Affirm is a substitute for the existing system of card payments on purchases. Affirm provides real-time financing for online purchases. With the help of Affirm, a customer can make a purchase now and pay for it in monthly installments over 3,6,12,18,24 or even 36 months as per his/her convenience. Many online brands including Reverb have started accepting Affirm payment. Go through the article in detail to know more about the same. Let’s learn ‘Does Reverb Accept Affirm?’.
Does Reverb accept Affirm?
Reverb is an online platform developed for buying and selling new, used, and vintage music gear. It has partnered with Affirm to make online purchases hassle-free. Anyone above the age of 18 can get a loan sanctioned just by providing some basic information. You can buy now and pay later in monthly installments the interest rates can be anywhere between 10% – 30% APR.
Why make a purchase using Affirm?
Please check out the list of amazing facilities provided by Affirm and you would get the answer to your question yourself.
1. Buy now and pay for your purchase in monthly installments according to your convenience.
2. After the loan is approved by Affirm, you would get to know the exact amount that you need to pay monthly with no hidden fees involved.
3. The application process is safe and real-time, you don’t even need a credit card as Affirm would pay directly to the merchant on your behalf. There are no third parties involved.
4. Affirm grants loans easily, you do not have to have an extensive credit history; getting a loan through Affirm is as easy as pie.
5. Reminding that your payment is due is also Affirm’s responsibility. They would notify you of the same via email and SMS.
How Affirm Works?
1. A customer has to select the “Pay with Affirm” option at checkout.
2. Affirm would ask for a few basic information like name, date of birth, email, mobile number, and the last four digits of their social security number to verify their identity.
3. For verification, affirm would send a unique authorization code by SMS, a customer has to fill the same into the application form.
4. In moments, Affirm would notify you about the loan amount, interest rates, and the duration in which you would have to pay back your amount including the interest.
5. If you agree to Affirms offer and policies, tap “confirm loan” and the process is complete.
How does Affirm approve loans?
Anyone above the age of 18 who is a resident of the US can apply for a loan provided that the shipping and billing address must be located within the US.
Affirm would ask for a few information and contact details like name, date of birth, email, phone number, and the last 4 digits of the customer’s social security number. They would verify the customer’s identity to make an instant loan decision.
How does Affirm calculate interest rates?
Annual Percentage Rate (APR) is calculated using simple interest, which is equal to rate multiplied by principle amount and the duration of the loan. This is where Affirm stands out from Credit cards where interest is calculated using compound interest where the amount to be paid as interest becomes higher.
How to pay back to Affirm after getting a loan?
Affirm would remind you before each due payment via email and SMS which would contain all information in detail.
To make payment,
1. Go to affirm.com/account
2. Enter your mobile number to verify your identity via a security pin.
3. Click on ‘Sign In” and you would be able to see all your loans and due payments. Select the loan payment you want to make.
4. Payment can be made using any debit card or ACH bank transfer.
Conclusion:
Affirm is a financing substitute to card payments that offers instant loans on online purchases. You can buy now and pay later in monthly installments as per your convenience. You can apply for a loan just by providing some information and the loan would be sanctioned by verifying your identity. You would get all the details related to the amount, interest rates, and the duration to pay back the amount. You would not be asked to pay any extra hidden fee.
Some Frequently Asked Questions:
1. What are Affirm’s fees?
The APR on Affirm loans ranges from 10%-30%. The exact rate would be informed when the loan is sanctioned. Affirm does not charge any hidden fees.
2. Why are Affirm interest rates so high?
Affirm decides the APR with the help of various factors besides credit score. So, the interest rates may vary, however you might get a lower APR on future purchases with Affirm depending on your financial status at the time of purchase.
3. In the case of returns, how long does it take to get my money back from Affirm?
Depending on the bank’s processing time, it typically takes three to ten business days to get a refund credit.
4.Why is affirm available only to the residents of the US?
Affirm is available only to customers residing in the United States but it aspires to expand its service to people residing outside the US borders too soon.
