Walmart Layaway: How Does It Work in 2023?

Walmart, the retail giant, has a unique service that allows shoppers to purchase items and pay for them over an extended period. Known as Walmart Layaway, this option has become a popular choice for consumers who prefer to make payments in installments rather than paying the full amount upfront. In this article, we will explore how Walmart Layaway works in 2023, including the changes that have been made to the program.

What is Walmart Layaway?

Walmart Layaway is a service offered by Walmart that allows customers to reserve and hold a product for up to six months before making payments. Unlike a traditional layaway program, Walmart's Layaway is increasingly integrated with other financing options to offer a more flexible payment solution. The service is designed to mimic a pre-order or pre-purchase, where customers can save the product they want and make payments as needed until the purchase is complete.

For example, if an item costs $100 and a customer cannot afford it outright, they can make a initial down payment of $10 and then make regular payments until the full amount is covered. Once the balance is paid off, the product is shipped to their home. This method provides customers with the flexibility to allocate their budget over time and avoid debt.

It is important to note that Walmart Layaway is not a loan or a credit. It is a service that helps customers store products for six months before making payments.

Walmart Layaway Details for 2023

As of 2023, Walmart offers Layaway for purchases over $50 during the period from August 28 to December 14. This period is typically around the holiday season when many consumers are looking to make significant purchases.

Changes to Walmart Layaway

Significant changes have been made to Walmart Layaway in recent years, with the most notable changes occurring in 2022. Here are the key details on how Walmart Layaway works in 2023:

No In-Store Service: Walmart no longer offers the traditional in-store layaway service. Instead, customers are required to use the service provided by Affirm, a financial technology company that offers payment plans and installment loans. Affirm Payment Plan: To use Affirm for payment, customers must first check their eligibility. They can do this by visiting the Affirm website and entering the estimated price of their purchase. Affirm checks do not affect your credit score but may impact your credit if you sign up for a loan. Payment Plan Options: Walmart Layaway with Affirm offers payment plans ranging from 3 to 24 months, depending on the price of the purchase. These plans are designed to be flexible, allowing customers to spread the cost over a longer period. Interest Rates: While some plans may come with interest, it is essential to carefully evaluate the terms and conditions to avoid unnecessary debt.

Frequently Asked Questions (FAQs)

Q: Does Walmart offer Layaway for all products?

A: No, Walmart Layaway is typically only available for purchases over $50. The service is designed to be flexible and to accommodate larger, more significant purchases.

Q: Can I check eligibility for Affirm Online?

A: Yes, you can visit the Affirm website to check your eligibility for the payment plan. This step is crucial before making a purchase to ensure you have the necessary funding over the six-month period.

Q: What happens if I miss a payment?

A: If you miss a payment, the system will typically prompt you to make the missed payment as soon as possible. Failure to make the payment may affect your ability to use the Affirm service for future purchases.

Conclusion

Walmart Layaway continues to be a valuable service for consumers who need more time to pay for their purchases. With the integration of Affirm, customers now have more flexibility and options to manage their payments. However, it is important to carefully consider the terms and conditions, especially the interest rates, to ensure that you can pay off the balance without unnecessary debt.