Affirm Waiving Outstanding Loan Balances in Australia for Peloton device owners

Australian members who purchased their Peloton device via Affirm financing are in for some good news: Affirm is waiving the balance of their outstanding loans.

This is a result of Affirm deciding to cease operations in Australia last month. Note this only applies to Australia – not any other country Peloton operates in.

Affirm has begun emailing qualifying Australia-based Peloton members to inform them:

As a valued customer, we want to let you know that we’ve made the decision to wind down our operations in Australia. As of 28 February 2023, we are no longer a financing option for Peloton products in Australia.


This means that you won’t be able to use Affirm as a financing option for Peloton purchases in the future. Allow us to provide a bit more information regarding what to expect in the coming days.


Here’s the good news! To ensure a seamless experience as we exit the market, we have decided to forgive the remaining balance of your Affirm loan(s) that you took out for the purchase of your Peloton product(s). This means that starting 21 March 2023, you do not need to make additional payments toward your Peloton purchase(s) that you have financed through Affirm. You can keep your Peloton product, and you won’t be charged for the remaining balance of your Affirm loan.
We know this update may spark some questions, so our customer service team will be here to support you through 31 March 2023.

These emails have not yet gone out to every member, however, others who have not gotten the email yet have called Affirm who confirmed it would apply to them too. Affirm has added a new webpage with these details as well.

It shares the following details:


Affirm has made the decision to wind down our operations in Australia. As of 28 February 2023, we will no longer be a financing option for Peloton products in Australia.


Affirm has decided to forgive all active Peloton loans within Australia. You can keep your Peloton product, and you won’t be charged for the remaining balance of your Affirm loan.


As Affirm is no longer operating in Australia, we are unable to service your loan. We made the decision to forgive active loans to ensure our transition out of Australia was as smooth as possible for you.

Affirm webpage stating they will be forgiving all loan balances remaining for Australian owners.
Affirm webpage stating they will be forgiving all loan balances remaining for Australian owners.

Affirm states that they will disable auto-pay as of April 1st. However, if you have a payment scheduled between now and then, it would be in your benefit to go ahead and cancel it.

The support page clarifies that even though all loan balances are being waived/forgiven, you still get to keep your product.

This essentially means that customers who purchased a Peloton Bike, Bike+, or Guide with Affirm financing do not have to continue paying their device off; Affirm will cover their remaining balance. Although the Peloton Tread became available for sale in Australia in February, financing has not yet been available for it. Peloton first launched in Australia in July 2021.

Earlier this month Peloton shared they would be swapping their financing partner in Australia. Instead of working with Affirm, they now work with Zip. Peloton published a support page with additional information. This change is effective as of March 1, 2023.

At the time of the announcement members who had purchased via Affirm were told they would be unaffected by this development and would continue their payments via Affirm.

However, as of Tuesday, March 21 Affirm is waiving the remainder of their outstanding loan balances for Australia-based members.

This update from Affirm should not have any impact on Peloton’s financials. The partnerships with buy now pay later companies like Affirm typically work with Peloton getting paid up front in full by Affirm when the loan is made and device is shipped.

Members who have questions about their financing plan with Affirm are instructed to visit https://help.au.affirm.com/s/, or contact https://help.au.affirm.com/au/s/contact-us before March 31, 2023 – when the company will officially terminate operations in Australia.


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Katie Weicher
Katie Weicher is a writer for Pelo Buddy. She purchased her Peloton Bike in 2016 and has been riding, strength training, and yoga flowing ever since. You can find her on the leaderboard at #kweich.

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