US – Walmart will no longer offer Layaway offers at the store but an alternative buy now pay later program with Affirm
“Walmart offers easy and affordable monthly payments online and in stores with Affirm, at a pace you choose – 3 to 24 months. Alternative to layaway, you can purchase immediately and pay over time,” Walmart says in a description of the program on its website.
Walmart in the press release said there will be no fees for using the program
“That means no late fees, no prepayment fees, no annual fees, no hidden fees, and no service fees to open or close your Affirm account.”
Customers can apply for special financing on purchases between 144 and 2,000 dollars. Financing is not available on pharmacy items, food, alcohol, tobacco, baby food, pet supplies, wireless service plants, gas, or weapons.
Walmart said some products will be available for promotional financing without interest. Those products will be noted on the website along with how much you have to pay monthly. Interest rates otherwise will range from 10% to 30%.
When applying, the customer receives a single-use barcode that can be scanned at checkout then will make payments to Affirm.