Never Use Affirm Or Afterpay! Lessons Learned!

Never Use Affirm Or Afterpay! Lessons Learned!

Why you should never use Affirm or Afterpay.

So what is Affirm / Afterpay
Affirm is part of a wave of companies that offer “point-of-sale” financing, which means you will run across it when you are ready to buy something from a retailer. Affirm offers financing for Walmart, furniture store Wayfair, mattress store Casper, travel site Expedia, and more than 2,000 other retailers.

Will it affect my credit?
Affirm runs a real-time, soft inquiry of your credit and decides whether or not to approve you for a loan amount that matches the price of the item you’re buying.

However, proceeding with an Affirm loan may impact your score, since the company reports most of its loans and payments to the credit bureau Experian. Each Affirm loan you get shows up as a separate loan on your credit report.

Now Why You Should Never Use It

1) If you cant, afford to pay with cash, you don’t need it.
If you are using, affirm you are blatantly spending money you don’t have. And waiting until that next paycheck comes in to make that payment. And with 63% of Americans living paycheck to paycheck, do you really want to add more debt for something you don’t need? You will continue to be broke now and be broke later. And like they say, Broke people love payments, rich people love profits.

2) The APR is too high.
Affirm offers APR from 0-30%. While going into more consumer debt is already dumb, even dumber is going into consumer debt at a high Apr. While average credit card APRs around 15%. Imagine doubling that just for one item.

3) They make you think that you will pay 0% APR, but that is not always the case. If you read the details, it says 0% apr for qualified shoppers. But what qualifies shoppers?

50 Comments

  1. Deaven Cates on June 15, 2022 at 9:35 pm

    lmao i got stuff from sezzle afterpay klarna and i haven’t paid any of them and they don’t show up on my credit 😂 and it’s been months so it’s not like it just hasn’t showed up yet…

  2. Sir Jhonson on June 15, 2022 at 9:35 pm

    Go to a pawn shop . Buy it half price and pay for 3 months . I bought a $600 TV for $275 payed for 3 months and picked it up.

  3. Dan N on June 15, 2022 at 9:36 pm

    you utterly given the wrong advices. worst advices. you need to deleted this video before you lose the hope of getting into finance business firm in the future.

  4. Chad Oleszczuk on June 15, 2022 at 9:38 pm

    point 1 depends on your mindset. i can afford a 500 or 1000 dollar purchase. but personally, i dont like seeing big chunks of money come out of my account. so if i can make that spread over 6 months, pay a little interest, i am ok with that

  5. Abraham Rico on June 15, 2022 at 9:39 pm

    So where are the reasons not to use afterpay? you literally only spoke about affirm. Afterpay is pay in 4 payments not for months and charges 0 interest. Change the title man

  6. Safe at Home Medical on June 15, 2022 at 9:41 pm

    It’s a great way to build credit also, and there are no penalties for paying it off early!

  7. Avrom Bigham on June 15, 2022 at 9:41 pm

    Speak for yourself they work for me

  8. Lysa M on June 15, 2022 at 9:41 pm

    Don’t agree

  9. BlackHeart on June 15, 2022 at 9:42 pm

    It won’t allow me to unselect the stupid shit on Amazon

  10. Wicho Flores on June 15, 2022 at 9:43 pm

    Totally agree . Made 2 grand worth off Xmas gift . I’m paying the price now . Seems like they deduct more then once monthly . Can’t wait to pay it off

  11. Fatimah Torres on June 15, 2022 at 9:43 pm

    48payments. They don’t even go out that far? And the interest is not alot

  12. mac23806 on June 15, 2022 at 9:44 pm

    Thanks for the sound advice

  13. Moe B on June 15, 2022 at 9:47 pm

    Oh please, who the hell are you to be giving this shit advise. Go somewhere

  14. Ray on June 15, 2022 at 9:48 pm

    I didn’t learn anything from this video 🤣

  15. may jah on June 15, 2022 at 9:49 pm

    You are crazy as all hell. I use it RESPONSIBLY for trips and everything else I wanna use it for. They have 0% interest for some ppl! Affirm is the shyt! Also, I hv good credit and money but wanna pay shyt off over time! FOH

  16. Pablo Rodriguez on June 15, 2022 at 9:50 pm

    I guess it all depends if you have good or bad credit cause I have horrible credit that I don’t qualify for a anything until I started using Afterpay and legit got me what I needed to get 🤷🏻‍♂️ guess just depends if your really into fixing up your credit and stuff which I’m not into

  17. Potter bat on June 15, 2022 at 9:53 pm

    You can buy tires and some essential things. If you’re in a pinch and need something like tires, there’s nothing wrong with it. If you make your payments on time, it shouldn’t effect your credit negatively.

