In the past, Walmart offered layaway services, enabling customers to reserve an item and pay for it over time. However, as of 2020, Walmart discontinued its traditional layaway program. Today, customers can leverage a “buy now, pay later” service through a partnership with Affirm, a financial technology company. This article will provide an in-depth look into Walmart’s current layaway services, how it works, and what you need to know.
Walmart no longer offers traditional layaway services at any of its locations as of 2020. Instead, it has partnered with financial technology company Affirm to provide a “buy now, pay later” service. This service allows customers to finance their purchases over time, with payment plans ranging from 3 to 24 months. Eligibility for this service depends on the customer’s prequalification status with Affirm.
Walmart’s Partnership with Affirm
Walmart has partnered with Affirm to provide customers with an alternative to traditional layaway. Affirm allows customers to pay for their purchases over time, with payment plans ranging from 3 to 24 months. This service can be used on purchases ranging from $144 to $2,000, excluding items like alcohol, groceries, food, personal care products, and pet supplies.
Not all Walmart customers may be eligible to use Affirm, depending on their prequalification status. To use Affirm at Walmart, customers can check if they qualify for the amount they are looking to spend and choose a repayment plan.
How Affirm Works at Walmart
Affirm can be used for both online and in-store purchases at Walmart. Here’s how it works:
- At checkout, select Affirm as the payment method.
- Enter the necessary information for a real-time decision.
- Choose a payment plan that suits your budget.
The payment plans range from 3 to 24 months, depending on the purchase amount. Interest rates vary from 10% to 30%, depending on your creditworthiness. Unlike traditional layaway, customers receive their items immediately when using Affirm, even before payment is received in full.
Eligible Items for Affirm at Walmart
Affirm can be used for a wide range of items at Walmart, including:
- Electronics
- Video Games
- Toys
- Home goods
- Arts and Crafts
- Musical Instruments
- Home Improvement
- Auto parts
- Sports & Outdoors
- Tools
- Baby items
- Jewelry
- Apparel
It’s always a good idea to check with Walmart or Affirm for the most up-to-date information on eligible items and categories.
Comparing Walmart’s Layaway Services with Other Retailers
Other retailers like Kmart also offer layaway programs. Unlike Affirm, these programs require a down payment, service fee, and cancellation fee. However, with Affirm at Walmart, there are no service or cancellation fees. Interest rates with Affirm vary from 10% to 30%, depending on your creditworthiness.
Conclusion
While Walmart no longer offers traditional layaway services, their partnership with Affirm offers customers a flexible way to finance their purchases over time. Whether you’re buying electronics, toys, home goods, or apparel, Affirm’s “buy now, pay later” service could be a beneficial option for managing your budget. Always remember to check your eligibility and understand the terms before proceeding with this or any financing option.
Frequently Asked Questions
Does Affirm charge any late fees?
No, Affirm does not charge any late fees. However, your credit score might be affected if you fail to make your payments on time.
Can I use Affirm for all my purchases at Walmart?
Affirm can be used for most purchases at Walmart, but there are some exclusions like alcohol, groceries, food, personal care products, and pet supplies.
Can I return an item purchased through Affirm?
Yes, you can return an item purchased through Affirm. The return policy of Walmart will apply. Once the return is processed, Affirm will adjust your payments accordingly.
Do I need to have a good credit score to use Affirm?
Affirm considers various factors when determining eligibility, not just your credit score. However, a good credit score might increase your chances of being approved.
Can I pre-qualify for Affirm before making a purchase?
Yes, you can check your eligibility with Affirm before making a purchase. This won’t affect your credit score.
Does using Affirm affect my credit score?
Checking your eligibility will not affect your credit score. However, if you decide to use Affirm, they may perform a credit check, which could have a minor impact on your credit score.
