As an ecommerce expert, I get asked this question a lot once the holiday season approaches: "Does Walmart have layaway this year?"
The answer is yes! Walmart does offer their traditional holiday layaway program from mid-August through mid-December for shoppers wanting to spread out payments on holiday purchases.
In this comprehensive guide, I‘ll give you all the details on Walmart layaway 2022, including how it works, what‘s included, key dates and deadlines, age requirements, and more. I‘ll also discuss Walmart‘s financing options through Affirm that are available year-round.
My goal is to help you understand all of Walmart‘s payment plan options so you can determine if layaway or installment financing is the right choice for your 2022 holiday budget and shopping.
Walmart Layaway Returns for Holiday 2022
Walmart brings back their holiday layaway program every year as an interest-free way for customers to pay for holiday gifts, electronics, toys, furniture, and other big-ticket items over time.
According to Walmart, layaway has grown increasingly popular over the past few years. In 2021, the retail chain saw a 20-30% increase in layaway accounts compared to 2020. This upward trend is likely to continue in 2022.
Layaway appeals to shoppers who want to stick to a holiday budget and avoid credit card debt. By making small payments every week or month, you can slowly pay off your Walmart purchases while avoiding large one-time bills.
How Does Walmart Layaway Work?
The basics of Walmart‘s layaway program are straightforward:
- Layaway Duration: August 28 – December 14, 2022
- Minimum Purchase: $50
- Minimum Deposit: $10 or 10% of total purchase price
- Payments: Make payments at any amount over time until paid off
- Final Payment: Must be made by December 14 at the store where you opened the layaway account
There is no fee to open or maintain a Walmart layaway account. You can make payments at any store register. Walmart also provides text and email reminders about upcoming due dates.
If you fail to make the final payment and pick up your item by December 14th, Walmart will cancel the order and refund what you‘ve paid so far, minus a $10 cancellation fee.
Layaway vs Credit Cards: Which is Better?
When it comes to financing large purchases, two common options are layaway plans or credit cards. But which one is the better choice? Here is a brief comparison:
- Forces savings discipline
- Pay off balance by fixed date
- No credit check or credit reporting
- Limited purchase selection
- Pay full balance earlier
- Risk losing deposits if cancelled
- No purchase protections or rewards
Credit Card Pros:
- Use for any purchase type
- Flexible ongoing payments
- Purchase protections
- Can earn rewards points/cashback
Credit Card Cons:
- Interest charges accrue over time
- Debt can continue accumulating
- Late fees if missed payments
- Can overspend credit limit
As you can see, each option has its own set of advantages and disadvantages. Layaway is best suited for those who want forced savings discipline and don‘t want to incur interest charges. Credit cards provide greater flexibility and protections but risk of debt is higher. Consider your personal situation to choose the best payment method.
Does Walmart Offer Layaway Year-Round?
The Walmart layaway program is a seasonal event that runs only from August to December each year. But some specific Walmart locations may offer year-round layaway for jewelry purchases only. Check with your local store to see if they offer year-round layaway.
While old-fashioned layaway is limited to the holidays, Walmart does provide alternative installment financing options through Affirm that you can use at any time of year. I‘ll discuss more about Affirm later in this guide.
Who Can Use Walmart Layaway?
To qualify for Walmart layaway, you must meet the following age requirement and guidelines:
- You must be at least 18 years old to initiate a layaway plan.
- The person who makes the payments and picks up the merchandise must be the one who is at least 18.
- Items intended as gifts for minors can be purchased on layaway by adults.
Prepaid cell phones are one of the only product categories not eligible for layaway at Walmart. Everything else in their inventory should qualify, as long as the $10 minimum price per item and $50 total purchase minimums are met.
Tips for Getting Approved for Walmart Layaway
Since no credit check is required, getting approved for Walmart layaway is easy! As long as you meet the minimum purchase thresholds and age requirements, you can start a layaway plan.
Follow these tips to successfully complete the program:
- Make your deposit payment within 7 days of starting your layaway plan.
