UPDATED ON MAY 2024

US Marketing
Compliance Guide
Installments

AFFIRM |2023

INTRODUCTION
The ﬁnancial services industry is heavily regulated, requiring all Afﬁrm and ourmerchant-led marketing to be vetted by our Marketing Compliance Department.
This guide focuses on the Monthly Installments program.
The purpose of this guide is to assist merchants in developing marketing assets thatcomply with regulatory standards. It offers detailed guidance on how to integrate
the necessary disclosures into various types of marketing materials, ensuring that all
marketing content meets legal requirements.

2024 2 0 2 3

AFFIRM |TABLE OF CONTENTS
1.

Consumer Regulations
a. Truth in Lending Act (TILA)
i. Trigger Terms
b. Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)
c. Fair Lendingd. CAN-SPAM Act

2.

Disclosures 101
a. Social Posts
b. Digital Bannersc. Printed Signaged. Emailse. Landing page

3.
4.
5.

Industry Speciﬁc Compliance Supplement
Promotional Marketing Assets
Custom Marketing Assets

2024 2 0 2 3

AFFIRM |CONSUMER REGULATIONS

2024 2 0 2 3

AFFIRM |Truth in Lending Act (TILA)
Under TILA, customers must be informed about crucial credit terms like payment
amount, number of payments, and APR before loan commitment. The cost to ﬁnancemust be expressed in terms of an Annual Percentage Rate (e.g. XX% APR) and cannot be
expressed as an Interest Rate only (e.g. XX% interest).
Advertising must only state available credit terms, and if "trigger terms" are present, full
repayment details, including APR and payment terms, must be disclosed. The use oftrigger terms would require the inclusion of a “representative example”.
For Afﬁrm's Monthly Installments program, compliance with TILA in all advertising isessential.

AFFIRM |2023

Terms that trigger a representative example
1

2

3

4

Number of
payments

Period ofrepayment,
term length

Monthly
payment
amountAmount ofinterest

Eg. 6 months, 12

Eg. as low as

Eg. $33 of$60/monthinterest

Eg. 6 payments,
12 payments

monthsNot applicable to
Pay in 4

Not applicable to “zerointerest” or“interest-free”

Representative Example:
For example, a $800 purchase might cost $72.21/mo over 12 months at 15% APR.
Note: The representative example is speciﬁc to your ﬁnancing program throughAfﬁrm. Use 15% APR as the basis for the representative example.
APR calculator: affirm.com/business/apr-calculator
2024 2 0 2 3

AFFIRM |See examples in subsequent slides.

Terms that do NOT
trigger a
representative
example.

2024 2 0 2 3

AFFIRM |

●

Afﬁrm

●

Monthly payments●

Pay over time●

Buy Now, Pay over time●

Financing●

As low as 0% APR●

0 - 36% APR●Interest- free●

4 interest-free payments●

Pay in 4

Representative Example& Where to Put It
The representative example should be near the trigger term on the same creative, ensuring it's easilyreadable by the average person. It should contain the (1) purchase price, (2) monthly payment amount,(3) length of loan term and (4) Annual Percentage Rate (APR).
If space constraints prevent this, tie the trigger term to the representative example using one of thefollowing methods within the same creative:●
Reference text (“See footer for details.”)●
Reference symbol (e.g., *,†)●
Hyperlink - a direct link to a landing page with the example is conspicuously placed is acceptable.
This landing page could be a product detail page with the Afﬁrm educational modal or an
educational page on your site.
See subsequent slides based on marketing asset type for examples.

AFFIRM |2023

Unfair, Deceptive, or Abusive Acts orPractices (UDAAP)
Unfair, deceptive, or abusive acts and practices (UDAAP) can lead to signiﬁcant harm for consumers,
damage their trust, and destabilize the ﬁnancial market. UDAAP aims to protect consumers frommisleading or deceitful practices.
To mitigate UDAAP risks in advertising, it's crucial to provide complete and understandable
information, maintain honesty, and avoid creating undue urgency.
While disclosures add context, they cannot compensate for false claims or omitted details. All claims
must be factually supported, and any promotions or rebates, including 0% APR offers, must be
honored.
Importantly, a company's intent is not a factor in regulatory assessments of misleading or harmful
practices.

