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Walmart is often considered a one-stop shop for all of your daily needs. However, what if you need all the things in one place, but can’t necessarily afford to pay for them at one time? When it comes to shopping on a budget, it is always good to know what layaway or buy now, pay later payment plan options are available, especially as you gear up for holiday shopping this year.
Read: How To Get Cash Back on Your Everyday Purchases
Does Walmart Have Layaway?
In 2020, Walmart stores stopped their traditional layaway program and no longer offer it directly. However, it now offers you a buy now, pay later system. This system is partnered with Affirm which allows you to finance your purchases into a multiple-payment plan.
There are no service or cancelation fees, but keep in mind that there will be a varying APR percentage depending on the purchase amount. Here are some other features of Wamart’s buy now, pay later shopping option:
- Down Payment: None but must be financed through Affirm
- Payment Schedule: Monthly payments
- Service Fee: None
- Cancellation Fee: None
What Is Affirm?
Affirm is a fintech company that allows you to set up payment plans so you can pay for an item over time instead of the one lump sum which can hurt your budget. You can set up your payment plan to be monthly or even every two weeks. Here are some examples of how you can pay over time:
- Affirm Pay in 4: This payment method allows you to make four interest-free payments every 2 weeks. This works for everyday items as there is no interest or fees, no impact on your credit score and you can set up automatic payments
- Affirm Monthly Payments: This payment method is more suited for big-ticket items as you can make monthly installments without hidden fees. You can set up automatic payments and only pay for the price on the tag.
By Now, Pay Later vs. Layaway
Though some programs will vary from store to store, be sure you know the difference between a buy now, pay later program and layaway. As Walmart uses Affirm for its buy now, pay later option make sure you read the fine print as here are some key takeaways:
- Affirm may not charge interest for some purchases but might charge interest when you stretch your payments out over three months.
- Affirm may offer special financing such as 0% APR on select Walmart.com products, but they’ll charge you interest on most items with a varying APR depending on your credit.
- You can use Affirm in-store at any Walmart location or online at Walmart.com.
- There are items not eligible for Affirm at Walmart such as weapons, firearms, certain knives, ammunition or any kind of weapon regulated under applicable laws.
Final Take To GO: Holiday Shopping at Walmart 2023
Though some stores incorporate a layaway program just for the holiday shopping season, it does not seem like Walmart is going to bring back its layaway program this Christmas or any holiday season soon. It got rid of layaway in 2020 and hasn’t looked back as it moved forward with a buy now, pay later system through Affirm.
If you are getting ready to fill your sleigh with goodies for all of your friends and family this Christmas, it is good to know you have payment plan options. Just keep in mind that buy now, pay later is different from layaway and make sure to familiarize yourself with what the final cost of your purchase will be.
FAQ
Here are some answers to questions about Walmart's layaway program, its buy now, pay later program and holiday shopping in 2023.
- Is Walmart doing layaway 2023?
- Walmart stores have offered layaway programs in the past but no longer do so in 2023 as they ended that program in 2020. However, rather than layaway, Walmart now partners with Affirm for a buy now, pay later program which you can utilize to pay for your items in a monthly plan rather than all upfront.
- Does Walmart offer layaway now?
- Walmart does not offer layaway now as it did away with that program a few years ago. Instead, Walmart now offers a buy now, pay later option.
- Is Walmart doing layaway for Christmas this year?
- As Walmart has not done its layaway program since 2020, even during the holiday shopping season, it does not look likely that it will bring it back any time soon. Instead of layaway, Walmart offers a buy now, pay later option through Affirm.
- What items are not eligible for Affirm at Walmart?
- There may be certain items regulated for different payment options but here are some specific items that are not eligible for Affirm at Walmart:
- Weapons, including firearms, ammunition, certain firearm parts or accessories, and certain knives or other weapons regulated under applicable law
- Narcotics and drug paraphernalia
- Currency or cryptocurrency
- There may be certain items regulated for different payment options but here are some specific items that are not eligible for Affirm at Walmart:
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