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Affirm makes millionth installment loan.

BANKING AND CREDIT NEWS-April 13, 2017-Affirm makes millionth installment loan

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Affirm, Inc., the financial services technology company started by Max Levchin to give consumers fair and honest financial products, has announced the 1-millionth consumer installment loan processed through Affirm and made by its bank partner, Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, the company said.

In contrast to traditional revolving credit products, where hefty fees come hidden in the fine print, and compounding interest can quickly cause a consumer's finances to spiral out of control, Affirm lets shoppers pay for purchases over time with simple-interest loans that are free of any penalty fees -- annual, late, deferred or otherwise.

The milestone caps record month-over-month loan volume in the quarter ending March 31, 2017. Volume of loans through Affirm more than tripled in 2016, growing to hundreds ofms of dollars. At the same time, the number of retailers offering Affirm's services have grown from just 100 at the end of 2015 to over 900 today.

Affirm offers services that empower consumers to advance their financial well-being. All Affirm installment loans are made in partnership with Cross River Bank.

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Publication:M2 Banking & Credit News (BCN)
Date:Apr 13, 2017
Words:210
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