Reading Financing with Affirm: FAQ – Peloton Support – updating 2022
What financing plans do you offer?
Peloton has partnered with Affirm to offer interest-free payment plans with the purchase of a Peloton hardware package. With Affirm, you can spread your payments over 12, 24, 39, or 43 months, depending on whether you choose Bike or Bike+.
Am I eligible?
You must be at least 18 years of age to be eligible for Affirm credit products.
All applications are subject to a credit check and approval by Affirm. Verifying your eligibility for financing with Affirm will appear on your credit report, but will not affect your credit score. However, other lenders may see this request on your credit report, which may affect their decision. See help.au.affirm.com for more details.
Is my membership included in my monthly payments?
no The All-Access Membership ($59/month) required to access Peloton courses is not included in your monthly payments to Affirm. All Access Membership is billed separately monthly by Peloton and charged to the payment method you select at checkout.
Who is Affirm?
Confirm is a financial services technology company that gives shoppers the flexibility to buy now and make easy monthly payments for their purchases. Unlike payment options, which can involve compound interest and unexpected charges, Affirm customers know exactly what they’re paying upfront – with no hidden fees and no surprises.
How do I place an order with Affirm finance?
Shopping with Affirm is easy. Put the package you want to buy in your shopping cart and checkout as usual. Then select the payment method “Pay Over Time”. This will start your application with Affirm. You will then be asked to provide some basic details so that Affirm can verify your eligibility for the loan product. If you are approved, your payment plan is created and your order is placed with Peloton. It is a short application process that will briefly redirect you to Affirm’s website to apply and determine your eligibility for funding. Upon completion of the Affirm experience, you will be automatically redirected to Peloton’s website.
What information do I have to provide when purchasing?
Please note that Affirm evaluates all applications individually. The result of a previous loan application with Affirm does not guarantee the same result on subsequent applications.
How much do I pay each month?
Your monthly payment depends on the length of the plan you choose, as well as the items you buy with Affirm. Payment plans for the original Peloton bike start at just AU$68 per month for 39 months (total price of AU$2,645). The table below shows an example of the payment plans available for our most popular packages when purchased on a 12, 24, 39, or 43-month plan.
Do I pay more if I buy with a finance plan?
Affirm’s interest-free loan offerings mean you don’t pay more. Your monthly payments with Affirm are taken directly from your debit card or bank account. Please ensure that the payment instrument you choose can cover the repayment on your monthly due date.
What happens if I pay late or miss a payment?
Your monthly payment must be received by Affirm by the Payment Due Date. Affirm does not charge for late payments, but because repayment history is considered for future loan applications, Affirm encourages you to make your payments as soon as possible. If you have trouble making payment, please contact customer service via Affirm customer service page.
Can I buy accessories with the financing plan when I buy Peloton hardware?
You can bundle your hardware and accessory purchases into one Affirm payment plan. Your monthly payments will be adjusted accordingly.
I was asked to go to Affirm’s website. Is that correct?
If I apply for financing, will it affect my credit score?
Verifying your eligibility for financing with Affirm will appear on your credit report, but will not affect your credit score. However, other lenders may see this request on your credit report, which may affect their decision. For questions about the credit verification process, visit help.au.affirm.com
I have a referral code, can I still use it if paying with a financing plan?
Yes, simply add Peloton hardware and accessories to your cart and enter your referral code at checkout. Your subtotal will be reduced by the amount and your monthly payments will be adjusted accordingly.
I want to set up automatic monthly payments, how do I do that?
When you apply for financing with Affirm, you have the option to set up automatic monthly payments. You can choose to set up automatic payments using your debit card or direct debit bank account. Once auto payment is set up, Affirm automatically collects your monthly payments on the due date.
I bought with a finance plan and want to return my order. How long will it take to get my refund?
When you purchase from Affirm, Peloton’s standard terms and conditions apply to your order. Once Peloton has processed your refund, it may take up to 21 days for Affirm to post to your account. The refund will then be applied to the loan and if you have already paid part of the loan amount Affirm will refund it to the linked payment instrument. For example, if a purchase is $2,000 and you have already paid $500 by direct debit, $1,500 will be applied to the loan and $500 will be refunded by direct debit.
Can I use the 30-day Home Trial if I use Affirm Funding?
Yes, all Peloton members in Australia are eligible to return their Peloton hardware (and accessories if purchased together) up to 30 days from the delivery date. Read the Home Trial Terms and Conditions here. During your 30-day Home Trial, the first payment due on your Affirm payment plan may become due, and you are responsible for paying it on time. If you contact Peloton on or before the 30th day, provided you meet the terms and conditions, you will receive a full refund for your order and any All-Access membership subscription payments made, and your payment plan with Affirm will be closed.
I see there is an option to prequalify with Affirm. What does that mean?
A pre-qualification is an estimate of the dollar amount Affirm may be able to loan you. It is an estimate only and does not guarantee approval. You still need to go through Affirm’s credit check and application process to receive your final loan terms.
What information does Peloton share with Affirm?
Peloton shares your order information and shipping details related to your transaction with Affirm, such as your name, address, email address, phone number, and the details of your order.
I have a complaint about Affirm, what can I do?
Affirm takes customer complaints seriously. If you encounter an issue with Affirm’s application process or payment schedule, please do not hesitate to visit our Help Center at help.au.affirm.com to let us know of your dissatisfaction and we will endeavor to resolve your issue solve.
How long does it take for my financing to be approved and the order to be completed?
When you request Affirm at checkout, it generally takes up to 15 seconds to know if you’ve been approved. If you’re approved, you’ll see your credit options and can choose which credit you want to take out.
I still have questions about Affirm funding.
please visit Affirm customer service page for a full set of FAQs.
So the article “Financing with Affirm: FAQ – Peloton Support” has ended. Thank you and best regard !!!