What Bank is Affirm Associated With?

Affirm is a financial technology company that specializes in providing financing and payment solutions. Its partnership with Cross River Bank is a key element in delivering these services to consumers. Cross River Bank, based in New Jersey, has a significant role in facilitating the financing and payment processes for Affirm.

Partnership Details

The relationship between Affirm and Cross River Bank is multifaceted. Affirm leverages the lending capabilities of Cross River Bank, a Member FDIC (Federal Deposit Insurance Corporation)-insured bank, to offer its financing and payment services. This includes loans and debit banking services, ensuring financial security and compliance with regulatory standards.

Lending Services

Affirm provides various loan options through its partnering banks, including Cross River Bank and Celtic Bank, also a Member FDIC-insured institution. Customers can apply for financing with a 0% to 30% APR, depending on their creditworthiness. The interest rate is subject to an eligibility check, and the terms and conditions vary based on the purchase amount and whether a down payment is required.

Savings Accounts

Affirm also offers savings accounts that are held with Cross River Bank, ensuring the safety and security of customer funds. These accounts are also protected by the FDIC, providing an additional layer of financial assurance.

Debit Banking Services

The debit banking services provided by Affirm are handled through Evolve Bank Trust, another Member FDIC-insured institution. This service allows customers to manage their finances through a debit card and online banking, offering convenience and control over their money.

Frequently Asked Questions

For consumers interested in using Affirm's services, it's important to understand the underlying institutions and processes. Here are some common questions and their answers:

1. Is Affirm associated with any specific bank?

Affirm works with Cross River Bank, a Member FDIC-insured bank, to provide various financial services. This partnership is crucial for ensuring that customers have access to safe and reliable financing options.

2. What are the lending partners of Affirm?

Affirm has partnered with Cross River Bank, Celtic Bank, and Affirm Loan Services LLC to provide loans for its customers. These institutions ensure that the loans and savings accounts meet the necessary regulatory standards and are secure for customers.

3. How are the interest rates for Affirm loans determined?

The interest rates for Affirm loans range from 0% to 30% APR, depending on the customer's creditworthiness. The exact rate is determined by an eligibility check and is subject to the terms and conditions of the specific credit agreement.

Conclusion

Affirm's association with Cross River Bank and other lenders provides customers with a wide range of financial services, from loans to savings accounts. By leveraging the secure and compliant institutions, Affirm ensures that it offers its users a reliable and secure financial experience. Understanding the underlying partners and services can help customers make informed decisions about their financial needs.

Keywords: Affirm, Cross River Bank, Financing Services