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Can You Buy Crypto Directly with Affirm?
Affirm doesn’t allow direct cryptocurrency purchases through its platform. However, savvy investors use Affirm’s “buy now, pay later” loans to access cash for crypto investments. This guide reveals the workaround strategy while highlighting critical risks.
How the Affirm-to-Crypto Process Works
- Apply for an Affirm loan during checkout at partner retailers
- Choose repayment plan (0-36% APR)
- Receive purchased goods (electronics, furniture, etc.)
- Resell items for cash (eBay, Facebook Marketplace)
- Deposit proceeds into crypto exchange
Top 3 Platforms That Indirectly Enable This Method
- Newegg: Tech products with high resale value
- Walmart: Broad product selection
- Peloton: Premium fitness equipment
Critical Risks to Consider
- ⚠️ 30% average value loss when reselling goods
- ⚠️ Crypto market volatility could erase profits
- ⚠️ Late fees up to $35 per missed payment
FAQ: Affirm Crypto Purchases
Q: Does Affirm report to credit bureaus?
A: Only for late payments (Experian)
Q: Minimum credit score required?
A: 550-600 (varies by state)
Q: Fastest funding timeline?
A: 3-7 days (purchase → resale → exchange deposit)
Legal & Tax Implications
The IRS requires reporting crypto gains regardless of funding method. Using debt to invest amplifies both potential returns and risks. Consult a tax professional before proceeding.
