What You Should Know About Affirm Loans
Affirm specializes in making small loans to consumers. Affirm loans are an alternative to credit cards or bank loans. Especially because many banks will not make small loans to consumers.
Affirm also specializes in financing the purchase of merchandise. If you purchase something online and sign up to pay over time, you may end up with a loan to Affirm.
It is important to note that Affirm often advertises itself as a lender that doesn’t charge fees and or penalties. But in fact, they do usually charge interest. If you don’t make your payments on time the balance will grow larger over time.
Also, they do not charge any late fees, but they do report to credit bureaus. So, if you’re late on your payments it could hurt your credit score.
How Many Affirm Loans Can You Have?
There is no specific limit to the number of loans that you can borrow from Affirm.
They will evaluate your credit and application each time you apply. It is possible to have more than one loan at once.
How to Cancel an Affirm Loan
There is no right to cancel an Affirm loan once you have entered into the contract.
The only guaranteed way to get out of the loan is to pay the balance or file a bankruptcy case.
Is Affirm Payment Safe?
Affirm is a legitimate company and their loans are enforceable if you don’t repay them. They can sue you in state court for the balance you owe.
How to Pay an Affirm Loan
The most common way to pay Affirm is to sign in to your account on their website and make an online payment.
Can Affirm Loans Be Included in Bankruptcy?
Debts owed to Affirm can usually be discharged in a consumer bankruptcy case.
If you would like to talk about your bankruptcy options, schedule a free consultation with an expert Jackson, MS bankruptcy lawyer of The Rollins Law Firm. Our lawyers have helped thousands of people eliminate debt.
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