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Walmart ditching layaway option for 2021 holiday season


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#1 magickallight  OFFLINE  

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Posted Sep 23, 2021 - 9:03 pm

Per foxbusiness.com

Walmart ditching layaway option for 2021 holiday season

Walmart says it will ditch its layaway option for the upcoming holiday season in exchange for a buy-now, pay-later option through Affirm.

Walmart's seasonal layaway program, which has run from late August through mid-December in previous years, allows customers to put items on hold with a small deposit and make a series of interest-free, regular payments until the total is paid off. Once paid off, customers could then pick their products up from their local Walmart store.

Instead, Walmart customers purchasing items online can now choose Affirm as a payment method at checkout and apply for a loan. Meanwhile, for in-store purchases, customers can apply for a loan online, pick their desired payment plan and scan a single use barcode at the register.

"We've learned a lot in the past year as our customers’ needs and shopping habits have changed," a Walmart spokesperson told FOX Business Thursday. "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."

According to its website, Walmart will partner with Affirm to offer 10% to 30% APR on a wide variety of product categories, including electronics, video games, toys, home, arts & crafts, musical instruments, home improvement, auto, sports & outdoors, tools, baby, jewelry and apparel. Some promotional items on Walmart.com will also be made available at 0% APR.

Loan repayment options range between three months to a year for purchases between $144 to $799.99 and 1 to 2 years for purchases between $800 to $2,000. Affirm does not charge any late fees, prepayment fees, annual fees, hidden fees or service fees to open or close accounts.
 


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#2 Kanyon71  OFFLINE  

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Posted Sep 24, 2021 - 3:57 am

Going to be a lot of bummed people

#3 berry1014  OFFLINE  

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Posted Sep 24, 2021 - 4:25 am

 Unfortunately not everyone has the credit to get a loan and with layaway there is no interest involved. 



#4 jesusluvu  OFFLINE  

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Posted Sep 24, 2021 - 4:36 am

I think this will negatively affect there overall profits for 2021. I wonder who will step in and fill this void for the people that need to utilize layaway. 



#5 magickallight  OFFLINE  

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Posted Sep 24, 2021 - 4:38 am

I think this will negatively affect there overall profits for 2021. I wonder who will step in and fill this void for the people that need to utilize layaway. 

Does Target normally do it? If not, maybe they will step in this year...


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#6 Bopeep  OFFLINE  

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Posted Sep 24, 2021 - 6:28 am

I haven't used lay away in years, so this doesn't affect me. And yet, I'm seriously angry about it. I think it's the 10-30% interest rate. I'm just thinking about that young mom (that I was) that needs lay away for one reason or another to ensure her kids have Christmas, and now they are going to exploit that. grrrrr



#7 Brad  OFFLINE  

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Posted Sep 24, 2021 - 6:31 am

Affirm is becoming very big. Amazon just did a deal with them a few weeks ago for purchases over $50,



#8 jewleyp  OFFLINE  

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Posted Sep 24, 2021 - 7:36 am

This is very unfortunate. Many people depend on this layaway to be able to afford items for the holidays. I find this exceptionally offensive in our current climate when so many need extra help.

#9 HanShotFirst  OFFLINE  

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Posted Sep 24, 2021 - 1:38 pm

I hate this for those people who have no credit or bad credit yet want to give their children/family a good Christmas.  All the low income families that were able to utilize layaway with no interest and now just that, when the past almost 2 years have been so hard on them and everyone else.  Ugh Walmart.  Bad move in my opinion.  



#10 budgetsRsexy  OFFLINE  

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Posted Sep 24, 2021 - 8:55 pm

It’s really upsetting that Walmart is doing this. I suspect that the people that needed the layaway feature most will be the ones that don’t have good enough credit to get a loan or will be charged the worst interest rate. The idea of people who are already struggling getting hit with a 30% interest rate makes me sick to my stomach.

