If you’ve done any online shopping in the past year, you’ve probably noticed many retailers partnering with Buy Now, Pay Later options like Affirm, Afterpay and Klarna. Walmart jumped on the trend when it announced its installment financing program in 2021.
While this payment option is a nod to traditional layaway systems — which allow for multiple payments over time — there are some differences, including payment amounts and interest charges.
What Happened to Walmart’s Layaway?
For years, Walmart offered a seasonal layaway option, which let you make holiday purchases with a down payment, and then continue making payments. Once you pay off the remaining balance, you receive your merchandise. While this is a helpful way to break up the cost of products (especially during the holidays), you can’t take your purchases home with you the same day when opting for layaway.
Fast forward to 2022 and today’s shopper is accustomed to faster shipping, like two-day and same-day delivery options, making traditional layaway programs even more archaic. In 2019, Walmart ushered in a new program that’s up to speed with modern shopping habits: the Buy Now, Pay Later financing option with Affirm.
What You Need To Know About Using Affirm at Walmart
How Does the Walmart Buy Now, Pay Later Work?
With Walmart’s Buy Now, Pay Later, you can take your purchases with you and then continue to pay on them in a convenient time frame. Affirm offers the service to let you stretch out your payments, according to a specific schedule with no late fees.
You can finance merchandise like TVs, appliances and clothes, both online and in-store, with a repayment schedule from three- to 24-month increments. Affirm’s annual interest rates vary from 10% to 30%, depending on your credit. The financing option is also available at other retailers, including Amazon, Pottery Barn, Target, Lowe’s and more. And a bonus, Affirm is offered year round not just during the holidays like Walmart’s layaway.
Note: Promotional financing of 0% APR is available on select products with Affirm for those who qualify.
Here’s how the Affirm financing schedule works:
- Purchase of $144 to $799.99: Three, six or 12 months.
- Purchase of $800 to $2,000: 12, 18 or 24 months.
Will Applying for Affirm Affect My Credit Score?
Applying for Walmart’s Buy Now, Pay Later doesn’t affect your credit score. However, if you choose to purchase an item and finance it through Affirm, this will probably affect your credit score just like a credit card charge does.
Which Walmart Products Are Eligible for Affirm?
With Walmart’s Buy Now, Pay Later, a wide selection of products are available to finance through Affirm. These are the categories where you can use the buy now, pay later option:
- Electronics.
- Video games.
- Toys.
- Home.
- Arts and crafts.
- Musical instruments.
- Home improvement.
- Auto.
- Sports and outdoors.
- Tools.
- Baby items.
- Jewelry.
- Apparel.
Check out the merchandise that isn’t eligible for Walmart’s buy now, pay later program.
How To Pay With Affirm at Walmart In-store
To use Affirm as your payment option at a Walmart store, fill out the application on your mobile device, pick your payment plan and scan your single-use bar code at checkout. The virtual Affirm card will work everywhere it’s accepted for 24 hours. Just add it to your mobile device’s Wallet.
For using Affirm at Walmart.com, choose the “Affirm” option at checkout and apply for the loan to cover the cost of your purchase. You receive an answer right away. Your monthly payment schedule is determined by the total price of your items and how often you choose to pay.
Can I Return Walmart Purchases Paid for With Affirm?
Yes. To return purchases online, use your purchase information to start your return, then mail it back or return it to a Walmart store. For returning an item bought in-store using Affirm, go to the Walmart customer service area.
How Do I Make Payments To Affirm?
After applying and being approved for Walmart’s buy now, pay later program, make payments online at Affirm.com or through the Affirm app. Your payment amount depends on the payback schedule you chose, as well as your interest rate.
Affirm sends reminders via email and text, so you don’t miss a payment. You can opt to turn on the auto pay feature, so Affirm will automatically draft the monthly payment from your bank account or debit card.
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