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Katapult vs Affirm: Detailed Expert Review [2023]

Katapult vs Affirm

Katapult and Affirm are two of the most popular peer-to-peer lenders on the market.

Their products range from personal loans to mortgages and more.

If you’re confused between the two platforms, I’ll review key features in this post, including interest rates, fees, and time to fund.

Let’s get started –

Katapult Overview

Katapult vs Affirm
Katapult vs Affirm

Katapult is a financial technology company that provides credit products to consumers and businesses. Katapult was founded in 2013 by serial entrepreneur and investor Matt Ehrlich. The company has raised $45 million from investors such as Band of Angels and 500 Startups.

Katapult provides two products:

Affirm Overview

Affirm is a lending platform that offers personal loans to consumers. If you need a little extra cash, the company can help you get it quickly and easily.

Unlike traditional banks and lenders, Affirm offers personal loans with no additional fees, prepayment penalties, and hidden costs.

The company also offers flexible payment options to help you pay off your loan quickly—and if there are any problems along the way (for example, you didn’t realize how much money was left on your card), it’s easy to contact customer support via phone or email.

Katapult vs Affirm: Product Selection

Katapult offers a broader range of products than Affirm. If you’re looking for personal loans, Katapult has more options than Affirm. If you want to lease something but don’t want to get an auto loan, then Katapult is likely the better option for you.

Katapult also offers more credit cards and installment loan options than Affirm.

Katapult vs Affirm: Lease or Loan?

If you’re still unsure which of these two options is suitable, consider how long the loan term will be. Katapult leases last between 24 and 36 months, while Affirm loans are generally 12 to 20 months.

If it’s crucial for your situation of lease or loan to be short-term, then Katapult may be a better choice.

Katapult vs Affirm: Interest Rates and Fees

Katapult vs Affirm
Katapult vs Affirm

On the interest rates and fees front, Katapult is not a clear winner. On the one hand, it has lower interest rates than Affirm. On the other hand, it charges no origination fee but does charge a penalty for early repayment and late payment.

It’s important to note that these comparisons are only valid when looking at loans of $5,000 or less.

Suppose you need more than this amount for your purchase. In that case, both companies will have terms that would make them more appealing to you in some way or another, depending on which one fits your needs better overall (e.g., if one offers higher APRs but no penalty for early repayment while another offers lower APRs with a fixed fee).

If your goal is to save money on interest by paying off your balance before the introductory period ends, or if you just want some breathing room while waiting for payday, this could come in handy.

Katapult vs Affirm: Time to Fund

Katapult offers a faster option than Affirm. Katapult takes five business days to process your application, while Affirm takes seven business days.

Affirm also allows you to have a 14-day grace period, which means you can use the money after paying off your balance without incurring interest or fees.

However, if you don’t pay in full within 60 days of making your purchase, Affirm charges interest on whatever amount is still owed.

If it’s more than $100 total over this period (a common occurrence with big purchases), they also charge an additional $5 fee.

Furthermore, if you have good credit and would like to avoid paying interest altogether for purchases under $500 (or even up to $15,000!), then Affirm offers 30-, 60-, and 90-day interest-free periods; just make sure to pay off the entire balance before those dates are up or else you’ll be charged interest retroactively at 0% APR!

Katapult vs Affirm: Customer Support

While Katapult and Affirm have both made customer service a priority, they do it in different ways.

Katapult offers 24/7 live chat support (as well as phone and email). If you’re not comfortable with a direct conversation, their easy-to-use contact form will take you through the steps of reaching out to a representative.

Affirm’s customer service team is available Monday through Friday from 9 am to 6 pm PST and Saturday from 10 am to 4 pm PST; however, if you need help outside of those hours or on Sunday, there’s an option to connect with someone via email or live chat.

In addition to these options, the company also has an extensive knowledge base and resources for customers who want more information about credit cards before applying for one with Affirm.


The good news is that both Affirm and Katapult are great options for consumers who need extra help paying off their bills.

They offer competitive interest rates and flexible terms with no prepayment penalties, which makes them ideal for people who want to pay off their balance over time instead of all at once.

Both companies have instant approvals and no credit checks, so you don’t need to provide anything else.

That said, it’s essential to consider what type of financing best fits your needs before deciding on either one over the other.

That’s all for now.

If you’ve anything to ask regarding these two platforms, feel free to reach us in the comments below.

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