If you’re wondering whether Walmart still offers layaway, you’re not alone. Many shoppers look forward to this option during the holiday season. Walmart no longer has a layaway program; it was discontinued and replaced by a buy now, pay later option with Affirm.
The shift from layaway to Affirm means that instead of setting items aside and paying over time, you now purchase items immediately and split the cost into installments. This change provides a different kind of flexibility but comes with its own terms and conditions, such as interest rates that depend on your credit.
For those who prefer more traditional layaway, you might want to explore other retailers like Target and Kohl’s, which still offer similar services. Keep reading to learn more about Walmart’s new payment options and how they might suit your needs.
Current Status of Walmart Layaway Service
Walmart ended its traditional layaway program in 2021, replacing it with a “buy now, pay later” option through Affirm. This change impacts service availability and the types of items that qualify for this new payment method.
Service Availability
Walmart no longer offers its old layaway service where you could reserve items by making small payments over time directly at the store. Instead, the company has partnered with Affirm for a financing solution. This option allows you to spread out payments over a period on select items. Although many purchases qualify, not everyone may be eligible. Your eligibility depends on your prequalification status with Affirm using your credit information.
Affirm can generally be used for purchases between $144 and $2,000. It’s important to know that this service includes a finance charge, with an APR between 10% and 30%. This moves Walmart away from the interest-free traditional layaway to a model where interest can accumulate based on your personal credit score.
Eligible Items for Layaway
Rather than laying away as before, you can now use the buy now, pay later model for a range of products, but some exclusions apply. Items like alcohol and other regulated products may not qualify for this program. It’s crucial to know the affordability limits and requirements before you decide to finance a product.
Walmart encourages you to check individual product listings or consult with their staff to confirm if the items you wish to purchase with Affirm are eligible. Eligibility criteria may vary, and knowing these details before shopping can help you avoid inconvenience.
Alternative Financing Options
When shopping at Walmart, you can explore several financing options. These options help you manage your expenses without having to wait for a layaway plan.
Installment Financing Programs
Walmart has partnered with Affirm to offer a financing program. This alternative allows you to buy items immediately and pay for them over time. Terms range from 3 to 24 months, making it flexible for different budgets. You’ll know the interest rate upfront, which typically ranges from 10% to 30% based on your credit. This transparency ensures you’re aware of all charges before finalizing your purchase.
The application process is straightforward. You can apply directly during checkout, both online and in stores. This convenience allows you to quickly see if you’re eligible without any hidden fees or surprises.
Walmart Credit Card Offers
Using the Walmart Credit Card is another way to finance your purchases. With this card, you might access special financing offers during promotional periods. Additionally, the card provides rewards on everyday purchases at Walmart, offering benefits like cash back.
If you’re a regular shopper at Walmart, considering their credit card can enhance your shopping experience. You gain benefits such as no annual fee and potential discounts, making it a cost-effective tool for frequent purchases. Always review the card’s terms and conditions to understand the repayment options and any associated fees. This will ensure the credit card matches your financial strategy.
Frequently Asked Questions
What is replacing layaway at Walmart?
Walmart has replaced its traditional layaway program with a buy now, pay later option offered through Affirm. This allows you to make purchases and pay over time with specific terms. Interest rates may vary depending on the payment plan you choose.
Will Walmart have a Christmas layaway this year?
There will not be a traditional Christmas layaway at Walmart this year. The layaway program ended in 2020. Instead, you can use the buy now, pay later option with Affirm to manage expenses during the holiday season.
Can you do Walmart layaway online?
Traditional layaway is not available online or in stores anymore. Currently, Walmart focuses on their partnership with Affirm for flexible payment plans. This service is available for online purchases, letting you shop from home and manage payments over time.
Does anyone do layaway anymore?
While Walmart no longer offers layaway, some retailers still provide this service. Policies might vary, so it’s best to check with the specific store. Some may have seasonal layaway options, especially during the winter holiday period.
