Let's all say no to late fees

It is an unusual time for all of us—for Affirmers, for our merchant partners, and for our consumers—as we all deal with the increasing impacts of the coronavirus. Here at Affirm, we’ve had to adapt to new ways of working while continuing to emphasize collaboration and staying nimble. We’ve been telecommuting, engaging with our merchant partners over video, and continually assessing the macroeconomic environment. Despite these challenges, I want to make clear that we’re doubling down on our core commitments to putting our consumers first and not profiting from their misfortunes.

The primary way we support consumers is by lending responsibly. We do this by making smart, ongoing adjustments to our credit models that enable people to spend in a way that’s responsible and wise. In addition, we are steadfastly committed to our policies against late fees and unexpected interest. We make no extra money when consumers pay late, and we show them on day one exactly what they’ll owe—an amount that never goes up.

It is our view that no lender, or business, should seek to profit from their consumers’ misfortunes, especially now. With millions of Americans facing unprecedented circumstances, we see our role as that of a partner, not an added source of anxiety. 

I’m calling on other leaders in the financial services industry to join us and stop charging late fees. Leaders in other industries like telecommunications have already taken this step. During a time when millions of Americans will see their income disrupted and may need to take time to care for themselves or loved ones, the least we can do is to give them certainty in this difficult time.

There is no question that the times ahead will be trying. But if those of us with the ability to make a difference choose to step-up, then we will shine clearly through this challenging time, and emerge together stronger than ever before.