I used an Affirm installment loan to buy a sofa, I would recommend it

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  • I purchased a sofa from online retailer Inside Weather in October 2019 using an installment loan from Affirm. The sofa cost a little over $ 1,200.
  • Obtaining the loan was easy with a very good credit rating, and I was offered three payment options: six, 12, and 18 months. I paid $ 206 per month for six months using auto pay.
  • I liked that the loan allowed me to let my money grow in a high yield savings account, but I didn’t like Affirm’s frequent marketing emails.
  • See Business Insider’s Picks For The Best High Yield Savings Accounts »

I moved into a new apartment last October and when my couch got taken in the moving van, I almost covered my eyes in shame. Yes, yes, I’m dramatic, but this sofa had seen better days – after years of dining, movie nights, sobbing parties, outside visitors and rowdy kids and animals, it was. time for something new. Farewell my beloved.

My husband and I decided to buy a sofa at Indoor weather, one of those new online sofa in a box retailers, and after checking fabric samples and selecting some custom items (like cushions and legs), we went with a teal three-seater that could resist to the scratches and wandering of our little dog.

The total cost of the sofa was $ 1,238.32 after taxes and with a 10% off coupon (the original price was $ 1,248 before taxes). This was a pretty big expense, especially since my old sofa cost around $ 300 with delivery.

We had money in our savings that could have covered the couch, but at the time it was earning 1.82% interest in a high yield savings account. So when we checked and Inside Weather offered the option of taking out a 0% interest installment loan through Affirm, we opted.

Apply for an Affirm installment loan

I have a “very good” credit rating, so I was able to qualify for a 0% interest rate loan, although this is not an option for all consumers. I had several repayment options: six, 12 or 18 months. I chose a six month loan with a payment of $ 206 per month. Below is a screenshot of the options that were offered to me before the 10% coupon was applied.

confirm the installment loan

Three payment options were offered.

To assert


Applying for the loan was straightforward – I did it as part of the Inside Weather payment process, and it only added a few minutes to the typical payment time.

I selected “Affirm” as the payment method (rather than entering my credit card information or using PayPal) and once I “verified” with Inside Weather I was directed to the Affirm website where I entered personal information and got almost instant results. I did not see any serious investigation on my credit report after I applied for the loan. The loan appeared as an unsecured loan on my credit report after I started making payments, and now appears as a “closed account.”

How it was to repay the loan

I have set up an automatic payment for my Affirm loan so that I don’t have to actively think about making a payment every month. A few days before my automatic payment date each month, Affirm sent me an SMS and an email reminding me that payment will be taken from my account soon. I enjoyed this – it helped me make sure there was enough money in my account to cover the payment.

Overall, I had a good experience with Affirm – taking out the loan was straightforward, paid no interest, and my savings were able to earn interest while I made the loan on my couch.

The only thing I found frustrating about Affirm was their frequent marketing emails. Within days of purchasing my sofa, I received an Affirmer email that said, “Your next big purchase doesn’t have to wait.” I wasn’t looking to spend more money on big purchases – especially since I had just borne the cost of a move to Los Angeles (ouch!) – and the company’s regular follow-ups encouraging me to spending was downright boring. I didn’t succumb to marketing, but I didn’t like it either.

I could consider using an installment loan again in a similar situation, although the rates for high yield savings accounts are now quite low, so there is not as much to be gained by leaving your money there at the end of the day. instead of repaying the loan immediately. The other option would be to save up front for the cost of a big purchase (allowing that money to grow into savings) and use that to make that purchase, as it’s always nice to free up cash months after month.

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