Does Walmart Have Layaway

Does Walmart have a layaway program? You might be familiar with the older layaway programs. Walmart offered these programs in the 1990s and the 2000s. While they no longer have that option available to customers, they recently partnered with a few third-party vendors to offer similar payment plans and solutions for customers.

What is a layaway program?

A layaway program is a process where a customer can choose to buy a product and pay for it in installments. Older programs used to allow you to make payments on the product you wanted to buy and have it held by the retailer. Those programs don’t really exist any longer.

How does a layaway program typically work?

This is how a layaway program works:

• Choose the product that you want to buy.
• Take that product to the customer service department at Walmart.
• Pay a small amount in advance (your deposit) to keep the product under your name.
• Choose the time period that you want to make payments on the product.
• Typically, you’ll keep making small payments over the agreed period of time.
• And that’s it. Once you have made all your payments, you can take the product home! Awesome!

Does Walmart have a layaway program?

Yes, Walmart does have a layaway program. Walmart made specific changes in its layaway services, which, as it says, is to “empower its customers.”

Walmart now provides an option of “buy now, pay later.” Unlike the layaway program (originally offered by Walmart), this option lets you take the product home and pay later. This service is called “Affirm.“

This is a third-party service that you’re likely familiar with.

An alternative: how to use Affirm

Follow the guidelines below to use the Affirm “layaway” type of service:

1- To use the Affirm service, you need to visit the online website Affirm.com/walmart

2- Check if you are qualified for the amount you need to spend.

3- Once you have been approved, you must choose the period over which you will complete the payment.

4- This payment most likely comes with an interest rate. The interest rate could lie between 10 percent to 30 percent of the price of the good. The rate of interest on selected goods on Walmart’s online website, which is promotional, is usually zero percent (amazing savings!)

5- The period of time could range anywhere from three months to 24 months.

6- Thereafter, you can checkout and scan the barcode that was provided to you by Affirm.

7- You will have to pay for your product in the time provided through the Affirm app on your Android device or iOS.

The only drawback of Affirm is that it comes with a variable interest rate. If this is covered, this is the best scheme for you. If something catches your fancy, but you don’t have the dollars right now, go for Affirm.

Pros of having a layaway agreement

• A layaway agreement or installment payment option helps us to spread out the costs.
• It helps us to purchase expensive things.
• Absolutely zero interest rate (sometimes, although low for many other circumstances)
• Anyone who is not working—say, a student who can barely make ends meet might find this more appealing than others.

Cons of having a layaway agreement or payment plan

• The terms and conditions of a layaway must be strictly followed, failing which you have to pay a fine.
• Layaway programs might not necessarily be available for all products at all locations. It might not be available for a product of your choice, at a particular store, or during a particular time of the year.
• Organizations face logistical issues in storing the product in good condition.
• According to the new scheme, you will also be charged a nominal interest rate. So, it means that you are in debt.

Key takeaways

Though Walmart has shut down its traditional layaway program, it still offers similar services on selected goods and price ranges. The only caveat is that it now adds a rate of interest. Though it does make business sense, we have to wait and watch how well the scheme takes off.

My experience with Affirm…

Firstly, I love Affirm. I think it’s a better option than Klarna. And the reality is that you can use Affirm at almost any retailer now. They provide you with a custom credit card that you can use anywhere you shop online. Not just Walmart, Costco, or the other major retailers.

I’ve been very happy with my experience using Affirm for more than 2-years… If I had to give a star rating, it would be somewhere in the 4.8 out of 5.

Common questions

Questions and answers about getting installment plans at Walmart.