Affirm is the first among 15 payment methods hotwire accepts. The travel, accommodation and vacation service provider has a list on its official website of different payment methods it supports. Besides being listed as number one on the list because of the first alphabet on the word “Affirm”, below are reasons why Hotwire accept affirm payments and supports its financing.
Affirm finances purchases made online or in store by a customer that approaches them for a loan because they cannot afford that particular item or service at that particular time, and later that person pays the company back over a period of time agreed upon by the client and the company, we will go over this aspect below but for now let us dive into why hotwire accept payments from this financial institution.
For starters the process is convenient, safe and profitable for Hotwire that is an obvious fact. The company is a travel website and it offers online tickets, hotel rooms, rental cars, and vacation packages. Services that are not essential for USA households, while Affirm on the other hand provides financing for all services Hotwire provides, which gives Hotwire business and answers the question why Hotwire accepts payments from Affirm.
Why does Hotwire Accept Affirm Payments?
Because of the nature of the service’s Hotwire provides, mainly people who are categorised as falling under the following classes, wealthy, rich and higher middle income are the main target, because they are able to afford vacations at any time and pay from their own pockets but not everyone is that fortunate.
Affirm eliminates the need to relay on credit cards for people who cannot afford to pay for the expenses that come with vacation’s, for example buying airline tickets, booking accommodation and renting cars after arriving at their preferred holiday destination, which would result in lifetime debt burdens resulting in the use of credit cards by individuals who cannot afford vacations, given the ridiculous interests rates banks charge on credit cards.
How do Affirm works?
As already mentioned, Affirm is a loan that is paid over a period of time but the difference with traditional loans and Affirm is in the way Affirm operates, they pay for goods and services on behalf of their client and the client pays them back over an agreed space of time. Most if not all the purchases they finance are online.
Eligibility check
To know if you qualify for Affirms services you will need to get prequalified and the eligibility check does not affect your credit score. What they will need before they process your application includes your name, email address, mobile phone number, date of birth, and the last four digits of your social security number and after they get this information they verify it with your identity and if everything checks out they make the payment instantly.
How to Buy with Affirm?
On the company’s website they have made it easy for people interested with the services they offer to use them and understand how they work from the comfort of their homes, below are steps they have listed to acquire their services:
Step 1: Go shopping
Shop your favourite stores online or in-store and pay later with Affirm. You’ll see us at checkout, or you can request a virtual card.
Step 2: Choose your payment terms
You’re in control. Pick the payment options that works for you and your budget-from 4 interest-free payments every two weeks to monthly instalments.
With the pay in 4 option which is interest free and great for everyday purchases and payments are every two weeks you get the following benefits:
- No interest or fee;
- No impact on your credit score;
- Set up easy, automatic payments.
While with the other option monthly payments, which is perfect for big ticket items, the benefits are:
- No hidden fees-ever;
- What you see is what you pay;
- Set up easy, automatic payments.
Step 3: Make your payments
Manage your payments in the Affirm app or online, and set up AutoPay so you don’t miss a payment. But if you do, you’ll never pay any fees.
Here is an example of how much you might pay
With a loan of $500.00 a payment of $125.00 in every two weeks in a 4 interest-free payments is sufficient until the debt is paid off, while with a six monthly payments of $87.02 you will pay $22.10 extra in interests that will be added on, 15% interest to be exact and you will pay $522.10.
The last payment option 12 monthly payments of $45.13 with an interest of 15% added which is equivalent to $41.55, you will pay $541.55 to finish your debt.
Places where Affirm works
- Selected Accessories stores. Example (Olivia Burton and Piaget);
- Selected Apparel stores. Example (ThredUP and Moda Operandi);
- Selected Auto stores. Example (Audi Services & Parts);
- Selected Beauty and health stores/salons. Example (Pat McGrath Labs and Neiman Marcus);
- Selected Black-owned businesses. Example (Scotch Porter and Luxurysnob);
- Selected Electronics stores. Example (Target and Walmart.com);
- Selected Fitness and gear stores. Example (Peloton E-commerce and Mirror);
- Selected Home and furniture stores. Example (Lowe’s and Teleflora);
- Selected Luxury stores. Example (MARIA TASH AND The RealReal);
- Selected Shoes stores. Example (Adidas and StockX);
- Selected Travel agencies. Example (Hotwire);
- Selected Wedding stores/items. Example (Williams Sonoma and Zales).
For more information you can visit https://www.affirm.com/ and https://www.hotwire.com/
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