AFFIRM |2023

Fair Lending
Fair Lending applies throughout a loan's lifecycle including advertising and prohibits discrimination in any
loan-related process. Merchant partners promoting Afﬁrm ﬁnancing must ensure their advertising doesn’t
dissuade anyone from applying and should not add extra criteria to the application process.
It's crucial to avoid targeting Afﬁrm ﬁnancing based on demographics like:●
Race/Ethnicity
●
Color
●
Religion●
National origin●
Sex (including sexual orientation or gender identity)●
Familial status/Marital Status●
Disability●
Age (provided the applicant has the capacity to contract)●
Income dependency on a public assistance program
Targeting criteria (including usage of look-a-like models) is subject to review by Afﬁrm Compliance.
Instructions for review can be found here.
AFFIRM |2023

CAN-SPAM Act
The CAN-SPAM Act governs commercial emails, including those promoting content on commercial
websites, and extends to business-to-business emails. Key compliance guidelines from the FTC include:●

Ensuring all header information is truthful and not misleading;●Accurately reﬂecting the email's content in the subject line;●

Clearly identifying the message as an advertisement;●

Current street address or P.O. Box registered with USPS;●

Providing a clear and easy opt-out option;●

Honoring opt-out requests promptly without requiring additional personal information;●

Maintaining responsibility for compliance even if email marketing is outsourced.

For more information, see Guidance for Marketing Emails in subsequent slides.
AFFIRM |2023

DISCLOSURES 101
Disclosures are statements that provide essential information to
consumers, clarifying or qualifying marketing claims to prevent
deception. They are necessary to ensure that all material facts about theﬁnancing program are presentented honestly, preventing consumers
from being misled by marketing content.

2024 2 0 2 3

AFFIRM |Applicable to All Marketing● Disclosures inform customers of actually available terms.
● They must meet a “clear and conspicuous” standard.
○ They must be legible—no one should have to squint to read them.
● Refer to subsequent slides for instances where a minimum font size isrequired.
○ Contrast text with background: this works well, but this does not.
● If disclosures are separate from the messaging they modify, tie the disclosure and themessaging together using one of the following methods:○ Hyperlink○ Reference text (“see footer for details”)○ Reference symbol (e.g., *,†) - If the messaging is a “trigger term,” the reference
symbol must be directly next to the trigger term(s)● If using a reference symbol, the messaging ends with the reference symbol and thedisclosure begins with the same reference symbol.
AFFIRM |2023

DISCLOSURESFor Social Posts
Guidance is applicable to Instagram, Facebook and Pinterest.
Disclosures can be incorporated in the caption or text in-lay within the image.
“Clear and conspicuous” standard for text in-lay:○ Minimum font size: 10 point font (must be legible without squinting)○ Contrast text with background: this works well, but this does not.
Note: afﬁrm.com/disclosures does NOT need to be hyperlinked/clickable so long as
the asset does NOT have a trigger term.
2024 2 0 2 3

AFFIRM |SOCIAL POSTS

Post

Shop Solstice and split your purchase into easy paymentswith Affirm! Subject to eligibility. See lending terms ataffirm.com/disclosures.

Sample Content:
Pay over time
Disclosure (caption):
Subject to eligibility. See lending terms at
afﬁrm.com/disclosures
Note: afﬁrm.com/disclosures does NOT need
to be hyperlinked/clickable so long as theasset does NOT have a trigger term.

AFFIRM |2023

Pay over time with Affirm

SOCIAL POSTS

Post w/ Redirect Link
Sample Content:
Pay over time starting at 0% APR
Caption includes tagging @afﬁrm
Redirect Link Options:

Merchant shop page
Merchant-Afﬁrm co-branded landing page●●

Disclosure (caption):
Subject to eligibility. See lending terms at
afﬁrm.com/disclosures
Note: afﬁrm.com/disclosures does NOT need
to be hyperlinked/clickable so long as theasset does NOT have a trigger term.
AFFIRM |2023

Solstice We’re proud to partner with @affirm! Now you canpay over time starting at 0% APR, and never pay a single
hidden fee.
Subject to eligibility. See lending terms ataffirm.com/disclosures.

SOCIAL POSTS

Story w/ Redirect Link
Sample Content:
Buy Now, Pay Over Time
Starting at 0% APR

Buy Now, Pay Over Time
Starting at 0% APR

Disclosure (text in-lay): Minimum 10 pt font
Subject to eligibility. See lending terms at
afﬁrm.com/disclosures
Note: afﬁrm.com/disclosures does NOT need to be
hyperlinked/clickable so long as the asset does NOT
have a trigger term.
Redirect Link Options:●●
AFFIRM |Merchant shop page
Merchant-Afﬁrm co-branded landing page2023

Subject to eligibility. See lending terms ataffirm.com/disclosures

SOCIAL POSTS

Video Post
Sample Content:
Buy Now, Pay Over Time
Disclosure Visibility and Timing: Disclosures
should remain visible at the video's bottom fora sufﬁcient duration, calculated based on areading speed of 3 words per second, to beeasily read by a reasonable viewer.
Disclosure (text in-lay): Minimum 10 pt font
Subject to eligibility. See lending terms at
afﬁrm.com/disclosures

