Affirm vs. Afterpay vs. Skeps

Affirm and Afterpay are two of the most common instant installment loan apps used by consumers today. They both offer consumer financing at the point of sale, and they do so through quick and easy embedded applications through their retail partners, as well as their own apps that allow repeat users to view all of their partners in one place.

While many may see the two as interchangeable, they offer varied financial products and deliver them under different terms. To break down these differences, we will compare Affirm vs. Afterpay and demonstrate how they stack up to Skeps’ product offerings.

 A graphic with the words afterpay, affirm, and skeps written on it representing a afterpay vs. affirm vs. skeps comparison.

We are going to cover:

  • Types of financing offered
  • The terms of said financing
  • Unique benefits of each firm

So let's dive in and compare and contrast Affirm, Afterpay, and Skeps.

Types of Financing

All three firms offer installment financing. While Skeps and Affirm offer multiple different structures for their installment financing programs, Afterpay primarily leans on the “pay-in-four” structure. This means that financing taken through Afterpay is usually capped at four separate payments, making higher-dollar purchases a bit trickier to finance.

Skeps offers more traditional options than both Affirm and Afterpay, partnering with banks that can offer credit cards, conventional loans, and even leases for some retailers. This increases the flexibility for consumers financing larger purchases or spending frequently at a specific retailer and may benefit from a line of credit.

Note: Affirm does offer a virtual card, but it is not a credit card. It acts as a debit card that can also be used to finance purchases at specific retailers, but those financing offers are similar in structure to their regular installment payment plans.

Terms of Financing

Afterpay’s terms are the simplest of the three because they only offer one type of financing. All financing is done in four payments, with 25% of the purchase being paid up front as the first payment. No interest is charged for customers that pay on time, with a simple $10 fee for late payments and an additional $7 fee if the late payment isn’t made within a week. They do not perform a credit check and do not report late or missed payments to credit bureaus.

Affirm's terms vary a bit depending on the merchant and the financing plan length. For certain pay-in-four plans, they also do not check credit or charge interest. For plans longer than four payments or for larger amounts, there is usually a soft credit check performed. Interest rates vary based on the plan's length and the merchant partner that a consumer shops with. Affirm does not charge any late fees and has a maximum loan amount of $17,500.

After looking at Affirm vs. Afterpay, the first major difference with Skeps is that we have the most widely varied terms, work with the highest number of lending partners, and offer the widest variety of financing options. Terms will vary based on the financing option, term length, and the merchant, with no hard cap on the loan amount. As with the other two firms, pay-in-four plans with no interest are available through Skeps.

Unique Benefits of Affirm vs. Afterpay vs. Skeps

Each of these firms has different benefits that come with using their services and unique offerings that can't exactly be compared 1:1 with those of the other firms. So let's break down these X-factors for a final note on Affirm vs. Afterpay vs. Skeps.


Affirm’s debit card+ is a unique product offering that may draw consumers to their services. It operates as a regular debit card but can also be used to finance certain qualifying purchases. This gives consumers a unique way to shop, as well as a convenient virtual card that they can use for secure online shopping.


Afterpay’s X-factor comes in the form of simplicity. Since they only offer pay-in-four, they are seen as a go-to option for those looking for that form of financing. Their application is simple, and they require no credit check or charge interest. This makes them a uniquely strong choice for those with bad credit or those without much credit history.


Skeps is by far the most flexible option on the list. By working with a network of quality lenders, Skeps is able to offer the most comprehensive array of financing, with something that can meet the needs of every single consumer. This allows for higher conversion rates and repeat business from consumers that enjoy having more options. As a result, Skeps is the go-to option for merchants looking to give their consumers as many ways to pay as possible.

Take Advantage of Flexible Payment With Skeps

Skeps offers a comprehensive, end-to-end consumer financing platform that helps businesses modernize their entire payment process. Working with an entire network of established lenders, we go above and beyond one-click payment, also offering a one-click application process for several different types of consumer financing, including:

  • Installment financing payment plans
  • Co-branded credit cards
  • Consumer loans and leases

If you’re looking to partner with a forward-thinking fintech company that will keep consumers' eyes on the purchase while offering best-in-class financing, Skeps is the perfect fit.

Do you have more questions about Affirm vs. Afterpay vs. Skeps?  Request a demo today or email us at support@skeps.com.

Swati Bucha Swati Bucha

Affirm and Afterpay are two of the most common instant installment loan apps used by consumers ...


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