Affirm is a BN/PL platform, also known as a Buy Now, Pay Later option, that you’ll often see when checking out on your favorite website. You can finance your purchases from authorized users monthly or bi-weekly through loans from Affirm and take care of larger expenses that may be out of your budget to pay for upfront. While you can use Affirm through designated shopping sites, you might be thinking, “Can you get a cash advance from Affirm?”
The answer is no, you won’t be able to use the platform to apply for a loan and get funds directly deposited into your account. But that doesn’t mean Affirm is completely limited if you need a little bit of financial help and are searching for a cash advance.
Does Affirm Do Cash Advances?
Affirm is fundamentally a point-of-sale financing solution, not a traditional lender that offers cash advances. The BN/PL service enables users to finance purchases directly at a retailer, breaking down the cost into smaller, scheduled payments. Therefore, in the traditional sense of a cash advance, where the advance is a short-term loan and a lender provides immediate cash that is repaid over a short period of time, Affirm does not offer this service directly.
How Do I Get Money on Affirm?
You might be familiar with using Affirm to finance a few purchases that you didn’t have the funds to pay for upfront. While BN/PL can help you access short-term loans if you meet the criteria, they do have a few limitations. You don’t “get money” from Affirm in the way you would from an ATM or a personal loan. Instead, Affirm facilitates a transaction by paying the merchant directly for your purchase, and then you repay Affirm over time. The “money” is not deposited into your bank account to spend on overdue bills or credit card payments. It is used specifically to cover the cost of a good or service at the time of checkout.
The process of using Affirm involves selecting Affirm as the payment method during checkout at an approved online or in-store retailer. Filling out a quick application with personal information (name, phone number, email, date of birth, and the last four digits of your Social Security number). Affirm performs a soft credit check (which doesn’t affect your credit score) and immediately provides a decision and the terms of your loan, including the annual percentage rate (APR) and the available repayment schedules (e.g., 3, 6, or 12 months). If you accept the terms and conditions of the loan, including the interest rate and repayment period, the purchase is processed, and Affirm pays the merchant. One of the benefits of Affirm is that eligible users get to pick the time period to pay off a purchase, although a longer repayment term often comes with the caveat of paying more in interest.
By using the Affirm Card (virtual or physical) anywhere Visa is accepted, you can purchase at a register, and then open the Affirm app within 24-48 hours to request a payment plan for eligible purchases, paying the full amount upfront if you don’t set up a plan, or spreading the cost over time if you do.
To be eligible for the Affirm Card, applicants must meet the following requirements:
- Be At Least 18 Years Old.
- Have An Existing Or Create A New Affirm Account.
- Be A Resident Of The United States (Excluding U.S. Territories).
- Possess A Social Security Number.
- Demonstrate A Strong Credit Profile And Maintain A Satisfactory Repayment History With Affirm (If The Applicant Is An Existing User)
Can an Affirm Card Give You Cash?
The primary function of the Affirm Card is to allow users to pre-qualify for a loan (or use their existing spending limit) and then use the card to pay for a purchase, even at retailers that may not be directly integrated with the standard Affirm checkout process. Essentially, it allows you to use Affirm’s BNPL service anywhere a debit card is accepted.
Getting a cash advance from Affirm is not an option, but the Affirm Card is an option to have a physical card designed for you to make purchases at stores or online. While it doesn’t allow ATM withdrawals or cash-back options at stores, you can withdraw money from an Affirm Money™ account (a linked savings account) into your linked external bank account, which then gives you access to cash. When you open this account, you automatically get an Affirm Card, but using the card is completely optional. The virtual Affirm Card can be added to your mobile wallet (Google Pay/Apple Pay). A physical Affirm Card will also be mailed to you, arriving typically within 7-10 business days.
How Can I Get a Cash Advance Online?
Let’s say that you don’t need to finance a purchase with Affirm, but you still need to catch up on bills or pay for car repairs between paychecks. What are your options? Besides asking friends and family for help or relying on a credit card, you have other options, including getting a cash advance online.
Asking friends and family for help can make the relationship stressful, especially if you don’t have a solid plan to pay them back. It may strain your relationship with someone you care about! Instead, you can use your credit card, but you’ll need to have enough available credit to get a cash advance and access funds through an ATM. Additionally, cash advances with a credit card typically have higher interest rates and fees than regular purchases made with your card.
That’s where Max CashⓇ can help. By completing a short inquiry form online at your convenience 24/7, you can discover if a cash advance is an option for you! Get connected to funds in between your paycheck and skip the ATM. Call 833-207-9052 or complete the quick questionnaire now!2 5
