Walmart Layaway 2023 | Is Using Affirm at Walmart A Good Idea
YES, it’s early in the year – but many of us are probably starting to make a plan for Christmas and Christmas gifts. Walmart has had some fantastic deals lately and is always a great place to grab some amazing gifts – but what about their layaway program for this year?
Walmart does away with layaway, which didn’t carry any fees, and announces buy now, pay later program that may charge customers interest
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- Walmart decided to get rid of layaway before the 2021 holiday season.
- The company announced it’s using Affirm, a buy now, pay later service the retailer partnered with in 2019.
- Walmart started to phase its layaway out last year, only allowing it for select jewelry purchases.
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Walmart has decided to scrap its layaway program completely before the 2021 holiday season, replacing it with a buy now, pay later financing option.
The retailer is now using the company Affirm, which partnered with Walmart in 2019, to replace layaway. Instead of having stores hold items from late August through mid-December while customers make payments until paid in full, shoppers can now take the item home immediately and pay it off with Affirm.
Unlike layaway, purchases made with Affirm may charge customers interest. Although Affirm does not charge any hidden or late fees for using its services, customers can have an APR rate on purchases of 10-30% depending on their credit and 0% for select promotional items on Walmart.com.
Not all Walmart customers may be eligible to use Affirm depending on their prequalification status. The service can be used on purchases ranging from $144 to $2,000 and excludes items like alcohol, groceries and food, personal care products, and pet supplies.
Last year, Walmart, the world’s largest retailer, started to phase out layaway, only offering it on select jewelry items.
“We’ve learned a lot in the past year as our customers’ needs and shopping habits have changed,” a Walmart spokesperson told Insider. ” We are confident that our payment options provide the right solutions for our customers.”
Affirm’s services operate alternatively to a credit card. Customers will purchase the item immediately, and pay for the items over a three to 24 month period. Customers can select their own payment plan and Affirm will match them with a lender who will provide them with a loan for the financed item.
Walmart shoppers can return any purchases made with Affirm for a refund, but the amount they paid in interest will not be refunded. Partial payments or late payments may impact a consumer’s credit score or ability to receive new loans with the company, according to Affirm.
Some Walmart customers expressed concern on social media, worried about how families would be able to purchase gifts for the holiday season if they don’t qualify for Affirm.
“Walmart took away layaway and replaced it with Affirm, which checks credit… right before Christmas,” one Twitter user wrote. “So many low income families are not gonna be able to give their children gifts.”
Some customers seemed to not mind the change, making jokes that without layaway they have no place to hide their children’s gifts during the holidays.
Walmart has recently undergone several company-wide changes, including raising its minimum wage, getting rid of its employee bonus program for hourly workers, and opening Ghost Kitchens inside select stores.
Walmart Layaway 2023 | Is Using Affirm at Walmart A Good Idea?
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Walmart Layaway for 2023 has changed in a BIG way. See what service they offer now and how it differs from years past.
Walmart Layaway 2023… Does Walmart Still Have Layaway?
YES, it’s early in the year – but many of us are probably starting to make a plan for Christmas and Christmas gifts. Walmart has had some fantastic deals lately and is always a great place to grab some amazing gifts – but what about their layaway program for this year?
Walmart Layaway 2023 again is partnering with Affirm – making the typical days of laying away your items in store then picking up later a thing of the past. But is it a good idea to use a buy now, pay later service like Affirm for your layaway? And how does that actually work?
How does the Walmart Layaway program work when you use Affirm?
Walmart has made a BIG change again this year to layaway services. In the past, you could take your items to customer service, pay a portion of your cart total, and then make payments at the store.
For 2023, we are again seeing Walmart no longer offering this in store service and you will need to use the buy now, pay later service called Affirm to pay for your items if you wish to use any form of Walmart’s layaway program.
Here is how to use Affirm with Walmart Layaway:
1 – If you’re wanting to buy your items in store, you need to first go to Affirm.com/walmart and see if you will qualify for the amount you’re expecting to spend. It doesn’t hurt your credit score to have this checked, but it may affect your credit if you sign up and complete a loan through affirm.
2 – If you are approved, you will pick your payment plan. This may vary from 3 – 24 months and you will likely be charged interest. We definitely don’t advocate going into debt for Christmas, so if you can save for Christmas other ways, definitely use those!
3 – Next, you’ll need to pick out your items in store, take them to the checkout, and then scan the barcode that Affirm provided you. You will need to make all of your payments online or through the Affirm app on your phone.
Looking for a more typical layaway service for your items? We were tickled to see that Burlington still offers traditional layaway!
Walmart and Affirm Buy Now Pay Later are available for the following categories:
- Media
- Gaming
- Cameras and Supplies
- Toys(check out the top 36 holiday toys we saw last year!)
- Sporting Goods
- Automotive
- Cooking and Dining
- Home Decor
- Fabrics and Crafts
- Bedding
- Wireless(excludes wireless phones that require contracts)
- Jewelry
Now – the big question – Is Walmart Layaway with Affirm WORTH it?
We never advocate going into debt, especially for gifting. Occasionally with affirm you may be offered a 0% interest rate, but even then, it is typically a limited time offer.
Walmart doesn’t offer direct payments through other buy now, pay later services like Klarna or Zip Pay, but you can use a “ghost card” through those services if you’d prefer to use them. Remember that they’re still likely going to charge interest and will not have as long as a pay back period as Affirm offers.
Want to get an idea of what sales for Black Friday were last year to get ready for holiday shopping? Here’s what we saw for Walmart Black Friday Sales last year!
More deals today:
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