*Walmart will not be offering layaway this holiday season.
The retail giant has teamed with a company called Affirm, which is an “alternative to layaway,” Penn Live reported.
Customers will be allowed to take their items home immediately and will have 3 to 24 months to pay the bill. According to Walmart’s website, “Your cart total will determine which payment plans are available.”
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Here’s more from WSBTV:
There are no late fees, prepayment fees, annual fees, or opening and closing fees and it can only apply to some categories, like electronics, toys and jewelry not everything in the store. There is a finance charge with an APR rate of between 10% and 30% depending on a person’s credit rating. There will also be some items offered at a 0% APR. You also don’t have to pay the whole amount by the end of the month or risk interest fees. But if you do miss a payment you could get charged a fee or not be allowed to use the system another time, according to The Wall Street Journal.
For a complete list of what’s eligible and how it works, click here.
Other companies are also offering buy now, pay later options through Affirm, according to The Wall Street Journal.
The service can be used on purchases ranging from $144 to $2,000 and excludes alcohol, groceries, personal care products, and pet supplies.
Walmart started to phase out layaway in 2020.