Affirm is a financial startup that allows users to pay for expensive items from select retailers in monthly installment plans, after they are first approved for a loan on the company's website or in the app. Today the company announced that users will now be able to secure credit in seconds and then checkout in retail stores thanks to integration of the Affirm virtual card into Apple Pay.

To apply for Affirm financing, customers complete a "simple, five-field" application that provides them with a real-time credit decision (rates are between 10-30 percent APR based on personal credit). After approval, customers use the Affirm app to enter the amount they want to spend by selecting a payment plan on the item (3, 6, 12, 18, or 24 months), and Affirm loads up the cost of the full purchase onto the virtual card, paying the merchant for the item and taking on "all fraud risk for the purchase."

affirm mobile app
With the addition of Apple Pay, Affirm's virtual card can be used anywhere that Apple Pay is accepted.

“People’s shopping habits are evolving very quickly, beyond simply moving online-to-offline or offline-to-online when engaging with merchants,” said Rob Pfeifer, Chief Retail Officer at Affirm. “Consumers are on their phones, online, and in-store throughout a shopping experience. Affirm provides a solution for this omnichannel experience in the form of transparent and honest finance.”

For merchants, Affirm says it provides two options to support the service: integration with the Affirm InStore API with their own point-of-sale system, or support Affirm's expanded virtual card experience. The company explained that regardless of what method merchants choose, the customer's retail checkout process is "virtually identical" to Affirm online and in the iOS app.

Affirm founder and CEO Max Levchin told Bloomberg that the company hopes it will continue to expand and that more stores will "embrace" Affirm because of its ability to offer retailers "insights into customer purchasing habits."

Levchin hopes more stores will embrace Affirm’s approach by offering them insights into customer purchasing habits. With Affirm In-Store, retailers are able to track if someone applies for a loan in the shop but finishes the transaction elsewhere. This is designed to let the retailer better understand the impact of sales staff.

“I’m optimistic there will be a day when shoppers instinctively reach for their phone and the Affirm app, rather than their credit card,’’ Levchin said.

In its press release, Affirm detailed how Apple reseller Simply Mac switched from paper-based applications for loans on its private label credit card, to Affirm InStore's new process. Tiffany Polmateer, Simply Mac’s director of purchasing and operations, said that since supporting Affirm it has seen a 20 percent increase in average order values, 63 percent more customer financing applications, and 34 percent more approvals per store.

Affirm is available to download on the iOS App Store for free. [Direct Link]

Related Roundup: Apple Pay
Tag: Affirm

Top Rated Comments

thisisnotmyname Avatar
61 months ago
If your credit is that bad you shouldn't be allowed to loan money in the first place if you ask me.
I disagree. I don't think anyone should be totally locked out of credit markets. People need a path to recovery after bad choices or bad luck.
Score: 4 Votes (Like | Disagree)
JRobinsonJr Avatar
61 months ago
I disagree. I don't think anyone should be totally locked out of credit markets. People need a path to recovery after bad choices or bad luck.
Yes, but... there's a difference between "path to recovery" and "path to getting yourself into deeper trouble"... and a fine line between them.
Score: 4 Votes (Like | Disagree)
justperry Avatar
61 months ago

(rates are between 10-30 percent APR based on personal credit).
10-30% APR, Wow.

10% I can understand but 30%.....:(
Score: 4 Votes (Like | Disagree)
ArtOfWarfare Avatar
61 months ago
10-30% APR, Wow.

10% I can understand but 30%.....:(
Sounds like the newest take on payday loans to me...
Score: 2 Votes (Like | Disagree)
bunnicula Avatar
56 months ago
I know this thread is old, but Affirm actually isn’t terrible. I’d say that it’s better than credit cards, in a way. You don’t get forever to pay stuff back and if you pay it back early, your interest payments are credited back for the faster repayment period.

Which is better than a payday loan. Those are horrible.

I think it’s attractive to younger people because they don’t want to run up debt on credit cards, but sometimes want to buy something (for whatever reason) that they can afford in several installments, but not all at once.

I tried it out on something I paid off after it I received it and made sure I was happy with it (a custom piece of jewelry) and it was really affordable. Affirm and credit card were the only options and I had never used the artist before.
Score: 1 Votes (Like | Disagree)
brinary001 Avatar
61 months ago
10-30% APR, Wow.