AFFIRM |2023

Buy Now,
Pay Over Time

Subject to eligibility. See lending terms ataffirm.com/disclosures

SOCIAL POST

Product Post w/ Trigger Term
Sample Content:
Product pricing with ﬁnancing
As low as $XX/month
Trigger Term: As low as“$42/month” must have a
representative example: “Based on a $1199
purchase over 36 months at 15% APR.”
Disclosure (text in-lay): Minimum 10 pt fontBased on a $XXX purchase over XX months at 15%
APR. Subject to eligibility. See lending terms at
afﬁrm.com/disclosures.
Note: The representative example is speciﬁc toyour ﬁnancing program through Afﬁrm. Use 15%
APR as the basis for the representative example.
APR calculator:
2023
affirm.com/business/apr-calculator

AFFIRM |Based on a $1199 purchase over 36 months at 15% APR.
Subject to eligibility. See lending terms at
afﬁrm.com/disclosures.

Context-speciﬁc Disclosures
Cart ﬂoor/ceiling, based on your ﬁnancing program with Afﬁrm (where applicable)●
Payments through Afﬁrm are not available for purchases [over/under] $[Insert cart ﬂoor/ceiling].
Where to ﬁnd more information about Afﬁrm (Optional)●
See afﬁrm.com/help for details.
For questions regarding, speciﬁc details of your ﬁnancing program, including payment terms, cart
ﬂoor/ceiling, etc. or promotional offers, email merchanthelp@afﬁrm.com.
For marketing assets that don’t follow existing marketing messaging and templates verbatim from theBusiness Resource Hub you must email the custom marketing asset(s) for review and approval. See
instructions here.

AFFIRM |2023

DISCLOSURESFor Digital (Web) Banners
Disclosures (text in-lay) within the image must be “clear and conspicuous”.
○ They must be legible—no one should have to squint to read them.
○ Contrast text with background: this works well, but this does not.

2024 2 0 2 3

AFFIRM |DIGITAL BANNER

BannerSample Content:
Pay over time
Redirect Link:

Merchant shop page●

Disclosure:
Subject to eligibility. See lending terms
at afﬁrm.com/disclosures
Note: afﬁrm.com/disclosures does NOT
need to be hyperlinked/clickable.

Subject to eligibility. See lending terms at affirm.com/disclosures.
AFFIRM |2023

Context-speciﬁc Disclosures
Cart ﬂoor/ceiling, based on your ﬁnancing program with Afﬁrm (where applicable)●
Payments through Afﬁrm are not available for purchases [over/under] $[Insert cart ﬂoor/ceiling].
Where to ﬁnd more information about Afﬁrm (Optional)●
See afﬁrm.com/help for details.
For questions regarding, speciﬁc details of your ﬁnancing program, including payment terms, cart
ﬂoor/ceiling, etc. or promotional offers, email merchanthelp@afﬁrm.com.
For marketing assets that don’t follow existing marketing messaging and templates verbatim from theBusiness Resource Hub you must email the custom marketing asset(s) for review and approval. See
instructions here.

AFFIRM |2023

DISCLOSURESFor Printed Signage
Disclosures within the image must be “clear and conspicuous”.
○ They must be legible—no one should have to squint to read them, and must be relative
to overall size of signage.
○ Contrast text with background: this works well, but this does not.

2024 2 0 2 3

AFFIRM |PRINTED SIGNAGE

Signage
Sample Content:
Pay over time
Sample Sign vs. Disclosure font size:
8 x 11 in sign & 10pt fontDisclosure:
Subject to eligibility. See lending
terms at afﬁrm.com/disclosures

Subject to eligibility. See lending terms at affirm.com/disclosures.
AFFIRM |2023

PRINTED SIGNAGE

Signage w/ Trigger Term
Sample Content:
Product pricing with ﬁnancing
As low as $XX/mo
Sample Signage vs. Disclosure font size:

6 x 6 inches sign & 10pt fontDisclosure w/ Representative Example:
Shown as 15% APR for XX months. Subject toeligibility. See lending terms at
afﬁrm.com/disclosures.
Trigger Term: “$40.63/month” must have a
representative example: “Shown as 15% APR for 12months.”
APR calculator: affirm.com/business/apr-calculator
AFFIRM |2023

As low as $40.63/mo
Shown as 15% APR for 12 months.
Subject to eligibility. See lending terms at affirm.com/disclosures

PRINTED SIGNAGE

Signage w/ QR CodeSample Content:
Buy Now, Pay Over Time
Sample Signage vs. Disclosure font size:

8 x 10 inches sign & 10pt font

BUY NOW,PAY OVER TIMEQR Code Destination:

Prequaliﬁcation page●

Disclosure:
Subject to eligibility. See lending terms at
afﬁrm.com/disclosures
Subject to eligibility. See lending terms ataffirm.com/disclosures.

