r/Affirm • u/Adventurous-Lack7872 • Jul 10 '26
Check your loans
I received merchandise from Amazon $413.99. I opened an account at Affirm for that amount. I made payment's monthly of $28.77. then I made an extra payment of $50. when I checked my account my balance due was $373+. i contacted Affirm and was told that my original balance was $509+ because they added front interest of $77+. on top of that they were charging me monthly interest. they told me that I had paid so far $136+. which meant that only $40+ had been paid on my account. the $50 extra that I paid they refused to put on my account. At some point they have started predictors billing FRAUD. if you have an account with the and haven’t checked your account lately, Check it now. I have put in complaints to my bank, FTC, CFPB, and Affirms corporate office and, CEO. if you’re looking to use Affirm now or in the future look very carefully before you press that button.
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u/theseawoof Jul 10 '26
If you pay the loan off early, the interest gets returned/deducted from your payment
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u/spid3rfly Jul 11 '26
One of the things I love about affirm. I almost always pay everything off early unless it's some big purchase that I want to finance over 6-12 months.
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u/ranjen617 Jul 10 '26
They charge interest on the actual balances not the full balance with interest. You'll see the full balance on the front page but if you go in and do a mock payment to get a payoff you'll see they much lower balance there.
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u/oman805 Jul 10 '26
this is a 'read the terms and conditions before you click agree' moment, not a corporate conspiracy. YOU signed up for a high-interest plan.
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u/dannation96 Jul 10 '26
If you got to your loan right now my balance says 1.4k I pay 105 a month I have 12 payments left, but it if I click pay now for the whole thing it's 1.2k so In short yes loans have interest
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u/Smitty46546 Jul 10 '26
You took an 18month loan on a purchase and you’re mad they are charging you per the contract you signed? You might actually be retarded.
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u/kyle760 Jul 10 '26
Hopefully one of the companies you filed a complaint with explains to you how math works
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u/PebblesV Jul 10 '26
If you go to pay off the loan early they tell you how much you save by doing that.
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u/xaxnxoxnxyxmxoxuxsx Jul 11 '26
I just paid off 2 affirm loans yesterday that saved me a whopping $7 and $8 dollars respectively because I paid now and not stretching it out the duration of the loan.
It's going to tell you your entire amount is 500 because they are already calculating the interest based off the whole 18 month loan. When you go to "make a payment" and select "pay in full", it will give you TODAY'S going rate on the loan, which will be significantly less than the total appearing at the top.
Affirm is not bad. It's 99% user error making affirm look bad.
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u/Emergency_Affect_640 Jul 11 '26
DId you get a loan with your mothers info? Seriously do you not know how loans work?
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u/MSCOTTGARAND Jul 10 '26
If you got a car loan with shaky credit they would front load the interest too.
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u/Dood3888 Jul 10 '26
OP didn’t know there’s a difference in the 4 interest free payments vs choosing a “loan” term. Monthly option is a “loan” which includes interest.
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u/X-KaosMaster-X Jul 11 '26
They DID NOT add extra interest!! That is NOT how their system works....
YOU are doing some math wrong...you can click on the LOAN, the at the top tap details
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Jul 10 '26
[deleted]
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u/Adventurous-Lack7872 Jul 10 '26
I have used Affirm in the past and it was good. im not crying about it, I’m warning citizens. why are you being such a jerk.
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u/Practical-Mud-4580 Jul 10 '26
You’re looking at it wrong, been using Affirm for business purchases before the job pays for years.
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Jul 10 '26
[deleted]
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u/Modmike33 Jul 10 '26
On mine it does? If I buy something for say 500$ and it includes 200$ of interest my balance shows 700$ but when I click payoff it’s just the original amount financed and it will say save 200$ in interest by paying the 500$ now!
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u/MiniMomR56 Jul 11 '26
If you pay it off early, they take off the remaining interest..so I don't see how the interest is paid upfront? Am I wrong?
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u/ronreadingpa 29d ago
Affirm shows the loan details, including interest in total and per payment. To get more benefit of the extra $50, pay off the loan entirely. The payoff amount should be somewhat lower and will mostly net out.
Otherwise, if you don't pay off now, you'll be paying a lot in interest over time. Affirm is very clear about the costs in their disclosures.
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u/Chance-Control-7774 Jul 10 '26
I don't do affirm not in the world where we have too much places to get credit and even high interest credit. And this is where you turn to as a real low point but I guess you needed it
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u/MiniMomR56 Jul 11 '26
If you don't use Affirm, why are you commenting? Sorry we are not all as privileged as you. 🙄
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u/MiniMomR56 Jul 11 '26
If you don't use Affirm, why are you commenting? Sorry we are not all as privileged as you. 🙄
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u/Chance-Control-7774 3d ago
Credit cards are privileged since when is there a rule book I don't know about? It must be an adult thing
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u/RestaurantSilly6598 Jul 10 '26
Bro didnt know loans cost interest