How Does Affirm Access Your Bank Account for Loan Repayment?
Learn how Affirm uses your bank account info for seamless loan repayments and avoid late fees.
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Yes, Affirm does use your bank account information for the purpose of loan repayment. When you choose Affirm at checkout or apply for an Affirm loan, you will be asked to provide your bank account details for repayment. This allows for automatic withdrawals to manage your payment plan conveniently. It's crucial to ensure your bank account has sufficient funds on the due date to avoid any late fees or complications.
FAQs & Answers
- What information does Affirm require for loan repayment? Affirm requires your bank account information to facilitate automatic withdrawals for loan repayments.
- How does Affirm manage payments? Affirm manages payments through automatic deductions from your bank account on the due date of your payment plan.
- What happens if my bank account doesn't have sufficient funds for Affirm payments? If your bank account doesn't have sufficient funds on the due date, you may incur late fees or complications in your payment plan.
- Can I use a credit card instead of a bank account with Affirm? Affirm primarily uses bank account information for payments, but the availability of alternative payment methods may depend on specific agreements or offers.