Affirm: Buy now, pay over time
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4.7
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Developer
Affirm, Inc
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Category
Shopping
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Version
3.188.4
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Android OS
7.0 and up
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Downloads
5M
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Content rating
Rated for 3+
Pro
👍 1. Increased purchasing power: One of the main advantages of using Affirm is that it allows users to make purchases they may not have been able to afford in one lump sum. By splitting payments over time, Affirm provides individuals with increased purchasing power, making it easier to afford larger or more expensive items.
👍 2. Transparent and easy to use: Affirm offers a user-friendly application that simplifies the buying process. Users can easily see the monthly installment terms and interest rates, providing full transparency regarding the cost of their purchase. The application process is quick and straightforward, requiring only basic personal information and returning an instant decision, often avoiding the need for a credit check.
👍 3. Flexible repayment options: Affirm offers flexibility in repayment terms. Users can choose the repayment option that best suits their needs, with terms ranging from 3 to 36 months. This flexibility allows individuals to manage their payments based on their financial situation and preferences. Additionally, Affirm offers scheduled automatic payments, ensuring that payments are made on time and avoiding late fees.
Con
👎 1. Limited merchant acceptance: One major shortcoming of Affirm is that it is not accepted by all merchants. While Affirm has a growing list of partner merchants, there are still many popular brands and retailers that do not offer Affirm as a payment option. This limits the potential for users to use Affirm on a wide range of products they may be interested in purchasing.
👎 2. Interest rates: Although Affirm advertises itself as a more transparent and affordable alternative to traditional credit cards, it is important to note that Affirm charges interest rates on their loans. While these rates can vary depending on factors like creditworthiness and loan terms, they can still be relatively high compared to other financing options. This can result in users paying more for their purchases in the long run.
👎 3. Creditworthiness requirements: Affirm conducts a credit check before approving a user for a loan, which means that not everyone may be eligible for financing through the platform. This can be a disadvantage for individuals with poor credit scores or limited credit history, as it may prevent them from being able to use Affirm to make purchases. This lack of accessibility can be a drawback for potential users who are seeking flexible payment options.
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