Can you cancel an Affirm loan?

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Can you cancel an Affirm loan?

Yes, it is possible to cancel an Affirm loan. Affirm offers a simple and straightforward cancellation policy that allows borrowers to cancel their loans under certain conditions. However, it is important to understand the terms and requirements associated with loan cancellations to avoid any complications. In this article, we will address the question of whether you can cancel an Affirm loan and provide answers to twelve related frequently asked questions.

Table of Contents

FAQs:

1. Can I cancel an Affirm loan after signing?

Yes, borrowers have the option to cancel their Affirm loans within 30 days from the date of the loan agreement by contacting Affirm’s customer support.

2. Is there a cancellation fee for an Affirm loan?

No, Affirm does not charge any cancellation fees. However, please note that you would still be responsible for repayment of the portion of the loan that you used, including any accrued interest.

3. How can I cancel my Affirm loan?

To cancel an Affirm loan, you need to contact Affirm’s customer support either by phone or email and inform them about your decision to cancel the loan.

4. Can I cancel an Affirm loan after I’ve received the funds?

Yes, you can still cancel your Affirm loan even after receiving the funds. However, you need to repay the borrowed amount in full as well as any accrued interest.

5. What happens to the interest if I cancel my Affirm loan?

If you cancel your Affirm loan, any interest accrued on the borrowed amount will be waived, and you will not have to repay it.

6. Can I cancel an Affirm loan if I have already started making payments?

Yes, you can cancel your Affirm loan even if you have started making payments. However, you should be aware that you would still be responsible for repaying the borrowed amount and the interest accrued up to that point.

7. How long does it take to process a loan cancellation with Affirm?

Once you contact Affirm’s customer support to cancel your loan, the cancellation process usually takes a few business days. However, the exact time may vary, so it is best to inquire with Affirm directly.

8. Can I cancel an Affirm loan if I want to refinance with another lender?

Yes, you can cancel an Affirm loan if you wish to refinance with another lender, but you would need to repay the full borrowed amount, along with any accrued interest, before obtaining a new loan.

9. Can I cancel an Affirm loan if I’ve already made a down payment?

Yes, you have the option to cancel an Affirm loan, even if you have made a down payment. However, the down payment amount will be applied to reduce the total loan amount you need to repay.

10. Can I cancel an Affirm loan for any reason?

Yes, you have the right to cancel an Affirm loan for any reason within the provided cancellation period, as long as you repay the borrowed amount and any accrued interest.

11. What happens to my credit score if I cancel an Affirm loan?

Canceling an Affirm loan should not directly impact your credit score, as Affirm does not report to credit bureaus. However, it is always advisable to check with credit agencies for any potential impact on your credit report.

12. Can I partially cancel an Affirm loan?

No, Affirm does not offer the option to partially cancel a loan. If you decide to cancel your Affirm loan, you would need to repay the full principal amount and any accrued interest associated with the loan.

In conclusion, canceling an Affirm loan is indeed possible and relatively hassle-free. By following the necessary steps and meeting the repayment requirements, borrowers can cancel their loans without incurring any additional fees or penalties. It is always important to review Affirm’s cancellation policy and contact their customer support for any further clarification or assistance.

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