Splitit vs. Affirm vs. Skeps

Splitit and Affirm are both commonly used by consumers to finance their purchases, but they accomplish this in different ways. While many consumers assume that all of the consumer financing apps operate the exact same way, it is important for lenders and merchants to understand the differences between the two and how they impact the way they bring in more customers and revenue.

Additionally, it is important to understand how they match up against newer competitors in the POS financing industry, like Skeps, to see if they are keeping up with the market in terms of flexibility and quality. To help merchants figure out who the best partner is for them, we are going to compare Splitit vs. Affirm vs. Skeps.

A graphic of the words Splitit, Affirm, and Skeps signifying a Splitit vs. Affirm vs. Skeps comparison

This comparison will include:

  • The types of financing they offer
  • The terms of that financing
  • Unique aspects of each platform that may push them over the edge

Types of Financing

Affirm and Skeps both offer no-interest pay-in-four financing, as well as monthly installment financing with interest rates that vary based on the length of the term and the creditworthiness of the consumer. These are two of the most common payment plans desired by consumers, so it is nice to have a platform that offers both.

Splitit is attempting to move away from starting consumers on “new” payment plans or loans, so they finance purchases differently. Instead of having consumers apply for a standalone financing product, they have them use their credit card for the purchase. Splitit then schedules a payment for a portion of the purchase on the consumer's credit card and a hold for the rest. For a purchase of $1000 on a four-month payment plan, Splitit will charge the consumer's card $250 on month one and put an authorization on the card for $750. Month two, splitit will charge their card $250 and put a hold on their card for $500, and so on.

Skeps is the only firm that offers anything outside of these options, utilizing a network of established lenders that are able to offer consumers all types of financing.

This includes:

  • Personal loans
  • Credit cards
  • Leases
  • Installment financing

As a result, Skeps has the edge in terms of financing versatility, which we will go over in more detail later on.

Terms of Financing

When looking at Splitit vs. Affirm, Splitit’s terms are the most unique, with no interest, credit check, or even applications on any of their financing. Instead, they base the ability to finance a purchase on whether or not the consumer has enough credit available on one of their existing cards. This limits the number of consumers that can use their service, but it does allow them to accrue credit card rewards through the purchase process.

As mentioned above, Affirm and Skeps offer no interest on their pay-in-four financing and utilize soft credit checks to ensure consumers don’t hurt their credit by applying. This allows consumers who can’t finance a purchase on their credit card to seek out financing without too much hassle. Affirm charges no late fees and has a purchase limit of $17,500.

Skeps’ terms are a bit more fluid, as funds are given out by the many different banks in their lender network. The terms that are constant among all forms of financing are that Skeps utilizes soft credit checks, offers no-interest pay-in-four options, and doesn’t have a specific maximum purchase limit for consumers looking to finance.

Unique Aspects of Splitit vs. Affirm vs. Skeps

Each of these firms has a unique offering that can’t be directly compared with the other two options. So, we will cap this Splitit vs. Affirm vs. Skeps comparison off with each firm’s “X-factor” to give merchants an idea of what each can offer that the others can’t.


Splitit’s unique offering is pretty straightforward—they finance purchases through a customer’s existing credit card. This eliminates the need for an application, meaning that all consumers with enough available credit won’t be declined. The only downside is they can’t serve customers that don’t fit this criteria.


Affirm’s Debit Card+ is a fairly unique option that can be used in tandem with their financing. It works like a standard debit card when needed but can also be used to access Affirm’s financing on eligible purchases.


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 widest 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.

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 Splitit vs. Affirm vs. Skeps? Request a demo today or email us at support@skeps.com.

Swati Bucha Swati Bucha

Splitit and Affirm are both commonly used by consumers to finance their purchases, but they ...


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