Whew! It looks like those coins won’t be spent on layaway at Walmart this holiday season.
It looks like the company—which had $559 billion total revenue in 2020—has decided to get rid of its layaway program.
This allowed customers to hold their items with a deposit and make interest-free, periodic payments until they paid their balance in full.
“We’ve learned a lot in the past year as our customers’ needs and shopping habits have changed. Last holiday season, we removed seasonal layaway from most of our stores with the exception of select jewelry items at select stores, and based on what we learned, we are confident that our payment options provide the right solutions for our customers,” the store said in a statement.
Walmart will now offer “Affirm” as an alternative to layaway. As you may know, Affirm allows people to buy items and then pay overtime between 3 to 24 months.
The program will require customers to apply for a loan, and interest will be applied.
According to Fox 8, “The process requires customers to apply for a loan to pay for their items and while no late, prepayment, nor annual fees are charged, customers do pay interest ranging from 10% to 30%.”
Customers can purchase electronics, video games, tools, jewelry, musical instruments, and apparel.
Roomies, what do you think of this?