LAS VEGAS–(BUSINESS WIRE)–
MONEY 20/20 — Affirm, Inc., the aggregation started by consecutive administrator Max Levchin to accommodate fair and honest cyberbanking services, today appear the attainable absolution of its new adaptable appliance advised to reinvent claimed credit.
This columnist absolution appearance multimedia. View the abounding absolution here: http://www.businesswire.com/news/home/20171023005381/en/
The new Affirm app, activated for over a year and now attainable for download from the App Store and Google Play, lets barter breach big online purchases into smaller, anchored payments with a simple basic agenda — eliminating the all-overs and ambiguity of acceptable acclaim cards.
“Credit today is burst — primarily because the incentives for banks that affair it are congenital on business models that accumulation from consumers’ failure,” said Levchin. “Our mission is to fix this inherently burst model. The approaching of acclaim is not a acceptable card, it’s a avant-garde app that puts consumers in control, allowance them use acclaim artlessly and advisedly while giving them added aplomb over their cyberbanking lives.”
In 2016, acclaim agenda issuers in the United States raked in $94.3 billion in fees apprenticed by as abounding as 12 altered fees, including $12 billion in penalties alone. As a result, added and added consumers added try to abstain application acclaim cards, the best all-over chump acclaim product, but rarely accept a fair and honest alternative.
A contempo abstraction conducted by Affirm of added than 1,600 U.S. adults begin that 67 percent of Americans accept an absolute abhorrence of debt. Almost a third — 32 percent — are aflutter because they don’t apperceive how continued it would booty to pay off. And, about three out of four – 72 percent of respondents – who accept agitated a acclaim agenda balance, afraid about how abundant their purchases would end up costing in total, including interest.
The analysis additionally begin that 46 percent of respondents who accept agitated a acclaim agenda antithesis enjoyed some purchases beneath due to accustomed that balance. Eighty-seven percent of respondents bidding absorption in a simple way to pay for ample purchases over time that was not a acclaim card. And, 68 percent of respondents cited “knowing absolutely how abundant I’ll owe and when, including interest,” as the best ambrosial aspect of a simple acclaim agenda alternative.
Affirm is Reinventing Claimed Credit
To adjust its articles with the interests of consumers and put them in ascendancy over how they accomplish big purchases, Affirm has congenital its cyberbanking casework business on three simple policies:
The after allowances to barter accept been appropriately simple. Affirm users accept accord of apperception in putting a anchored cardinal of payments against detached purchases instead of nebulous, amaranthine revolving balances. They accept a activity of adeptness in authoritative absolute account beforehand appear advantageous bottomward debts whose absolute amounts are set and bright afore they columnist the buy on. And they acknowledge the artlessness and abstemiousness mechanisms of honest acclaim with no hidden fees, accomplished book or surprises.
“Our different accuracy gives cyberbanking ascendancy to consumers – article abnormally important to Millennials, but awful admired to everyone,” said Levchin. “Fair and honest acclaim is what consumers appetite and apprehend today. It’s aerial time to deliver.”
New App Takes Affirm Anywhere
With added than 1,000 retail ally and added than 1 actor loans issued, Affirm is now absolution its aboriginal direct-to-consumer artefact with the aim of benefiting both barter and retailers.
The new Affirm app is a simple, fast acquaintance that requires alone a few curtains to breach any big online acquirement into smaller, anchored payments. Users aloof attainable the app and appeal a one-time-use basic agenda to accomplish a acquirement wherever they’re shopping. They alone booty out the acclaim they charge and apperceive up avant-garde absolutely how abundant they’ll owe on the agenda and agreement of their choosing. There are no hidden fees, accomplished print, or penalties for aboriginal repayment.
“Providing our users with the adeptness to use Affirm at their admired shops online is aloof addition footfall appear reinventing claimed credit,” said Jack Chou, Affirm’s arch of product. “We’re aflame about the possibilities we can action consumers back it comes to their cyberbanking well-being.”
The new Affirm app is attainable for download today from the App Store and Google Play.
Affirm offers casework that empower consumers to beforehand their cyberbanking well-being. Our ambition is to accommodate the cyberbanking industry to be added answerable and attainable to consumers. Today, Affirm shoppers get the adaptability to buy now and accomplish simple account payments for their purchases. Unlike acquittal options that accept compounding absorption and abrupt costs, Affirm shows barter upfront absolutely what they’ll owe — with no hidden fees and no surprises. Affirm additionally alcove a broader citizenry of consumers through avant-garde technology and analytics that attending above acceptable FICO scores. These appearance access chump achievement over added options. Affirm loans are fabricated by Cross River Bank, a New Jersey Chartered Commercial bank, Member FDIC.
View antecedent adaptation on businesswire.com: http://www.businesswire.com/news/home/20171023005381/en/
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