Madison Avenue Couture has teamed up with Affirm to offer financing on purchases, turning an aspirational purchase into an affordable one. Items bought using Affirm financing are sent immediately on Affirm's approval. This is substantially more appealing than layaway, in which the item must be paid in full before it is received.
Affirm is an excellent alternative to a credit card as it is specific to the item purchased and does not impact existing credit card limits.
Affirm provides up to $17,500 of financing payable in three, six or 12 monthly payments. The amount offered and the annualized interest rate, which varies from 10% to 30%, is based on Affirm's credit review. If the item purchased costs more than the amount that Affirm approves for financing at checkout, that additional amount must be paid via a debit card at the time of purchase.
When checking out an item, Affirm will prompt for more information. This information, such as active checking account, is used to verify identity and enable Affirm to perform its credit check. All information provided to Affirm is kept confidential from Madison Avenue Couture.
Affirm initially conducts a "soft" credit check when Affirm financing is selected to determine creditworthiness. It then does a single "hard" credit check if the Affirm terms are accepted. This credit check, like most credit checks, may have a minor impact on credit scores. The credit check is done only on the first purchase from Madison Avenue Couture. Subsequent credit reviews are not required.