Affirm vs. Afterpay: Which Should You Choose?

To confirm additional payment
Amount due upon purchase As low as $ 0 25%
Terms of repayment Varies depending on the type of loan Pay 25% every 2 weeks
interest 0% or 10% to 30% 0%
Credit check required Varies depending on the type of loan None
Late fees None $ 10 plus another $ 7 if payment is not paid 7 days after the due date
Number of dealers 11,500 85,000
Popular brands available Peloton, Target, Best Buy, Bed Bath & Beyond, Old Navy, Forever 21, Pandora, UGG
Other financing products Virtual card numbers

Confirm your savings account

Confirm credit card

Affirm vs. Afterpay: Conditions

Buy now, pay later Financing is available from both Affirm and Afterpay. Affirm offers a variety of repayment terms and options, while Afterpay only focuses on consumer lending, where the purchase price is split into four equal payments.

With Affirm, you are offered several payment terms to choose from at the checkout. This allows you to choose the payment amount, interest rate, and term that best suit your budget. Some of these payment options are the 4 payment common with BNPL apps, while others have longer terms of up to 36 months. While credit limits vary depending on the customer, the maximum credit amount is $ 17,500. Depending on the retailer you shop with, you may need to pay a deposit.

With its pay-in-four financing, Afterpay divides customers’ purchases into four smaller payments. The company doesn’t have a minimum purchase requirement, but certain retailers may require you to spend a certain amount before this funding option becomes available. Your spending limit is set by your personal profile, but does not guarantee that your transaction will be approved at checkout. As with many pay-in-four programs, each transaction is individually signed for an instant credit decision.

Affirm vs. Afterpay: Credit Requirements

Affirm will run a gentle credit request when creating an account to prequalify you for future purchases. This gentle request will not affect your credit score and will not appear on your credit report. However, once you make a purchase, your creditworthiness can be affected if Affirm goes through a tough credit request. In addition, your payment history and your credit usage can also be reported to the credit bureaus.

Afterpay does not check a customer’s creditworthiness to open an account or at the time of purchase. If you are late with a payment, Afterpay also does not report late or missed payments to the credit bureaus. This makes Afterpay an attractive financing option for people with credit problems or who do not have enough credit history to be approved by other lenders.

Affirm vs. Afterpay: Interest and Fees

Affirm loan interest rates vary depending on the merchant you are shopping with. Some dealers offer a 0% interest subsidywhile others may charge a higher price. All financing information is displayed during your transaction so you can make a decision before finalizing your purchase. You never pay more than what you agreed to in advance.

If you are late with a payment, you can log into your account online or through the Affirm app to defer your payment. Although Affirm does not charge late payment interest, making a partial payment or making a late payment could affect your creditworthiness or your ability to be approved for another loan.

Afterpay does not charge any interest or fees as long as you make all of your scheduled installments four times that amount. Late payment will incur a $ 10 fee. If your account is not updated within seven days, you will be charged an additional $ 7 fee.

Affirm vs. Afterpay: Mobile App

Both Affirm and Afterpay offer mobile apps for Apple and Android so customers can access their accounts anytime, anywhere, surf and shop at participating merchants, and pay their bills. Each app offers a personalized experience based on a user’s preferred retailers, spending limit and purchase history.

Affirm’s mobile app (Apple, Android) offers customers the opportunity to finance their purchases from over 11,500 retailers. Customers can shop online or in person using the mobile app in participating stores. The app offers exclusive offers from its dealers and special financing rates from 0%. Customers can also open a high-yield savings account through the app that does not require any monthly fees or minimum balance.

With the mobile Afterpay app, customers can browse and shop at over 85,000 retailers (Apple, Android). You can also use the app to shop in person at participating retailers. In the app, you can view your purchase history, payment schedule, and shipping status of your purchases. Your payment method can be changed through the app and you can also prepay upcoming payments.

Affirm vs. Afterpay: Other products

Many of these companies not only offer buy now, pay later, but also offer additional products to meet their customers’ needs. These additional products provide additional sources of income and help them become the funding option of choice when the time to make a purchase.

Affirm offers a variety of payment options that go beyond the typical pay-in-four loans. During checkout, customers are offered several financing options so that they can choose which payment amount and duration is best for them.

With the Affirm savings account, customers can also earn higher interest on their money. This account is FDIC insured up to $ 250,000 and has no monthly fees or minimum balance requirements. You can open an account with just one penny. While the rate can change, the rate currently on offer is 0.65%, which Affirm is promoting is 13 times the national average.

Affirm will be releasing a credit card shortly, and you can join the waiting list to be notified when it becomes available. The Affirm Credit Card offers four-payment funding for purchases over $ 100 from any eligible retailer. That means you can split your purchases into four easy payments with no interest or fees. When using the card, there are no annual fees, no late payment fees and no early repayment penalties.

Afterpay does not currently offer any further financing options beyond the number-in-four loans. Instead, it focuses on these short-term, interest-free loans as it continues to grow its dealer network and expand globally.

Frequently asked questions (FAQs)

How do Affirm and Afterpay work?

Buy Now, Pay Later Apps work by breaking your purchases into smaller, cheaper payments. Many of these loans do not incur interest or fees as long as the customer makes all payments on time. The apps primarily make money by charging the merchant a fee, late fees, and (if applicable) interest on loans. In the case of quadruple loans, the customer pays 25% of the purchase price immediately, then 25% every two weeks until the loan has been paid out in full.

Do Affirm and Afterpay require a credit check?

Confirmation requires a gentle credit check when opening an account, which does not affect your creditworthiness. When you’re ready to make a purchase, Affirm can request a hard credit request to verify your score and offer funding options based on your credit profile.

No credit checks are required with Afterpay. Afterpay doesn’t even ask for your social security number when you sign up for their account. Instead, your spending limits will grow based on your on-time payments and responsible use of the platform.

Can you build credit with Affirm or Afterpay?

When you borrow credits with Affirm, your positive payment history and credit usage can match. be reported Credit bureaus. This can help you build up credit with the credit bureaus as long as you make all of your payments on time and do not run out of credit.

Afterpay doesn’t help you build your credit history as it doesn’t report its credit to the credit bureaus. While this is helpful for getting approval, the lack of a report of your positive payment history won’t help your credit either.


To determine which “Buy Now, Pay Later” app is the best option for consumers, we reviewed numerous data points from Affirm and Afterpay. We analyzed their fees, interest rates, funding options, participating retailers, and other characteristics to select our recommended lender. Our pick for the best BNPL app between Affirm vs. Afterpay is Affirm because it offers more funding options, longer terms on larger purchases, and the potential to build credit with your on-time payments. Afterpay is a good choice for quadruple payout loans for consumers who have poor credit or are just starting out with their credit profile.

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