SAN FRANCISCO—Affirm has begun offering buy now, pay later (BNPL) loans for elective medical procedures.
Affirm told Reuters the move is a major push beyond its core e-commerce market.
“Over the past year, Affirm has more than doubled the number of elective medical merchants on its network, reaching around 130 at of the end of 2023. The… company is hoping to tap growing consumer demand for financing for cosmetic treatments, dental services, medical devices and veterinary procedures,” Reuters said.
Added Pat Suh, SVP-revenue with Affirm, in a comment to Reuters, "A lot of these price points are about $2,000 and above, so that suits our installment product... really well.”
First Public Disclosure
While Affirm has been adding elective medical providers since the middle of last year, it has not previously discussed or publicized its push into the sector, the first by a major BNPL provider in the U.S. market, the company said.
Affirm's installment product charges between 0% and 36%, depending on the purchase price and a borrower's credit profile, Reuters noted.
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