TessMore Finance Blog

Yes, you can pay off early with the affirm financing. Further, affirm does not impose any penalty on early repayment. In fact, you save interest that has not been accrued at the repayment date. However, interest accrued to the repayment date has to be paid. It’s important to note that early repayment is one of the facilities offered by affirm. Otherwise, traditional financing companies impose penalties as they have to lose an income that has not been accrued on the balance in line with the schedule. However, the facility to make early repayment is available with the affirm financing without financial repercussions. So, you can opt to pay more than your monthly installment. And every extra dollar you pay is deducted from the outstanding balance. In addition to this, interest is accrued on the balance after deducting the repayment balance including scheduled payments and the excess amount repaid. Affirm also sends you a payment reminder three days before the due date. However, if ...

What is Affirm? If you enjoy the ‘buy now, pay later (BNPL)’ strategy of purchasing then you might have heard of the name ‘Affirm’. Affirm was founded almost a decade back in 2012 by Max Levchin, who is also the co-founder of PayPal. Currently headquartered in San Francisco, USA, it is a popular financial lending company that provides a short-term financing opportunity to distribute a fairly large payment into small payments over a period of a few months or a year. This way you don’t have to delay your favorite phone or laptop purchase because of not having sufficient savings. Affirm will pay the due amount in full for you; you’ll receive your item and then you can pay them back at your ease at minimum interest rates. Detailed understanding To better understand the Affirm financing mechanism , imagine yourself in a scenario where you are having your big day next week and the bridal dress is yet to be chosen. Two days before the event, you have finally found your dream dress ...

Buy Now Pay Later (BNPL) used to be a fringe benefit, allowing customers to finance large purchases like furniture, farm equipment and automobiles. Today, digital BNPL companies like Klarna and Affirm allow customers from around the world to pay for just about anything in installments. But while the convenience of these services can’t be denied, there are some drawbacks to using them that you should be aware of. Here are some examples of when using BNPL might not be worth the convenience, along with some tips on how to use it responsibly. May Affect Credit Score  If the BNPL provider reports late payments to the three credit bureaus, then your credit score could suffer. Payment history is the most significant factor affecting your credit score, and just one late payment could cause your score to drop by more than 100 points. May Owe Late Fees When you choose a BNPL service, make sure to sign up for automatic payments if possible. If that’s not an option, then write down the d...

If you’ve recently changed jobs , you probably have a lot going on as you try to acclimate to your new job, your new coworkers and your new company. However there are a few financial steps that you’ll want to make sure you keep in mind. Delaying or forgetting about some of these steps can cost you thousands of dollars (or even more). Make sure you take care of them in the first 60-90 days in any new job. Enroll in an HSA or FSA A Health Savings Account (HSA) and a Flexible Savings Account (FSA) are two different employer-sponsored accounts used to pay medical expenses. While an HSA and an FSA share a few similarities, there are some important differences that you’ll want to be aware of. The two most important differences between an FSA and an HSA are: To contribute to an HSA, you need to have a high-deductible health insurance plan. FSAs are available to employees with any type of health plan You must use any money in an FSA by the end of the year. You’ll lose the money if you ...

Creating a budget can offer you peace of mind and give you more confidence in managing your finances. A budget can help make you more aware of how you spend your money, and the places where you may be spending too much, so you can figure out how much to save . So, what is a budget? A budget is essentially a summary of how much money you bring in and how much money you spend on a monthly basis. The idea of creating a budget might be intimidating, but it actually doesn’t have to be all that complicated. You just have to calculate the amount of money you make and compare it to your expected expenses. A basic budget is one of the most important things you need to take charge of your money—and help achieve more of your financial dreams. In this series, we’ll be answering important questions like “What does budget mean?”, “Why is Budgeting important?”, and more. This is the first chapter of our budgeting series, and we will go over the basics of what budgeting is and how to create one. To...

With 59 percent of adults in the U.S . living paycheck to paycheck, many people struggle to have fun while still paying for their necessities. After all, it’s hard to spend money on yourself when you’re under financial stress. But creating a fun money budget can help you have a good time with any budget. To keep your spending under control, make a budget and set aside some money each month to spend on things you want—sans guilt with no strings attached. This can help you create a healthier lifestyle that’s full of fun without sacrificing your financial goals. And this guide can teach you how to do all of this and then some. Without further ado, let’s save some fun money. What Is Fun Money?     Fun money is money you budget to spend on your wants (rather than your needs) each month. A fun money budget keeps you on track to meet your long-term financial goals while still giving you the freedom to spend on items and experiences that enrich your life. Think about it as Mar...