Before applying

Am I eligible for installments?
If customers are over the age of 18, reside in the US, and are paying in USD, they are eligible to apply for Shop Pay Installments.

What is Shop Pay and why do I need to create an account?
Shop Pay is a virtual wallet that offers several benefits for customers. In addition to installment payment options, shoppers can use Shop Pay to securely store payment info and speed up checkouts online. Creating a Shop Pay account is required to use Shop Pay Installments.

What are the various payment plans available?
— Interest-free payment plans over 4 bi-weekly payments
— Interest-bearing payment plans over monthly terms (3, 6, or 12 months)

What does the application process look like?
Applying for Shop Pay Installments takes 5-10 minutes and requires:
— Signing up and setting up a Shop Pay account
— Completing a Shop Pay Installments application
— Selecting a payment plan

Will installments with Shop Pay impact my credit score?
For 4 bi-weekly, interest-free payment plans: No. These transactions are not reported to credit bureaus. For monthly, interest-bearing plans: Yes. A buyer’s repayment behavior for Shop Pay Installments can impact their credit score.

Where can I learn more before applying?
https://shoppay.affirm.com/help/s/article/about-sp 

 

During and after applying

Do I have to provide this personal information?
Yes. Required fields in the application process are necessary for Affirm to verify a customer’s identity and determine their rate and payments.

What will my interest rate be?
Your interest rate will be determined by Affirm. Complete the application to review your rate.

What will my monthly payments be?
Your monthly payments will depend on the payment terms you choose along with the rates offered to you upon approval. Complete the application to review your payments.

Can I pay off my loan early?
Yes. There are no additional fees or penalties for paying more or paying off your loan.

Can I return an installments purchase? 

Yes, installments purchases can be returned; however, any paid interest will not be refunded. Please note that all returns must comply with our return policy. Some items are non-returnable, including those purchased on sale, final sale, clearance, or received through giveaways. Be sure to review our return policy for full details before initiating a return. https://magneticgal.com/policies/refund-policy 

Where will I manage my payments or view my loan terms?
Once approved, customers will receive an email from Shop Pay Installments x Affirm with their loan terms and directions to log in and view their Shop Pay account online. They can also manage payments in the Shop app.

Why was I not approved for Shop Pay Installments?
Check your inbox for an email from Affirm. This email will provide reasons why you were not approved. To protect the customer’s privacy, Affirm does not share ineligibility reasons with retailers.