Paying for big purchases all at once can be pretty overwhelming at times. Even if you can afford it, giving away a large amount of money immediately can seem scary especially when you are not accustomed to purchasing expensive stuff. Fortunately, companies like affirm exist to help people out with this problem.
Affirm works on the basic premise of helping people by making better financing decisions. This platform provides users with an option to either request a loan or pay for their purchase in 4 installments. However, this finance management platform has a few restrictions such as high credit scores and non-availability in several scores. Hence, here are 7 alternative companies that you can go for like Affirm. Moreover, we also have a guide for websites like Redbubble that you might find helpful.
1. Klarna
One of the major reasons why Klarna is considered a great alternative for Affirm is its payment plan. While Affirm binds its users with an option to avail only from its two plans – an installment with the first one due immediately and a loan (with a very high rate of interest) – Klarna offers its users three different options to choose from to make their purchase.
The first plan offered by Klarna revolves around payment in 4 parts with the first one due right away, which is quite similar to Affirm. However, users are supposed to pay for the rest of the parts every 2 weeks. The second plan is an EMI system in which Klarna offers plans that extend up to 36 months. The third plan is a little unique – users can make the purchase immediately and pay after 30 days.
2. Splitit
Having a poor credit score can act as a drawback in several cases, such as when you need to apply for a loan (or any other alternative payment plan) from platforms such as Affirm. However, Splitit has got you covered – since this finance assistance platform does not require your credit score in any case.
As long as you have credit on your credit card, you can avail of the services of Splitit to help you make your big purchase or investment. Another big advantage of using Splitit is that it does not charge any interest rate from its users.
3. Zip
QuadPay was rebranded as Zip and it is considered to be a great option if you are looking for platforms like Affirm. This app provides its users with an online Zip Visa debit card which can be added to their Google Pay or Apple Pay accounts to carry out purchases.
These debit cards allow flexible payment for purchases, which is in four parts. However, Zip works on a subscription basis with a charge of about 8 dollars every month. It does not ask you to pay if you have no balance in your account. Additionally, Zip works on sites such as Airbnb too – which is not seen in the case of Affirm.
4. Sezzle
Sezzle is considered a good option for people who like to purchase first and pay later. Unlike Affirm, this platform allows users to change their payment dates even after the process of setting it up has been completed – which makes it very convenient to use.
If your business stands out for being owned by the black community, then Sezzle will be beneficial for you since this platform has a complete section that works for this category of audience. There is no interest fee or late penalties on this site too.
5. Afterpay
If you end up purchasing more than you should from websites like Affirm, then going for Afterpay is a good decision. This platform is ideal for people who struggle to keep a track of their expenses and financial management, as Afterpay assists efficiently in this process.
The first payment made through Afterpay has to be upfront, and then the users are eligible to make purchases with assisting payment plans from this platform. There is a spending limit that every user has to adhere to (ranging from 500 to 600 dollars). When this site is convinced that you are, in fact, a smart spender then the spending limit can be increased too.
6. Uplift
If you love traveling but struggle to pay for the expenses all at once, then going for Uplift may be a smart decision. This platform only works with helping people pay for their travel expenses, hence it has been able to grow significantly within the niche.
Many companies like Affirm fail to work with such sites; yet Uplift is accepted on top traveling platforms such as CheapOair, Just Fly, Alternative Airlines, Priceline, Alaska Airlines, United, Allegiant Air, American Airlines, Hawaiian Airlines, Lufthansa, Canada Jetlines, Southwest, Spirit, Sunwing, Volaris, TAP Air Portugal, Caribbean Airlines, Air Canada and so on.
AeroMexico, Azul Airlines, Bearskin Airlines, and Air Tahiti Nui accept the payment plans by this company too. However, while Uplift is ideal for taking care of your airline expenses – it is not all that it is limited to. This company offers excellent financing plans for cruises, hotels, vacation packages, and so on too.
Frequently Asked Questions
Q1. What company is the same as Affirm?
Ans. Klarna and Afterpay are considered to be the same as Affirm.
Q2. Should I use Splitit or Affirm?
Ans. The services and payment plans of Splitit are reviewed to be better than those of Affirm, hence you should use the former option.
Q3. Is paying with Affirm a bad idea?
Ans. If you have a good credit score and the payment plan seems fine to you, then going for Affirm is not a bad idea because it is very safe and reliant.
Q4. Is Afterpay or Affirm better?
Ans. If one struggles with bad credit scores, then Afterpay would be better for them because it does not require you to possess a good one in the first place.
Q5. Does Affirm increase credit limit?
Ans. No, Affirm does not increase the credit limit.
Q6. What score do you need for Affirm?
Ans. One should possess a credit score of at least 550 to qualify for payment plans offered by Affirm.