  18. Dreaming about Outerspace on June 15, 2022 at 9:53 pm

    Jack you didn’t get convince me at all. I use it to pay for an item I can afford to pay right away but I rather pay it over three months or six without the headache of a credit card. I think your video rings a little true for folks who are struggling though.

  19. BB on June 15, 2022 at 9:54 pm

    Affirm is awesome.

  20. Victor Cadena on June 15, 2022 at 9:54 pm

    Gold if purchased right and insured is a asset

  21. StickMaan on June 15, 2022 at 9:56 pm

    Shit doesn’t even fucking work

  22. Yours Truly on June 15, 2022 at 9:56 pm

    AFFIRM runs an inquiry for every $35+ purchase

  23. Allen Monroe on June 15, 2022 at 9:57 pm

    I Love Affirm!❤️

  24. jb888888888 on June 15, 2022 at 9:58 pm

    In January I got a tablet from Boost Mobile as my ACP benefit. Within 24 hours I got an unsolicited text message from Affirm giving a PIN. I reiterate I never contacted them; never asked for it, never even heard of them before.

  25. Zachariah Korando on June 15, 2022 at 10:00 pm

    so you’re saying a firm does charge interest, because my buddy who told me about the app said that they don’t charge interest?

  26. Victor Cadena on June 15, 2022 at 10:01 pm

    Will be put under the asset Column

  27. Qale with the Juice on June 15, 2022 at 10:01 pm

    they work

  28. Cion Dadon on June 15, 2022 at 10:05 pm

    It is not true "If you can’t pay cash for it, you can’t afford it"; that’s what "credit" IS! What you SHOULD address (which is a fact) is being responsible. People who don’t make enough money or are not responsible can easily fall into a hole of owing more money than they can pay with many SMALL amounts payments to these companies. That isn’t the company’s fault; it’s not a scam or robbery, it’s just the consumer NOT being responsible.

  29. M. Bynum on June 15, 2022 at 10:05 pm

    I use both Afterpay and Affirm with zero issues. If you’re given the option the may payment every other week or month, then there’s problem taking a chance at that. As long as you make your payments when it’s due, that’s the only thing that should matter.

  30. Victor Cadena on June 15, 2022 at 10:08 pm

    Bro I purchased gold at a amazing per gram price using money from a business that appreciated handsomely over a few years if I insure it will be a asset.

  31. olive on June 15, 2022 at 10:08 pm

    2:29 LMAOOOOOOOOOO

  32. Chelsea Rose on June 15, 2022 at 10:09 pm

    Apple couldn’t fulfill my order and so Afterpay gave me a partial refund even though I never even received the product and I didn’t make a donation to any charity they took almost half of what I paid for the first month and when I needed customer service they don’t even have a phone line to call I had to do web chat and they take days to reply and on top of that when they finally replied they kept repeating the same thing and did not answer any of my questions or address my issues

  33. Bryan Apolonio on June 15, 2022 at 10:13 pm

    What if I’m just tryna buy a 200 dollar bumper split into four payments I can buy it now but I rather just pay the 50 every two weeks

  34. The FPV Life on June 15, 2022 at 10:13 pm

    Seems like you no little of affirms one time interest charge Vs compound interest from a credit card. Affirm is far better to save money from interest over the time of the loan.

  35. Jerry Yah on June 15, 2022 at 10:17 pm

    Can affirm sue me if I don’t pay their 1800?

