I used a confirmed installment loan to buy a couch, would recommend

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• I purchased a sofa from online retailer Inside Weather in October 2019 using an installment loan from Affirm. The couch was just over $1,200.
• Getting the loan was simple with a very good credit score, and I was offered three installment options – six, 12 and 18 months. I paid $206 per month for six months using autopay.
• I liked that the loan allowed me to let my money grow in a high-yield savings account, but I didn’t like the frequent marketing emails from Affirm.
• See Business Insider’s picks for the best high-yield savings accounts »

I moved into a new apartment last October, and when my sofa was removed from the moving truck, I nearly covered my eyes in shame. Yes, yes, I am dramatic, but this sofa had seen better days – after years of dinner parties, movie nights, bloody parties, out-of-town visitors and exuberant children and pets, it was time to move on to something new. Farewell my beloved.

My husband and I decided to buy a sofa from Indoor Weather, one of those new online sofa-in-a-box retailers, and after checking out fabric swatches and selecting custom elements (like cushions and legs), we settled on a teal three-seater that might withstand the scratches and roaming of our little dog.

The total cost of the couch was $1,238.32 after tax and with a 10% off coupon (original price was $1,248 before tax). It was a pretty big expense, especially considering my previous couch had cost around $300 with shipping.

We had money in our savings that could have covered the couch, but at the time it was earning 1.82% interest in a high yield savings account. So when we checked and Inside Weather offered the option of taking out a 0% interest installment loan through Affirm, we went for it.

Apply for an Affirm installment loan

I have a “very good” credit rating, so I was able to qualify for a 0% interest loan, although this is not an option for all consumers. I had several different payment options – six, 12 or 18 months. I chose a six month loan with a payment of $206 per month. Below is a screenshot of the options I was offered before the 10% coupon was applied.

Applying for the loan was simple – I did it through the Inside Weather payment process, and it only added a few minutes to the typical payment time.

I selected “Submit” as the payment method (rather than entering my credit card information or using PayPal) and once I “paid” with Inside Weather, I was directed to the Affirm Website where I entered personal information and got near instant results. I did not see any serious inquiry into my credit report after applying for the loan. The loan appeared as an unsecured loan on my credit report after I started making payments, and now appears as a “closed account”.

What was it like to repay the loan

I set up autopay for my Affirm loan so I don’t have to think about actively making a payment every month. A few days before my automatic payment date each month, Affirm sent me a text message and an email reminding me that payment would soon be taken from my account. I appreciated that – it helped me make sure there was enough money in my account to cover the payment.

Overall I had a good experience with Affirm – taking out the loan was simple, I paid no interest and my savings were able to earn interest while I cashed in the loan on my couch.

The only thing I found frustrating about Affirm was their frequent marketing emails. A few days after purchasing my couch, I received an email from Affirm that read, “Your next big purchase doesn’t have to wait.” I wasn’t looking to spend more money on big purchases – especially since I had just endured the cost of moving to LA (ouch!) – and the regular follow-ups from the company encouraging me to spend were downright boring. I didn’t succumb to marketing, but I didn’t love it either.

I might consider using an installment loan again in a similar situation, although high yield savings account rates are now quite low, so there’s not as much to be gained by leaving your money there- down instead of repaying the loan immediately. The other option would be to save up front for the cost of a big purchase (allowing that money to grow in savings) and use it to make that purchase, as it’s always nice to free up cash from month to month.