When I was young, my mom would always take me to Walmart to do our Christmas shopping. She loved to take advantage of their layaway plan. Back then, I did not understand the appeal of it, but now that I am a parent myself, I totally get it.
Being able to spread out your holiday spending over several months is really convenient and can help you stay within your budget. But nowadays, does Walmart have layaway? And if so, what are the details? Let’s find out…
What is Layaway?
Layaway is a payment plan that allows you to spread out the cost of your purchase over time. Typically, there is a small upfront fee, and then you make payments until the item is paid off. Once it has been paid for in full, you can take it home. These plans are offered by many stores, but each store has different terms and conditions.
Does Walmart Have Layaway?
Yes, Walmart does still offer the plan! Their program is available in stores only and starts on August 28th each year. Items must be paid off and picked up by December 14th. To sign up for the scheme, you can go to the customer service desk in any local store.
Is Walmart Layaway Available for All Purchases?
No, not all purchases are eligible at the superstore. Only certain items are available for layaway. These include electronics, toys, select sporting goods, and small furniture items. Jewelry is also sometimes available for layaway, but not always. Some stores allow the payment plans for jewelry all year round, while others only offer it during the holiday season.
How Does Layaway Work at Walmart?
Walmart’s layaway program is pretty straightforward. You just take your items to the customer service desk, and they will set up a plan for you. There is a $10 service fee to start an account, and this fee is non-refundable. You also have to put down a minimum deposit of 10% of the purchase price, and note that this deposit is non-refundable.
Once you have made your initial payment, you have eight weeks to pay off the balance. You can make payments online, in store, or by mail. If you want to pay off your layaway early, you can do so at any time. There is no penalty for doing so.
What Should You Know Before Using Layaway at Walmart?
There are a few things to keep in mind before using this type of plan at the store. First, as I mentioned above, there is a non-refundable service fee. This fee is charged even if you decide not to go through with your purchase or if you do not end up picking up your items.
Another thing to keep in mind is that sometimes items go on sale after you put them on layaway. If this happens, you can get the difference refunded as long as you pick up your items within two weeks of the sale.
Are There Exclusions to Walmart’s Layaway?
Yes, there are some items that are not eligible for the retail giant’s payment plan. These include clearance items, food items, and certain seasonal items. Additionally, you cannot put a gift card on layaway.
Terms and Conditions
There are a few terms you should be aware of before signing up. You must be 18 years or older to sign up for Walmart layaway. You also must have a valid ID and a credit or debit card. If you want to cancel your plan, you can do so at any time, and you will receive a refund of all payments made, minus the $10 service fee.
What is Installment Financing?
The superstore offers a few different financing options for big purchases. One option is installment financing, which allows you to make monthly payments on your purchase. The interest rate for this type of financing is typically around 24%. This is through their partnership with Affirm.
To sign up, you can visit the affirm.com/walmart website. You will need to provide your name, email address, date of birth, and the last four digits of your SSN. Affirm will then perform a soft credit check, which will not affect your credit score. Once you are approved, you can choose a payment plan and make your purchase.
What APR Does Walmart Charge?
The APR for Walmart’s installment financing is around 24%. This is the same for all purchases made through Affirm. There are no hidden fees or deferred interest charges. You will know exactly how much you need to pay each month, and you can choose a payment plan that fits your budget.
Tips on Savvy Saving
During the holidays, there is always a plethora of hidden costs that can creep up on us. From buying gifts, to traveling, to entertaining guests, our bank accounts can take a beating. Here are some tips on how to save money during the holiday season:
Set a budget and stick to it
This is the most important tip. Before you start your holiday shopping, sit down and figure out how much money you can realistically spend. Once you have a number in mind, make sure you do not exceed it.
Shop around for the best deals
Do not just buy the first thing you see. Take some time to compare prices and look for sales or coupons.
Be mindful of your gift giving
It is easy to get caught up in the holiday spirit and go overboard with our gift giving. But it is important to remember that it is the thought that counts. A heartfelt homemade gift can mean just as much (if not more) than an expensive store-bought one.
Cut back on your own expenses
There is no reason to spend money just for the sake of it. If you can, cut back on your own expenses in order to save more for holiday gifts.
Make a list (and check it twice)
This will help you stay organized and focused while you are out shopping. It will also prevent you from impulse buying items that you do not really need.
Organize parties at home as opposed to going out to clubs and bars
This will save you a lot of money in the long run, as well as being more fun and intimate.
Shopping online can be a fantastic way to find deals and save money. Just be sure to do your research and compare prices before making a purchase.
Start saving early
If you know you have a big holiday trip or event coming up, start saving for it now. This will help you avoid going into debt and will make the whole experience more enjoyable.
Think outside the traditional gifts
If you are stuck on what to get someone, think outside the box. A gift card to their favorite restaurant or a subscription to their favorite magazine can be a unique and thoughtful gift that will not break the bank.
Organize a secret Santa with friends or family
Instead of buying ten gifts, you only have to buy one. This is a great way to save money and still show your loved ones that you care.
Finally, Have fun!
The holidays should be a time to enjoy family, friends, and all the wonderful things that come along with it. So, do not let stress ruin your holiday cheer. Take a deep breath, relax, and enjoy this time.
Other Ways to Save at Walmart
Using cards is a great way to either get special deals on certain items or even a small percentage off all your purchases. So, if you’re wondering about alternative money-saving payment methods, then check out the Walmart Discount Card, as well as our article about Walmart Hidden Clearance items; you may also need to know Does Walmart Accept Afterpay, What Time Does Walmart Stop Cashing Checks, Does Walmart Cash Personal Checks, and Does Walmart Cash Handwritten Checks.
Or, if you’re interested in changing your fortunes and need some inspiration, learn more about the man behind Walmart in Sam Walton Biography: The Walmart Billionaire, Sam Walton: Founder of the Walmart Empire, or the excellent What I Learned From Sam Walton: How to Compete and Thrive in a Wal-Mart World, all available online in 2022.
Or for a view of future retailing patterns, The Wal-Mart Effect: How the World’s Most Powerful Company Really Works–and How It’s Transforming the American Economy makes for a very interesting read!
Does Walmart Have Layaway – Final Thoughts
Well, yes it does! Whether you are looking to finance a big purchase or just need a little extra help paying for your holiday shopping, the store’s payment program can be a great option.
Just keep in mind the service fee and make sure you understand the terms and conditions before signing up. And if you are interested in financing, be aware of the interest rate. Overall, if you are realistic about your spending this holiday season and follow some of my money-saving tips, you will have a very happy and enjoyable time!