A Review of Affirm Canada

Affirm Canada is a buy-now, pay-later (BNPL) financing company, formerly called Paybright. Users can easily qualify for payment plans and instantly see terms and rates.

This article explores the details of the plans Affirm offers, considers who Affirm Canada is best for, and provides advice on how to decide whether it's a good choice for your next big purchase.

What is Affirm Canada?

Affirm Canada is a company that offers buy-now, pay-later plans with participating merchants. Its flexible payment options makes it easier to purchase products and pay them back on a schedule that works for you and your budget.

How does Affirm Canada work?

Affirm Canada offers what are essentially short-term loans with specific interest rates. You may even find the occasional promotion for 0% interest.

If you shop with a merchant that has partnered with Affirm Canada, you can select Affirm Canada as your payment option at checkout. Enter your phone number, choose your payment plan, and Affirm Canada will perform a soft credit pull.

Affirm Canada asks for details like:

• Your name
• Date of birth
• Email address
• Phone number

They ask for your age to ensure you're of legal age and a Canadian resident. If you're not, you won't be eligible to use Affirm Canada.

Other requirements include a valid credit card or Visa debit card. Ideally, you should also have a good credit score, as it will help you get better interest rates.

It's important to note that buy now, pay later plans can contribute to spending beyond your means. Carefully consider your purchases and payments to ensure that you can afford them.

Affirm Canada financing options

When you're ready to check out, choose Affirm Canada and you'll see your options: "Pay in 4" or "Monthly payments."

• Affirm Canada Pay in 4: This option splits your total purchase into 4 payments. There are no interest or processing fees. Once your first installment payment is made and approved, your product will be shipped to you or ready for pickup in-store.
• Monthly payments: The monthly option does include interest charges, though rates can vary. You'll see the interest rate and fees when you set up your monthly payment plan. The company is vague about whether or not it does a hard credit pull, noting that "only some Affirm loan types are eligible to be reported to Experian." It doesn't mention reporting to Canadian credit bureaus.

If you choose to do monthly payments, you're required to immediately pay the tax and any items not eligible for your installment plan.

Pro Tip: Sign up for automatic payments to ensure you never miss one.

How to qualify for Affirm Canada

Affirm Canada checks your eligibility as you move through the shopping process.

• The purchases in your cart must be eligible for payment through Affirm Canada.
• You must also be the age of majority in your province and a Canadian citizen or resident.
• You must use a Canadian bank account, debit card, or credit card to process the transactions.

Finally, Affirm Canada does a credit check to determine your eligibility. If you're approved, you'll see the interest rate(s) and potential fees for your payment plan options.

What stores use Affirm Canada?

Affirm Canada has partner merchants in numerous categories, including home furnishings, electronics, automotive, and sporting goods.

Some examples of Affirm Canada merchants include:

• Apple
• Samsung
• Amazon
• American Airlines
• Parts Avatar
• Article
• Cozey
• Casper
• EQ3
• Structube
• Secret Lab
• Endy
• Rad Power Bikes
• Lee Valley
• BathDepot
• Canac
• RONA
• Dyson
• Foot Locker
• Peloton
• Giant Bicycle
• Newegg
• CheapOair
• Browns

Should you use Affirm Canada?

Affirm Canada is best for people who are good at tracking their finances and making payments on time.

Affirm Canada certainly makes it easier to get big-ticket items that might otherwise require saving or carrying a credit card balance. Because of that, though, it comes with some risks.

If you're prone to impulse purchases, Affirm Canada might make it too easy to shop for things you can't really afford. If you have poor credit, you might see higher interest rates – and if you miss a payment, you could harm your credit score.

The bottom line: If you're going to use buy-now, pay-later plans, do so sparingly. While a purchase here or there can be helpful, multiple installments can become difficult to manage and can hurt you financially.

Is Affirm Canada safe?

Yes, Affirm Canada is safe to use – Affirm Holdings is a recognized business in Canada. There are a few security details to consider, though.

Although Trustpilot verified the company and shows a 1.8 / 5 customer service rating for Affirm, Affirm received an A+ rating from the Better Business Bureau.

According to Norton Security, the Affirm website lacks credit-card-level protection of other merchants and retail websites. Norton recommends checking the site's privacy settings and using a secure login and WiFi network if you plan to use Affirm.

Our experience with Affirm Canada

A Team Genius member used Affirm Canada to split up payments of her new mobile phone over 24 months. It was an unexpected purchase and one she hadn't budgeted for, so the installments helped her stay on track financially while paying off the phone.

Here's what she found:

Checking out

Once I was ready to check out of the Apple Store, I chose Affirm Canada as my method of payment. I had to provide a few details and was instantly approved. I saw the interest rate and total monthly payment.

Since my whole purchase was eligible for Affirm Canada, I only had to pay the taxes immediately.

Confirming the payment plan

I received a confirmation email from Affirm Canada with the details of my payment plan, including a link to sign in to view my plan and/or set up automatic payments (which I did!). It included a schedule of all payments, broken down into principal and interest. I can view the same information in my Affirm Canada profile.

Monthly payments

Since I automated my payments, I don't have to do anything except ensure that my account has sufficient funds to cover the payment on the 18th of each month. Affirm Canada sends me a reminder email and text message a few days before the payment is due to come out of the account.

I can make extra principal payments or pay the remaining balance anytime through my Affirm Canada account.

Affirm Canada alternatives

Don't feel like Affirm Canada is your only BNPL option – many credit cards offer similar services. You'll likely pay a small setup fee and a percentage of the purchase amount as a monthly fee.

Why set up an installment plan instead of just charging the purchase to your credit card and paying it off as you're able? When you set up a BNPL plan with your credit card, you'll usually get much lower interest rates.

The average credit card interest rate in Canada is around 20%, but BNPL interest rates typically range from 5% to 10%. You'll save on interest and have a specific schedule to pay off the purchase.

Note: In many cases, the installment is added to your minimum monthly payment. Miss a payment, and you might be liable to pay the entire payment plan amount immediately.

FAQ

What is Affirm Canada?

Affirm offers financial services in Canada – namely, buy-now, pay-later plans. You might see the option to use Affirm Canada when shopping online, or you can start shopping directly from the Affirm Canada website, where redirect links will take you to retail partner websites.

What are the Affirm approval requirements in Canada?

If you're a Canadian citizen or permanent resident who is of the age of majority in your province, you meet Affirm's basic eligibility requirements. You'll also need to provide a Canadian bank account, debit card, or credit card to process the transactions.

What's the downside of using Affirm?

Affirm's customer service and security are often criticized. And since it partners only with select merchants, you might not be able to use the payment plan at your retailer of choice. Buy-now, pay-later plans also carry the risk of debt if you can't stay on top of payments.

Does Affirm affect your credit in Canada?

No, setting up an initial Affirm Canada repayment plan doesn't necessarily damage your credit score (though the company gives ambiguous info about credit checks). However, if you fall behind on payments or take on too much debt, your score could drop.

Are there any Affirm Canada stores?

No, there aren't any brick-and-mortar Affirm Canada stores or locations for the public to visit. But you can use Affirm's financing when shopping in-store with Affirm Canada partners – just download the Affirm Canada app and request a payment plan before heading to checkout. Don't forget to read the terms and conditions before completing the transaction.