#11 EliteABombAZ  OFFLINE  

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Posted Sep 24, 2021 - 11:48 pm

It isn't just about affordability and credit either. Some people like to have a layway setup so they don't have to hide gifts at home... (lack of space...etc)



#12 jesusluvu  OFFLINE  

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Posted Sep 25, 2021 - 5:59 am

Does Target normally do it? If not, maybe they will step in this year...

I m not sure if they do but I love there selection of toys over walmart. This would be a new market of shoppers that normally would not go there. It would be interesting to see the swing in market share after this year if they do decide to compete for this segment of buyers



#13 jesusluvu  OFFLINE  

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Posted Sep 25, 2021 - 6:03 am

I haven't used lay away in years, so this doesn't affect me. And yet, I'm seriously angry about it. I think it's the 10-30% interest rate. I'm just thinking about that young mom (that I was) that needs lay away for one reason or another to ensure her kids have Christmas, and now they are going to exploit that. grrrrr

This seems to be another version of those payday loan rip off locations. Growing up I know my mom needed to use it and without it we would not have had a Christmas. I know a business needs to make a profit but not like this. Maybe during the year but the holidays in out current climate....



#14 jaymacfla  OFFLINE  

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Posted Sep 26, 2021 - 5:28 am

Placing people in a financial bind is not a great move Walmart.



#15 jesusluvu  OFFLINE  

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Posted Sep 27, 2021 - 4:07 am

Placing people in a financial bind is not a great move Walmart.

This is another slap in the face and a blanket we don't care about you but you still need to give us all your money.



#16 Kanyon71  OFFLINE  

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Posted Sep 27, 2021 - 10:11 am

This seems to be another version of those payday loan rip off locations. Growing up I know my mom needed to use it and without it we would not have had a Christmas. I know a business needs to make a profit but not like this. Maybe during the year but the holidays in out current climate....

The thing is they still do make a profit. It’s just over the course of the layaway plan.

Smells of a money grab to me, Walmart isn’t hurting for money.

#17 mgreen  OFFLINE  

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Posted Sep 27, 2021 - 12:59 pm

I remember back in the day (I won't say which day) layaway was all the rage. Kmart was it! Before WM was a household name. Used layaway all the time. Then as I got a little better financial footing I didn't use as much, it's been decades. Now I use paypal credit online for anything over $100, you get 6 mos no interest. They even run deals for longer periods throughout the year. More and more online stores are taking paypal as a method of payment and you do get some level of protection with your purchase. Better than layaway! (In my opinion)

#18 tracy0504  OFFLINE  

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Posted Sep 27, 2021 - 6:55 pm

I am in agreement in saying this move us not the best (just like Walmart's check out lanes)... Too many families rely on layaway to purchase Christmas gifts for their children... You really want your customers to take out a loan they had no intentions of taking out to buy Christmas gifts?! This is going to be difficult especially for those just getting back to work or even those who've been working the whole time but barely making ends meet...

#19 ytmomof4  OFFLINE  

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Posted Sep 28, 2021 - 1:16 am

I really think this is a horrible mistake for Walmart and the hard working parents that have to live paycheck to paycheck. That rely on this for the low payments to give their babies a Christmas.
I used layaway because I needed it at one point and then it became a convenience to hide presents until it was closer to Christmas.

#20 Elmck  ONLINE  

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Posted Sep 28, 2021 - 4:25 am

I agree that this is not a good decision on Walmart’s part. I would not choose any option that would charge interest for a toy that could be broken before it’s paid for. Of course I also don’t like their new app update or the changes to the website when I order groceries ( seriously looking for another way to order groceries)

#21 ytmomof4  OFFLINE  

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Posted Sep 28, 2021 - 4:43 am

I agree that this is not a good decision on Walmart’s part. I would not choose any option that would charge interest for a toy that could be broken before it’s paid for. Of course I also don’t like their new app update or the changes to the website when I order groceries ( seriously looking for another way to order groceries)


