Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #15681333
Complaint Overview
Complaint ID: 15681333
Company: Affirm Holdings, INC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: Maryland
ZIP Code: 21114
Date Received: 2025-09-02T12:00:00-05:00
Date Sent to Company: 2025-09-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
Affirm is attempting to collect unaccrued interest on a fully paid simple interest loan, in contradiction of both the loan agreement and their own agent statements. I accepted an Affirm loan electronically for {$1400.00}, structured over 18 installments. The loan agreement ( specifically Provisions 5, 6, and 12 ) explicitly describes this as a simple interest loan with interest accruing daily on the unpaid principal balance, and no prepayment penalty. Provision 6 further explains that monthly payments include both principal and interest, reinforcing that interest should decline as the principal is reduced. By XX/XX/scrub>XXXX XXXX XXXX I had made XXXX payments of {$100.00} each and an additional early payment of {$82.00} totaling {$1400.00}. This fully satisfied the principal. However, Affirm continued to show a remaining balance of {$450.00} the exact total of projected interest from the original loan schedule. This suggests they are attempting to collect all precomputed interest regardless of early payoff, which directly contradicts : The terms outlined in the loan agreement Affirms own agents repeated confirmations ( via chat ) that interest accrues daily Their claims that early payoff would reduce total interest owed I will attach screenshots of those conversations, provisions from the loan agreement, and dashboard images showing amount paid and remaining balance. On XX/XX/XXXXXXXX XXXX Affirm updated the remaining balance to {$410.00}, which may reflect a representatives prior ( and inconsistent ) statement that I would save roughly {$40.00} by paying early. This further supports my concern that Affirm is calculating this loan as if it were based on precomputed interest, despite the agreements clear language indicating otherwise.
Frequently Asked Questions
What is Complaint #15681333 about?
Complaint #15681333 was filed against Affirm Holdings, INC regarding Payday loan, title loan, personal loan, or advance loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2025-09-02T12:00:00-05:00.
How did Affirm Holdings, INC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Affirm Holdings, INC?
Yes, visit the Affirm Holdings, INC company profile at readthecomplaint.com/company/affirm-holdings-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.