Walmart customers will not have a reservation option this holiday season.
After experimenting with seasonal layaway removal from select stores last year, the retail giant said it is removing layaway from all of its stores this year.
“We have learned a lot in the past year as the needs and shopping habits of our customers have changed,” a Walmart spokesperson said of the change. “Last season, we eliminated seasonal items from most of our stores, with the exception of select jewelry items in select stores, and based on what we learned, we are confident that our payment options provide the right solutions for our customers.” .
Layaway allows customers to pay a small deposit to put an item on hold. After making enough interest-free payments to settle the item, the customer can get their product back.
The reserve may no longer be available, but Walmart is moving into a buy-now-pay-later space by partnering with Affirm, an installment loan financial lender.
In this photo illustration, a Walmart logo is displayed on a smartphone along with a shopping cart. (Photo illustration by Rafael Henrique / SOPA Images / LightRocket via Getty Images)
Affirm does not charge late fees, prepayment fees, annual fees, hidden fees, or service fees to open or close accounts. However, it offers an annual percentage rate (APR) of 10% to 30% on products such as electronics, video games, toys, home, crafts, musical instruments, home improvement, automobiles, sports and outdoors, tools, babies, jewelry and clothing.
Loan repayment options range from three months to a year for purchases between $ 144 and $ 799.99 and between 1 and 2 years for purchases between $ 800 and $ 2,000.
Other financial platforms, such as PayPal and Afterpay, offer installment payment options for customers.
This story was reported from Atlanta.