Walmart is saying goodbye to its annual layaway option for the 2021 holiday season.
Walmart normally offers the layaway plan from late August through mid-December, which allows customers to put items on hold with a small deposit and then make regular payments until the total is paid off.
The company has decided to ditch this plan and offer a new monthly “buy now, pay later” payment option called Affirm.
On Walmart’s website it explains that you can purchase an item immediately and then pay overtime, at your chosen pace ranging from 3 to 24 months. When you checkout, Affirm shows you your exact terms of purchase.
Unlike Walmart’s previous plan, Affirm does have a finance charge. The APR rate will be between 10% and 30% for most items depending upon your credit. However, there are still some items available for 0% APR.
Affirm does not charge late fees, prepayment fees, annual fees, or service fees to open or close your Affirm account.