  36. FXX K on June 15, 2022 at 10:17 pm

    I have outstanding debt and have been financing electric toothbrushes, stands and umbrellas. I want to finance a 2 drawer stand for my clothes since my tools are taking up space in my room and I can’t, Afterpay is declining my payment even though I paid all my orders off and still have 425$ usd available to spend in ky account. I also, have sufficient funds for a 4 payment plan. Sucks..

  37. 💢Ann Smith💢 on June 15, 2022 at 10:17 pm

    How can you use Afterpay because it’s not working at all these day… NOOB!!!!! 🥴

  38. Sam on June 15, 2022 at 10:18 pm

    LOL if you can’t afford to pay cash for it you don’t need to be buying it…. OK I guess buying a house or a car or who knows what else is irresponsible then.

    I’ve used these companies and always had a good experience, and it didn’t cost me any extra. They make money by getting a cut of the sale from the seller. It costs you nothing. Affirm may be different in that regard, but that probably should have been brought up in the video.

  39. Stephen Aleman on June 15, 2022 at 10:23 pm

    I was looking at taking a trip to hawaii..A bundle Flight+Hotel 4 night stay is split into 3 payments was wondering if anybody has used this

  40. Ariel on June 15, 2022 at 10:23 pm

    I use it to buy diapers and stuff I really need it’s the only place that offered me credit and I’ve actually built my credit since and make payments on time every month and even was able to apply for PayPal credit as well which also raised my score. My credit was wrecked by a student loan and had to completely rebuild it I see affirm as a blessing bc no other place would have ever help me get a loan or line of credit now my score is a 691 whoo! It’s not all bad but the apr does suck but it’s worth paying if you really need to spread the payments out just use it responsibly though it’s easy for payments to wrack quickly up as well.

  41. Victor Cadena on June 15, 2022 at 10:24 pm

    Your not a financial advisor and you shouldn’t be telling people how to spend there hard earned money could have cashed it out with my savings, but why would I do that when I can pay for on payment easily with profits from one of my business????

  42. Sean Harris on June 15, 2022 at 10:25 pm

    I love affirm. I can’t think of anything bad to say about them.

  43. xharley702x on June 15, 2022 at 10:25 pm

    Afterpay is the shit! Don’t listen to this guy I’m a join affirm next. Just don’t buy expensive ass shit. Lol like any other credit system.

  44. ja fer on June 15, 2022 at 10:27 pm

    Not gonna lie.. I used it to pay for a hotel with Priceline when I was gonna be homeless.I am still paying for it, but I am grateful I was able to stay off the streets.

  45. TremaineYourMind on June 15, 2022 at 10:28 pm

    You look 12 and 40 at the same time thats crazy😂

  46. TexasMade83 miller on June 15, 2022 at 10:29 pm

    So I need new tires for my truck .my truck Is how I get back and forth to work so financing a new set of tires would be one of those things because i’m going to make money back on thoses tires because if my truck don’t get me to work then I don’t make money if I’m understanding what you said

  47. Manisha Gilliam on June 15, 2022 at 10:30 pm

    I’ve used Affirm and it hasn’t been reported on my credit. if you get the option where the APR is 0% and 4 bi weekly payments or a loan where you get the option of a 3 month payment plan with 0% APR it won’t be reported. Other than that, I’ve heard it helps people with no credit history build credit, which is awesome.

  48. Logan Polley on June 15, 2022 at 10:30 pm

    You can do it for 3 months say you looking at buying a new seat for your motorcycle that 450 500 bucks you can just pay them off within 3 months and with something like that resale doesn’t matter you bought it to be more comfortable or to use on a daily basis

  49. Tech Flagg on June 15, 2022 at 10:31 pm

    Gotta hard disagree. You’re assuming that just because someone uses this that means they can’t afford the thing they’re buying. I use it so that I don’t have to spend all of my disposable cash on one item at one time. I CAN pay for it in cash but why when I can break the payments up into 4 paychecks. You’re assuming someone is being irresponsible. You’re also picking ‘expensive’ items as well I used Afterpay to get stuff for my cat and a ps5 controller just so I could pay like 50 bucks every 2 weeks instead of paying all at once. Super convenient

  50. Joshua Ransome on June 15, 2022 at 10:31 pm

    i defaulted on 8 affirm installment accounts. nothing happened. only phone calls and emails.

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