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Katapult vs Affirm: Detailed Comparison (2022)

Katapult vs Affirm Comparison

In this article, we compare the Katapult vs Affirm services to help you choose the right financing for your purchases. 

Buy now, pay later (BNPL) apps have become a popular way for consumers to buy now and pay later with no interest. We’ll take a look at these two financing options to help you choose based on their features and benefits. 

The purpose of this post is to introduce you to two of the most popular BNPL services, Katapult and Affirm, and to let you know how they differ.

Katapult vs Affirm: An In-Depth Comparison

A number of buy now pay later companies are available worldwide today. Two of the most popular companies Affirm and Katapult are similar in the way they allow customers split their payments and pay over time.

It may appear at first glance that the services are similar, but they differ in some significant aspects.

In this guide, you will learn about Katapult and Affirm options, how they work, why you should consider them, and the pros and cons of each so you can choose the right one.

Overview: Katapult vs Affirm

KatapultKatapult offers no credit check or lease-to-own options. It provides an easy, hassle-free lease-to-own service to help you get the items you want and need from merchants and retailers. You will find electronics, furniture, automotive, appliances, and musical instruments, among other things.

Katapult offers recurring payments that you may choose to pay off whenever it suits you. When you repay your debt or pay off your lease, you become the owner of the item. You save more by paying off early.

Katapult provides lease-purchase contracts that do not require a long-term commitment and offer ownership options. Katapult gives you an innovative lease-to-own program, requiring no credit check. The application process is incredibly easy and can be done in-store or in your home when you shop online.

You get Instant approvals up to $3,500 and pay low fees upfront. As per the company claim, it takes just 60 seconds to apply for Katapult.affirm

Affirm allows consumers to purchase larger items and pay for them over time without being charged interest. The Affirm Card does not charge a fee. It is possible to spread the cost without incurring interest on a purchase over a period of time.

Providing low-interest loans to consumers, Affirm lets consumers pay off their loans later. Affirm lets consumers repay their loans over time. 

You may be eligible for up to $17,500 in credit, and you can spread the costs out over time.

Credit is provided without additional fees through Affirm and does not require an application or payment in advance. Also, Affirm does not charge penalty interest rates on late payments. 

Some personal loans from Affirm are interest-free. There are more than 159 Affirm vendor partners that allow split payments. 

Maximum Limit: Katapult vs Affirm

Katapult gives you a lease-to-own credit limit that you can use towards leasing products. Once approved, you can lease products. 

You can check out the Katapult limit after you submit your application, via the email Katapult sends you once you are approved, and on the account page of your account. 

A pre-approval does not guarantee a loan and varies according to various factors, including what you earn, what you shop for, the date you applied, etc.  

There is no minimum or maximum credit limit for Affirm. Although there is a maximum purchase limit of $17,500, it depends on several factors, including your credit score, the history of your payments with Affirm, when you first opened an account, and interest rates offered by merchants where you have applied, etc.

Repayments: Katapult vs Affirm

At checkout, you will need to make your first lease-to-own payment on Katapult. Afterward, you will be charged automatically for recurring lease-to-own payments with the credit card you entered during checkout. In addition, lease payments can be made through your Katapult account.

Affirm lets you choose the payment method that suits you best – from 4 interest-free payments every 2 weeks to 3, 6, or 12 months installments. Easily pay for everyday purchases in four interest-free installments every two weeks. Monthly installments are great for major purchases.

There might be an option for a 48-month loan for very big purchases with Affirm. If you get a smaller loan, you may get 1 to 3 months to pay back, with no option to extend the repayment period.

Interest & Fees: Katapult vs Affirm

Katapult’s lease-to-own program is interest-free. A lease-to-own payment does not include interest or APR and will not be included in the lease calculation.

In the meantime, there are a few factors that go into determining lease to own payment. They are the product cost, the maximum lease term, the state of residence, and the city or state sales tax rate.

On Affirm, the interest rate that you pay varies depending on the retailer you shop with and, sometimes, your credit history as well. The majority of retailers offer financing at 0% through Affirm. 

Interest rates on other purchases can range from 10% to 30%, depending on your credit history and the retailer. 

Approval Process: Katapult vs Affirm

You can apply for Katapult either online or in-store at any of their partner store. Upon approval, you will receive an appropriate Katapult lease-purchase agreement credit limit for leasing to own products.

In order to use Affirm for financing, you must first open an account. Upon applying for an application, Affirm pulls your credit report softly in order to confirm your identity and evaluate your credit. 

Depending on your credit history and other factors, you’ll be approved for purchases with Affirm credit limit. 

Every time you purchase something, Affirm assesses each transaction separately. Your spending limit may indicate that you have available credit, but the fact that you have credit does not mean that the transaction will be approved.

Customer Service: Katapult vs Affirm

You can contact Katapult via live chat by clicking here. It is also possible to reach them through a call by dialing 1-833-KATAPULT (528-2785). To reach them through email, send mail to returns@katapult.com

To get support with Affirm, or if you have any questions, you can reach them via live chat by clicking here, by calling (855) 423-3729, or by sending an email to help@affirm.com or cares@affirm.com.

Katapult vs Affirm: Which one is better?

When it comes to big purchases, there are a number of buy now, pay later services to consider. However, you should carefully consider whether these services are truly interest-free and what benefits they really offer. 

Using Katapult vs Affirm is convenient and safe. Even though both platforms have their downsides, consumers who take advantage of their services will be able to benefit from their advantages.

People with poor credit are targeted to receive leasing loans that have extremely high repayment rates. It sounds simple, but you’d be surprised how much you lose on a weekly and monthly basis.


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Frequently Asked Questions (FAQs)

Are Katapult and Affirm the same?

Katapult works similarly to Affirm, but customers who have poor or bad credit will get 0% financing from Katapult. 

How does Katapult financing work?

Katapult lets customers lease stuff for a set period of time without long-term commitments and gives them the option of buying the stuff they want. Katapult makes it easy for you to buy any kinds of stuff you want without accumulating excessive debt. 

Essentially, you will make regular payments to Katapult that you can pay off at any time. Once the lease is completed, you own the items.

Does Katapult affect credit?

Approval for a Katapult lease-purchase agreement has no impact on your credit score.

Does Katapult report on time payments?

Katapult reports information like on-time, late, and missed payments to consumer reporting agencies.

Does Katapult offer monthly payments?

It will be possible to pay off Katapult at any time via recurring payments. As soon as you have paid off your lease, the items will be yours.

How often do you make Katapult payments?

You can make Katapult payments weekly, bi-weekly, semi-monthly, or on a six-month basis.

Does Katapult accept down payments?

There is no “down payment” on a Katapult lease.

Will Katapult and Affirm remind me to pay my bill?

In advance of each payment due date, Katapult will notify you via text message and email of the due date and amount to be paid.

Your payment due date will be notified to you via text message and email from Affirm as well. You should enable Autopay so that you can schedule automatic payments on your loan each month.


Our blog post ends here, Katapult vs Affirm. I hope it was helpful in choosing the right service for you. I would like to hear your opinion in the comments section.

Freelancer and writer who keeps a close eye on new technologies. He writes about the best apps/games, how-to tips, tutorials especially on Android, iPhone, computers, Windows, Linux, and Mac.

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