‘Purchase Now-Pay Later’ Lender Affirm Hit With New NY Class Motion

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Affirm app on an iPhone home screen. Photo: Ryland West/ALM

A new class action lawsuit filed Monday in federal court in Manhattan accused micro-lender Affirm Holdings Inc. of violating consumer protection laws by offering "buy now, pay later" loans to retail shoppers in New York.

The lawsuit was directed against Affirm, a Delaware corporation based in San Francisco, for its short-term loans, which the lawsuit says essentially act as a "reverse layaway plan" that allows customers to purchase a product in advance and then use it Paying installments over time.

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