How Long Do Affirm Refunds Take?

When an Affirm purchase requires a return, understanding the refund process is important for managing your finances. This process involves steps from the merchant to Affirm’s financial systems, ensuring funds are credited back to your account or applied to your loan balance.

The Refund Process Overview

Initiating a refund for an Affirm purchase always starts with the merchant. Affirm cannot independently process a refund without confirmation from the store. The merchant must first approve the return based on their policies and then communicate this approval to Affirm’s system. This collaborative approach means the refund timeline depends on the retailer’s efficiency and Affirm’s subsequent processing.

Merchant’s Role in Refunds

The merchant is responsible for processing returns and notifying Affirm. The time this takes can vary significantly, often ranging from three to five business days. Some merchants process returns daily, while others do so in batches, which can extend this initial period. Checking the merchant’s return policy is advisable to understand their expected processing timeframe.

Affirm’s Refund Processing

Once Affirm receives confirmation from the merchant, they begin processing the refund. This phase typically takes three to ten business days for the refund amount to appear on your Affirm loan timeline and for your balance to update. If the original purchase was made using an Affirm virtual card, Affirm’s processing time could extend up to 15 business days before funds are sent. After Affirm processes the refund, it may take an additional three to ten business days for your bank or financial institution to post the funds to your account.

Impact on Your Affirm Loan

A refund directly affects your Affirm loan balance. If the refund amount is less than your remaining purchase balance, it will be deducted from what you still owe. This could result in fewer remaining payments or a reduced final payment amount, adjusting your payment schedule accordingly. If the refund exceeds your remaining balance, your entire outstanding balance will be canceled, and Affirm will return the difference to your original payment method.

Understanding Non-Refundable Interest

Any interest you have already paid on your Affirm loan is not refundable. Affirm applies payments first to accrued unpaid interest and then to the principal balance of your loan. Since interest represents the cost of borrowing, this portion of your payments is retained even when a refund is issued.

Factors Influencing Refund Timelines

Several factors influence refund completion time. The merchant’s processing speed plays a significant role, as Affirm cannot act until notified. Communication efficiency between the merchant and Affirm also impacts the overall timeline. Weekends and public holidays can add to the duration, as banking processes may be delayed.

Monitoring Your Refund Status

You can monitor the status of your refund directly through your Affirm account. By signing in and navigating to the “Manage” section, then selecting your specific purchase, you can view your purchase timeline. Any refund applied will appear as an adjustment on this timeline, providing transparency on its progress.

Addressing Refund Delays

If your refund takes longer than expected, first contact the merchant directly. Confirm they have processed the return and officially notified Affirm. If the merchant confirms they initiated the refund and it has been over 10-15 business days since that notification, then reach out to Affirm customer service. Having your order details and any communication with the merchant available will assist Affirm in investigating the matter.