Consumer complaint received 2022-06-15
Company: Affirm Holdings, Inc
State: OK
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem when making payments

Complaint:
Hi, I'm going to put a copy of the email I sent this Affirm. Basically, this is the most confusing situation. This was through XXXX XXXX, which they advertised as their financing, and that's what Affirm eludes to also. Affirm receives money as a rent-a-bank from XXXX  XXXX, one thing I missed in the following example is that XXXX  XXXX is 100 % owned and backed by Steel Partners . XXXX XXXX is one of those XXXX Banks out of Utah, which is an interest rate pyramid scheme. Here is what I sent them in response to an email that said a delinquency notice that came on Sunday. The delinquency notice said I owed XXXX {$260.00}. This money has been coming out of my XXXX card that goes through my XXXX account. I was curious about what would happen with this Affirm. I went to help and clicked to get a refund. I said I didn't authorize Affirm to charge me. It said exactly what I thought it would, I XXXX you not, it said to " contact my financial institution to dispute the charge. Is it XXXX XXXX XXXX XXXX? XXXX? XXXX? XXXX? Affirm? XXXX  XXXX? XXXX XXXX? or XXXX? 

" Hi, Our agreement blurs the lines between who the true lender is and Oklahoma usury laws, especially since you allow the use of credit cards for payments. Payments through a credit card could make you a passthrough entity, which further blurs the lines. The lines are further blurred with the fact that the merchant advertises the use of Affirm as possible in-house financing. Its also implied that this is not a credit transaction with the soft credit pull and the statement that it does not affect your credit. It only states that late payments " may '' affect credit. This brings up the question of who pulls the soft credit check and how the late payment may affect your credit. Your credit card, Affirm, or whomever the true lender is. You also do not give any advice on problems with the purchase with you. It appears that you only are using the merchant return policy as your problem link states that you are unable to help once its been over 60 days. However, the merchant has a 100-day policy. The credit card can dispute payments, but it is for you as the merchant, not the actual product that was purchased. So Im confused about who I would contact with a problem. A credit card dispute on a payment would consider the product being Affirm, which would be the case for me. So the actual product would not have a dispute for it. It would be on the service you are or are not providing for the merchant who sold the product for which the true lender is different. So we have a credit card transaction, affirm is the product on the credit card, not the merchant, not the true lender, and definitely not the actual product. So for this transaction, who is the true lender, what is the true product, and who is the true merchant. This is very confusing and has a lot of confusing layers which makes this the product Im buying confusing, who the money being lent is from, who the merchant is, and how the merchant is getting the money, a lender, bank, credit card, or affirm. With the transaction of a credit card paying Affirm, would this be an FDIC pass-through insurance protection? 

I asked this same question to my wife and a few other people that are close to the age of XXXX. XXXX is when the protected age kicks in. A XXXX  XXXX could be exacerbated. XXXX  XXXX for the XXXX of XXXX XXXX XXXX could cause XXXX  XXXX  due to XXXX or XXXX XXXX XXXX as a result of trying to wrap your head around this confusion. You sent this on a Sunday and I received it on a Sunday. Family status is also protected. On a Sunday, this situation could happen at home, or somewhere else that would cause a family or group of people. As the actual possible situation has protected elements that I am not required to disclose. 

So despite all of that, I think I might be wrong about this, and overthinking it. This email says that I owe XXXX the {$260.00} that they take out of my credit card. I logged onto my Purple account, no " loan '' information. 

So I need to pay XXXX it seems. 

So who is Affirm? You are not a lender per your website. Are you a collection agency for XXXX? Can you please verify the debt? Do you have a copy of the receipt and proof you are collecting from them? 

Is my mattress going to be repossessed? 

Please forgive the loan based on the lender 's liability for connecting different contracts into one, no uniformity with ambiguity in contract language, not serving the public interest, ''

Company response to consumer: Closed with explanation