- Make installment payments often to avoid cancellation – weekly or bi-weekly is best.
- Know the final layaway payment deadline of December 14th and make sure to pay in full by this date.
- Keep your original layaway receipt as you‘ll need it to pick up your merchandise.
- Track your balance online or use Walmart‘s text/email reminders so you don‘t lose track of due dates.
Following this simple layaway advice will help ensure you don‘t risk cancellation and lose your deposits.
Cancelling Your Walmart Layaway – Know the Fees
Life happens, and plans change. If you need to cancel your Walmart layaway for any reason, here is what you need to know:
- You can request cancellation at any time before the December 14th final payment deadline.
- Any payments you have made towards the balance will be refunded to you, minus a cancellation fee.
- The cancellation fee is typically $10, but may vary by state. Always check the full layaway terms for your state.
- When cancelled, the items in your layaway account will be returned to inventory.
- Processing your refund may take 1-2 billing cycles.
By cancelling in advance of the final due date, you can recoup most of your payments made so far and avoid losing your deposit.
What Items Are Eligible for Layaway at Walmart?
You can place a wide selection of products on layaway at Walmart for the 2022 holiday season. Some of the most popular layaway categories include:
- Electronics – TVs, laptops, tablets, gaming consoles
- Appliances – washers, dryers, refrigerators
- Furniture – indoor and outdoor
- Infant gear – cribs, strollers, car seats
- Sporting goods
- Auto accessories – tires, rims, car audio
- Christmas decorations
- And more!
Big ticket electronics and furniture are consistently top-selling layaway categories every holiday season. Toys and jewelry also make popular layaway gifts.
Check with your local Walmart store for specifics on eligible items in that location. Some exclusions may apply.
Walmart Layaway Statistics and Trends
Here are some interesting statistics that showcase the growing popularity of layaway:
In 2021, around 5% of holiday shoppers planned to use layaway for some of their purchases. [Source]
23% of Walmart customers used layaway in 2020 because they did not want to incur credit card debt, while 21% cited wanting to stick to a holiday budget. [Source]
The most common layaway purchases include electronics (57%), leisure items (45%), clothing (37%), and toys (33%). [Source]
Over 60% of consumers agree layaway helps them avoid overspending. 52% say it provides better budgeting than credit cards. [Source]
As you can see, layaway remains popular with shoppers who want to budget successfully for the holidays and stick to a spending plan.
Year-Round Financing: Walmart and Affirm Partnership
In addition to seasonal layaway, Walmart also offers installment financing plans year-round through their partnership with Affirm. This provides an alternative pay-over-time option.
With Affirm, you can finance any Walmart purchase, whether in-store or online. Loan terms range from 3 to 24 months at competitive interest rates ranging from 0-30% APR depending on your credit profile.
Here are some of the benefits of using Affirm at Walmart:
- Pay off purchases from $50-$2000 over 3-24 months
- All fees and loan terms disclosed upfront
- Prequalify to check rates without impacting credit score
- No late fees or penalties
- Use for any item sold at Walmart.com
- Easy online application and instant decision
Affirm gives you flexibility to spread out payments over time. And the fixed monthly installment schedule can help you budget. Make sure to compare the interest rate to credit cards and other financing options to get the best deal based on your credit.
Final Thoughts – Make the Best Payment Choice for You
I hope this guide gave you all the details about Walmart‘s payment plan options for holiday 2022 and beyond. The retailer brings back their layaway program every holiday shopping season to offer interest-free financing. Just be aware of the cancellation policies and final payment deadline.
While old fashioned layaway has its limitations, the Affirm partnership provides Walmart shoppers with a year-round installment financing alternative.
Take time to determine if layaway or Affirm installments are right for your own spending situation this year. Carefully reading the fine print for all terms, interest rates, and fees is key. And budget accordingly to ensure you can make all payments on time.
Whichever option you choose, enjoy the savings and convenience of spreading out your Walmart purchases over time! Please let me know if you have any other questions.