There will be no holiday shopping staple this year at Walmart.
Walmart will not offer layaway this year in the United States, according to a report on WRAL.
Walmart had offered layaway in the past from late August through mid-December, in which customers could deposit money and then pay off the balance over time.
Customers did not pay interest on layaway purchases, according to Mlive.com
Moreso, any register in the store allows you to make payments on Layaway at any time.
Then, you just need to pay a down payment of $10, or 10%, whichever is more.
Individual items may had cost $10 or more. You can buy up to $50 worth of items.
As an alternative to layaway, Walmart now offers a program called “Affirm.”
Billed as an alternative to layaway, Affirm allows customers to purchase their items immediately and pay them over time over three to 24 months.
Customers need to apply for loans to pay for their items, and despite the fact that no late fees or prepayment penalties are imposed, they do have to pay interest, which can range from 10% to 30%.
Affirm accepts a variety of items, including electronics, video games, toys, home goods, musical instruments, home improvement, tools, baby items, jewelry and more.
As part of its effort to cut costs and launch ship-to-store service, Walmart discontinued its year-round layaway program in 2006.
When the 2008-2009 recession was still affecting many families financially, the company revived the service for the holiday shopping season in 2011.