Luck Down Under: Affirm Waives Outstanding Loans for Peloton Owners in Australia
With Affirm no longer operating in Australia, Peloton customers who used the financing platform to purchase connected fitness hardware are having their loans forgiven
Peloton owners based in Australia who purchased their connected fitness hardware through Affirm‘s financing platform have discovered that Affirm is waiving the balance on outstanding loans.
Due to the financial lender ceasing operations in Australia, Peloton owners who purchased a Peloton Bike, Bike+, or Guide will have their loans forgiven – and can keep their product without penalty.
The fintech company notified qualifying Peloton owners of the change, writing that Affirm is no longer a financing option for Peloton products in Australia as of February 28.
Affirm’s email to Australian-based Peloton owners included the following details:
“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.”
The connected fitness company is now working with Zip as a financing partner. The change went into effect March 1.
According to Insider, a company spokesperson for Affirm confirmed that the financing platform had limited operations in Australia and confirmed that Peloton was the fintech company’s sole business partner in the country. The representative added that leaving Australia would have a “nominal impact” on Affirm.
Australian-based Peloton owners are celebrating the unexpected news, posting on r/PelotonCycle, a Reddit community for Peloton owners.
“I read it like 5 times to ensure I didn’t misunderstand it. Yes! The loan is forgiven and we can keep the bike! I’m over the moon!” one poster wrote. “Hey Affirm do America next! (that’s amazing!!),” another poster joked.