AFFIRM |2023

Context-speciﬁc Disclosures
Cart ﬂoor/ceiling, based on your ﬁnancing program with Afﬁrm (Optional)●
Payments through Afﬁrm are not available for purchases [over/under] $[Insert cart ﬂoor/ceiling].
Where to ﬁnd more information about Afﬁrm (Optional)●
See afﬁrm.com/help for details.
For questions regarding, speciﬁc details of your ﬁnancing program, including payment terms, cart
ﬂoor/ceiling, etc. or promotional offers, email merchanthelp@afﬁrm.com.
For marketing assets that don’t follow existing marketing messaging and templates verbatim from theBusiness Resource Hub you must email the custom marketing asset(s) for review and approval. See
instructions here.

AFFIRM |2023

DISCLOSURESFor emails

2024 2 0 2 3

AFFIRM |EMAILS - Installments

Guidance for Marketing Emails
Email Disclosure Requirements: Disclosures, including full repayment terms or arepresentative example for any TILA trigger terms, must be directly included in the email.
Clarity and Accuracy: The subject line should be truthful and not misleading. If trigger
terms are used in the subject line or email body, a clear and conspicuous representative
example must be provided. If in the subject line, the representative example must be a
the top of the email (without scrolling).
Compliance and Opt-Out: Emails must adhere to CAN-SPAM regulations and provide aclear opt-out mechanism. Emails should not be sent to those who have opted out, with
opt-out requests honored within 10 days.
For email templates, refer to Business Resource Hub.
AFFIRM |2023

EMAILS - Installments

Email Template
All emails must have the following:

SUBJECT LINE
Choose how you pay at your own pace!
PREHEADER
With Aﬃrm, you can split your next purchase into easy monthly payments.
HEADER
Introducing a better way to pay

Subject Line●
Clearly reﬂects the intent of the email as anadvertisement
Preheader●
Consistent with subject line.
Disclosure (in footer of the email)●
Provides details about the actual terms
available to consumers
Unsubscribe Link●
Must provide consumers with an opt-out
optionMESSAGE
Hey, {{ﬁrst_name}}
We’re excited to partner with Aﬃrm, giving you the ﬂexibility to pay at your own pace. Next time you’re
shopping with us, just select Aﬃrm at checkout to split your purchase into monthly payments.

HERE’S HOW:
1.

Fill your cart. Select Aﬃrm at Checkout, then enter a few simple pieces of info for a real timedecision.

2.

Choose how to pay. Pick the payment plan you like best. You’ll never pay more than you agree
to up front. See footer for details.

3.

Pay over time. Make payments to aﬃrm.com or in the Aﬃrm app. You’ll get email and text
reminders.

Redirect link
Go shopping {link to your store}

Valid Physical Address●
Current street address or P.O. Box registeredwith USPS
For email templates, refer to Business Resource Hub.

FOOTER – DISCLOSURE
Rates from (0-36% APR) (10–36% APR). For example, a $800 purchase might cost $72.21/mo over 12months at 15% APR. Payment options through Affirm are subject to an eligibility check, may not be available
everywhere, and are provided by these lending partners: affirm.com/lenders. Options depend on yourpurchase amount, and a down payment may be required. For licenses and disclosures, seeaffirm.com/licenses.
Unsubscribe
Valid Physical Postal Address

AFFIRM |2023

EMAILS - Installments

Disclosure Levels
Use Level 1 when: Ad simply mentions Afﬁrm and/or ﬁnancing availability, does not
mention an APR and no TILA trigger terms present.
Use Level 2 when: Ad mentions Afﬁrm and/or ﬁnancing availability and APR (e.g. “as low
as 0% APR”) and no TILA trigger terms present.
Use Level 3 when: TILA trigger terms are present, meaning a representative example
must be displayed.

