What happens if I miss a payment on my Affirm loan?

If a customer misses a payment on their Affirm loan, there can be several potential consequences. Initially, Affirm may charge a late fee, which can vary depending on the terms of the loan agreement. It is important for borrowers to be aware that missing a payment might also impact their credit score. Affirm generally reports payment history to credit bureaus, and consistently late or missed payments can reflect negatively on a customer's credit profile. Additionally, if a payment is missed, Affirm may reach out to the customer to provide reminders or discuss the missed payment. It is essential for customers to understand that taking timely action can help mitigate further financial complications. For instance, making the payment as soon as possible could prevent additional penalties and the potential for the account to be sent to collections. In some cases, Affirm may offer options for rescheduling payments or providing temporary relief, depending on individual circumstances. For the most accurate and up-to-date information, it may be helpful for customers to refer to their loan agreement and the current web page regarding policies on missed payments and late fees.