there isn’t one set rate or term for your credit profile. If you’re making multiple purchases, you’ll have to apply for a different Affirm loan each time, and you might get a different interest rate with each one.
- Lower interest rates: The APR on Affirm personal loans can be as high as 30%. In some cases, you might be better off using a credit card if you can pay off the balance quickly or if you qualify for a card with an introductory 0% APR offer.
- Offer longer repayment terms: Most Affirm merchants have short repayment terms – typically 12 months or less. If you need more time to repay your loan, you might be better off taking out a traditional personal loan.
- Offer loans that cover multiple purchases: Each purchase you make with Affirm counts as a separate loan and hard credit inquiry. Multiple credit inquiries might harm your credit, which means using Affirm could negatively impact your credit score. This might make it more difficult to qualify for other forms of credit (like credit cards or personal loans) later on.
An Affirm personal loan could be a good option if you don’t have access to a credit card or can’t qualify for a low-interest personal loan
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the Eastlake OH payday loans lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of %, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,. As of , none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.