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Pay for classes over time with

Scholé Academy is pleased to partner with Affirm for financing of course purchases. Affirm provides the option to qualify for financing at the point of checkout and to pay for your course purchases in monthly payments. Learn more about how it works below or click here to see if you qualify.

Affirm Overview and Application Process

 

What is Affirm?

Affirm is a financing alternative to credit cards and other credit-payment products. Affirm offers instant financing for online purchases to be paid in fixed monthly installments.

 

Why buy with Affirm?

  • Buy and receive your purchase right away, and pay for it over several months. This payment option allows you to split the price of your purchase into fixed payment amounts that fit your monthly budget.
  • If Affirm approves your loan, you’ll see your loan terms before you make your purchase. See exactly how much you owe each month, the number of payments you must make, and the total amount of interest you’ll pay over the course of the loan. There are no hidden fees.
  • The application process is secure and real-time. Affirm asks you for a few pieces of information. After you provide this information, Affirm notifies you of the loan amount that you’re approved for, the interest rate, and the number of months that you have to pay off your loan — all within seconds.
  • You don’t need a credit card to make a purchase. Affirm lends to the merchant directly on your behalf.
  • You may be eligible for Affirm financing even if you don’t have an extensive credit history. Affirm bases its loan decision not only on your credit score, but also on several other data points about you.
  • Affirm reminds you by email and SMS before your upcoming payment is due.Enable Autopay to schedule automatic monthly payments on your loan.

 

What is required to have an Affirm account?

To sign up for Affirm, you must:
  • Be 18 years or older (19 years or older in Alabama or if you’re a ward of the state in Nebraska).
  • Not be a resident of Iowa (IA) or West Virginia (WV).
  • Provide a valid U.S. or APO/FPO/DPO home address.
  • Provide a valid U.S. mobile or VoIP number and agree to receive SMS text messages. The phone account must be registered in your name.
  • Provide your full name, email address, date of birth, and the last 4 digits of your social security number to help us verify your identity.

 

How does Affirm work?

Affirm loan-application process steps:
  1. At checkout, choose Pay with Affirm.
  2. Affirm prompts you to enter a few pieces of information: Name, email, mobile phone number, date of birth, and the last four digits of your social security number. This information must be consistent and your own.
  3. To ensure that you’re the person making the purchase, Affirm sends a text message to your cell phone with a unique authorization code.
  4. Enter the authorization code into the application form. Within a few seconds, Affirm notifies you of the loan amount you’re approved for, the interest rate, and the number of months you have to pay off your loan. You have the option to pay off your loan over three, six, or twelve months. Affirm states the amount of your fixed, monthly payments and the total amount of interest you’ll pay over the course of the loan.
  5. To accept Affirm’s financing offer, click Confirm Loan and you’re done.
Payment options through Affirm are provided by these lending partners: affirm.com/lenders. Options depend on your purchase amount, and a down payment may be required.
After your purchase, you’ll receive monthly email and SMS reminders about your upcoming payments. You can also set up autopay to avoid missing a payment.  Your first monthly payment is due 30 days from the date that we (the merchant) processes your order.

 

Interest Rates and Fees

 

What are Affirm’s fees?

The annual percentage rate (APR) on an Affirm loan ranges from 0% to 30%. Affirm discloses any required fees upfront before you make a purchase, so you know exactly what you will pay for your financing. Affirm does not charge any hidden fees, including annual fees.

 

How is interest on an Affirm loan calculated?

Affirm calculates the annual percentage rate (APR) of a loan using simple interest, which equals the rate multiplied by the loan amount and by the number of months the loan is outstanding.
This model differs from compound interest, in which the interest expense is calculated on the loan amount and the accumulated interest on the loan from previous periods. Think about compound interest as “interest on interest,” which can increase the loan amount. Credit cards, for example, use compound interest to calculate the interest expense on outstanding credit card debt.

 

Making Payments and Refunds

 

How do I make my payments?

Before each payment is due, Affirm sends you an email or SMS reminder with the installment amount that is coming due and the due date. You have the option to sign up for autopay, so you don’t risk missing a payment.
Follow these steps to make a payment:
  1. Go to www.affirm.com/account.
  2. Enter your mobile phone number. Affirm sends a personalized security PIN to your phone.
  3. Enter this security PIN into the form on the next page and click Sign in.
  4. After you sign in, a list of your loans appears, with payments that are coming due. Click the loan payment you would like to make.
  5. Make a payment using a debit card or ACH bank transfer.

 

If I return an item, how do refunds work?

A refund posts to your Affirm account if we process your refund request. If you have already made loan payments or a down payment, Affirm issues a refund credit to the bank account or debit card that you used to make the payments.

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