AFFIRM |2023

EMAILS - Installments

Disclosure Level 1
Criteria●
Marketing asset simply mentions Afﬁrm and/or ﬁnancing availability●
Does not mention an APR●
No TILA trigger term(s) present.
Disclosure
Payment options through Afﬁrm are subject to an eligibility check and are provided by theselending partners: afﬁrm.com/lenders. Options depend on your purchase amount, and a down
payment may be required. For licenses and disclosures, see afﬁrm.com/licenses.
Unsubscribe Link●
Must provide consumers with an opt-out option
Valid Physical Address●
Current street address or P.O. Box registered with USPSAFFIRM |2023

EMAILS - Installments

Disclosure Level 2
Criteria●
Marketing asset mentions Afﬁrm and/or ﬁnancing availability●
Mentions an APR (e.g. “as low as 0% APR”)●
No TILA trigger term(s) present
Disclosure
Rates from {0–36% APR} {10–36% APR}. Payment options through Afﬁrm are subject to an eligibility
check, may not be available everywhere, and are provided by these lending partners:
afﬁrm.com/lenders. Options depend on your purchase amount, and a down payment may berequired. For licenses and disclosures, see afﬁrm.com/licenses.
Unsubscribe Link●
Must provide consumers with an opt-out option
Valid Physical Address●
Current street address or P.O. Box registered with USPSAFFIRM |2023

EMAILS - Installments

Disclosure Level 3

Criteria●
Marketing asset mentions Afﬁrm and/or ﬁnancing availability●
Mentions an APR (e.g. “as low as 0% APR”)●
TILA trigger term(s) present
Disclosure
Rates from {0–36% APR} {10–36% APR}. For example, a $800 purchase might cost $72.21/mo over 12months at 15% APR. Payment options through Afﬁrm are subject to an eligibility check, may not be
available everywhere, and are provided by these lending partners: afﬁrm.com/lenders. Options
depend on your purchase amount, and a down payment may be required. For licenses anddisclosures, see afﬁrm.com/licenses.
Sample Representative Example: $800 purchase might cost $72.21/mo over 12 months at 15% APR.
Note: The representative example is speciﬁc to your ﬁnancing program through Afﬁrm. Use 15% APR as the basis for the
representative example. APR calculator: affirm.com/business/apr-calculator

Unsubscribe Link●
Must provide consumers with an opt-out option
Valid Physical Address●
Current street address or P.O. Box registered with USPSAFFIRM | 2023

Context-speciﬁc Disclosures
Cart ﬂoor/ceiling, based on your ﬁnancing program with Afﬁrm (where applicable)●
Payments through Afﬁrm are not available for purchases [over/under] $[Insert cart ﬂoor/ceiling].
Where to ﬁnd more information about Afﬁrm (Optional)●
See afﬁrm.com/help for details.
For questions regarding, speciﬁc details of your ﬁnancing program, including payment terms, cart
ﬂoor/ceiling, etc. or promotional offers, email merchanthelp@afﬁrm.com.
For marketing assets that don’t follow existing marketing messaging and templates verbatim from theBusiness Resource Hub you must email the custom marketing asset(s) for review and approval. See
instructions here.

AFFIRM |2023

LANDING PAGE - Installments

Disclosure for Landing Page
Rates from {0–36% APR} {10–36% APR}. For example, a $800 purchase might cost
$72.21/mo over 12 months at 15% APR. Payment options through Afﬁrm are subject to aneligibility check, may not be available everywhere, and are provided by these lending
partners: afﬁrm.com/lenders. Options depend on your purchase amount, and a down
payment may be required. Estimated payment amount may exclude taxes andshipping. For licenses and disclosures, see afﬁrm.com/licenses.
Sample Representative Example: $800 purchase might cost $72.21/mo over 12 months at 15% APR.
Note: The representative example is speciﬁc to your ﬁnancing program through Afﬁrm. Use 15% APR as
the basis for the representative example. APR calculator: affirm.com/business/apr-calculator

For Landing Page Templates, refer to Business Resource Hub.

AFFIRM |2023

Industry Speciﬁc Compliance
Supplement
Afﬁrm works with thousands of different businesses across various industries; some of them
may have additional requirements to market Afﬁrm accurately and in compliance withapplicable law. Consider the additional guidance if your business falls into one of theindustries listed below:

AFFIRM |●Alcohol●

Healthcare & Elective Medical●

In-home sales

2023

Promotional Marketing Assets
For marketing assets with limited-time promotional ﬁnancing plans, you must email thecustom marketing asset(s) to merchanthelp@afﬁrm.com for review and approval. See
instructions here.

AFFIRM |2023

Custom Marketing Assets
For marketing assets that don’t follow existing marketing messaging and templatesverbatim from the Business Resource Hub or offer limited time promotional ﬁnancing
plans, you must email the custom marketing asset(s) to merchanthelp@afﬁrm.com forreview and approval. See instructions here.
Other asset types that require individual review and approval:● SMS (text message)● Push notiﬁcations● Paid Search Terms● Press Releases● Radio/Streaming● TV/Commercials

AFFIRM |2023