Oh yes the new update to their app sucks. Can’t figure it out and how I’m actually supposed to order from their website when the deals come. Maybe I will have to actually use my laptop for that idk

#22 jesusluvu  OFFLINE  

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Posted Sep 28, 2021 - 7:55 am

Every time I come in this thread I get mad. Walmart may have just lost my business this year. I do not like this one bit. I have not had to use it but every year I dream of being able to go in and pay off everyone's layaway in there just to be a blessing. So many parents try and work so hard to just put a smile on there kids face. I know it is not about the gifts but remembering my child's smile on Christmas from that one item they really wanted is what keeps me going most days, but I also remember the pain of explaining that this year I just could not do it. 



#23 Kanyon71  OFFLINE  

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Posted Sep 28, 2021 - 6:04 pm

Every time I come in this thread I get mad. Walmart may have just lost my business this year. I do not like this one bit. I have not had to use it but every year I dream of being able to go in and pay off everyone's layaway in there just to be a blessing. So many parents try and work so hard to just put a smile on there kids face. I know it is not about the gifts but remembering my child's smile on Christmas from that one item they really wanted is what keeps me going most days, but I also remember the pain of explaining that this year I just could not do it.

My wife and I had thought about trying to pay one a couple layaways this year. Hopefully someone will have it.

#24 colemandawn4905  OFFLINE  

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Posted Sep 28, 2021 - 6:35 pm

That’s horrible! Some people won’t get approved for the credit. Interests rates of up to 30% is just going to put people in a financial bind even worse than they already are. Mad move Walmart!! Bad bad move

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#25 magickallight  OFFLINE  

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Posted Sep 28, 2021 - 7:33 pm

I agree that this is not a good decision on Walmart’s part. I would not choose any option that would charge interest for a toy that could be broken before it’s paid for. Of course I also don’t like their new app update or the changes to the website when I order groceries ( seriously looking for another way to order groceries)

I am so glad you mentioned the changes to the website - I can't stand it! It took me 3 times longer to get my order placed last week for pickup and then got home to a shattered jar of pasta sauce and sauce and glass all over other groceries as well as the car trunk ... when I tried to put in for a refund for the jar and 2 things that were ruined they wanted me to dig the items including the broken jar out of the garbage and bring them INTO the store to get my refund!!! (I haven't been in a store in 18 months - that is WHY I do pickups!) I wound up having to call the 800 number for groceries and finally got refunded - it was like $5.00 out of a $200 order - it wasn't like I was trying to get away with anything!

 

I don't know what is going on with them, their dropping layaway, or that terrible new site - but I am NOT liking their new image at all! :(


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#26 jesusluvu  OFFLINE  

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Posted Sep 29, 2021 - 4:02 am

My wife and I had thought about trying to pay one a couple layaways this year. Hopefully someone will have it.

Yeah. That what we said instead of trying to pay it all off just pay off a few. I have set a side a few hundred dollars already, hoping to be able to pay off about 500 this year if possible. 



#27 HanShotFirst  OFFLINE  

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Posted Sep 29, 2021 - 4:38 pm

I agree that this is not a good decision on Walmart’s part. I would not choose any option that would charge interest for a toy that could be broken before it’s paid for. Of course I also don’t like their new app update or the changes to the website when I order groceries ( seriously looking for another way to order groceries)

I ordered groceries for pickup this afternoon for the first time since the update and it was horrible.  Took me 3X longer than normal.  Ugh…



#28 racerfan  OFFLINE  

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Posted Sep 29, 2021 - 5:11 pm

I have used layaway to keep gifts there instead of at home.  I guess I now need a new place to hide gifts.



#29 jesusluvu  OFFLINE  

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Posted Sep 30, 2021 - 7:56 am

I have used layaway to keep gifts there instead of at home.  I guess I now need a new place to hide gifts.

I have done that before. Since working from home that has been my dilemma. I use to order them and leave them in my office. 






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