10% I can understand but 30%.....:(
You should check out Discover’s upper limit for their APRs. Easily push 30%..
Score: 1 Votes (Like | Disagree)

Popular Stories

iphone 14 pro hands snowflakes 1

Best Black Friday iPhone Deals Still Available

Wednesday November 23, 2022 1:55 pm PST by
Cellular carriers have always offered big savings on the newest iPhone models during the holidays, and Black Friday 2022 is no different. Right now we're tracking notable offers on the iPhone 14 and iPhone 14 Pro devices from AT&T, Verizon, and T-Mobile. For even more savings, keep an eye on older models like the iPhone 13. Note: MacRumors is an affiliate partner with some of these vendors....
ipad holiday bulbs

Best Black Friday iPad Deals Still Available

Thursday November 24, 2022 12:25 pm PST by
Black Friday deals have been in full swing for the better part of a month, and now that the shopping holiday is officially here we're seeing even more solid discounts on Apple devices. We're highlighting the best sales for all of Apple's product lines, and in this article you'll find the best Black Friday sales on iPad, iPad Pro, iPad Air, and iPad mini. Note: MacRumors is an affiliate partner ...
General Black Friday Deals 2022 Green

All the Apple Black Friday Deals You Can Still Get

Friday November 25, 2022 4:40 am PST by
Although Black Friday is now technically over, many Apple products are still seeing major discounts. In this article, you'll find every Apple device with a notable Black Friday sale that's still available. We'll be updating as prices change and new deals arrive, so be sure to keep an eye out if you don't see the sale you're looking for yet. Note: MacRumors is an affiliate partner with some of...
apple watch gold ornaments

Best Black Friday Apple Watch Deals Still Available

Wednesday November 23, 2022 9:31 am PST by
We're tracking all of the best Apple product discounts for Black Friday this week, and the Apple Watch always makes a great gift around the holiday season, so you're guaranteed to find solid discounts right now. In this article, you'll discover the best Black Friday sales on Apple Watch Series 8, Apple Watch SE, and Apple Watch Ultra. Note: MacRumors is an affiliate partner with some of these...
mac imac snowflakes

Best Black Friday iMac and MacBook Deals Still Available

Thursday November 24, 2022 1:07 pm PST by
Our Black Friday coverage continues today with the best deals you can find on MacBook Pro, MacBook Air, and iMac. As with all Black Friday deals, we aren't sure how long any of these will last, and prices are always fluctuating, so if you see something you want, be sure to buy it soon. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a...
airpods pro 2

Apple Engineer Addresses Lack of Lossless Support on New AirPods Pro

Friday November 25, 2022 2:58 am PST by
An Apple engineer has addressed the lack of lossless audio support in the second-generation AirPods Pro in a new interview. Current Bluetooth technology in the AirPods lineup means that Apple's audio products do not support Apple Music Lossless audio. Apple has previously hinted that it may develop its own codec and connectivity standard that builds on AirPlay and supports higher quality...
maxresdefault

Nothing Phone 1 Displays AirPods Battery Level After Latest OS Update

Friday November 25, 2022 3:33 am PST by
Nothing Phone 1 users today began receiving the Nothing OS 1.1.7 update, which adds support for displaying the battery percentage of connected AirPods, amongst other improvements and bug fixes. If you own a Nothing Phone 1, you can check for the OTA update by going to Settings -> System -> System updates. Bear in mind that as support for displaying AirPods battery level is still an...
new airpods lineup black friday

Best Black Friday AirPods Deals Still Available

Tuesday November 22, 2022 10:01 am PST by
Although we've been tracking Black Friday deals for a few weeks now, the shopping holiday is officially kicking off this week and we're highlighting the best sales for each of Apple's product lines. In this article, you'll find the best Black Friday sales on AirPods 2, AirPods 3, AirPods Pro, AirPods Pro 2, and AirPods Max. Note: MacRumors is an affiliate partner with some of these vendors....
Manchester United flag

No, Apple Isn't Planning to Buy Manchester United

Thursday November 24, 2022 12:19 pm PST by
Apple is not currently planning to purchase Premier League club Manchester United, according to a source familiar with the matter. A report earlier today from British tabloid The Daily Star claimed that Apple had expressed an interest in buying Manchester United for around $7 billion, but our source with direct knowledge of the situation said the report is false. Manchester United has...