Affirm offers several perks to borrowers, including zero late fees and flexible payment plans ranging from 1 to 48 months. However, with Affirm, you may have to pay interest on your loan, depending on the type of payment plan you have.
There are two types of payment plans Affirm users can choose from: One is short term, while the other offers more time for consumers to pay off the loan, though this option may come with interest.
- Pay in 4: Should you choose this route, you won’t have to worry about any interest or fees. Your purchase will be divided into four installments and you’ll make a payment every two weeks. This plan has no impact on your credit score.
- Monthly payments: This plan is best for consumers who want to make a large purchase. Unlike the Pay in 4 plan, you’ll only pay on your BNPL loan once a month. However, you may have to pay interest with this plan, which ranges from 0.00% – 36.00%.