Does Walmart Have Layaway in 2024? Your Complete Guide
The holidays are fast approaching, and you may have your eye on some big ticket items for yourself or loved ones. But even with the best bargains, those purchases can put a strain on your budget.
Layaway programs allow you to pay for items over time interest-free and take them home once you‘ve finished paying. It‘s a popular option for spreading out holiday costs.
So does Walmart offer layaway? Yes, Walmart does provide a holiday layaway program from mid-October through mid-December each year.
I‘ll give you all the details on Walmart‘s layaway program for 2024 so you can decide if it‘s right for your holiday shopping needs.
Overview of Walmart‘s 2023 Layaway Program
Here are the key facts on Walmart‘s layaway program this holiday season:
- Layaway Dates: October 17, 2023 through December 19, 2023
- Minimum Purchase: $50
- Individual Item Minimum: $10
- Down Payment: 10% of total purchase price or $10, whichever is greater
- Cancellation Fee: $10
- Payment Methods: Any Walmart register or kiosk
Walmart saw over 10 million layaway transactions during the 2021 holiday season, so it remains a popular program. [1]
Layaway is only available for in-store purchases, not online orders. And you must pick up your layaway items by the December 19 deadline.
Next, let‘s look at what types of items are eligible for Walmart‘s layaway program.
What Can You Put on Layaway at Walmart?
Many product categories qualify for Walmart layaway, including:
- Toys
- Electronics
- Appliances
- Furniture
- Jewelry
- Sporting Goods
- Auto Accessories
However, there are some exclusions to be aware of:
- Cell Phones
- Services (tire installation, automotive services, etc.)
- Gift Cards
- Groceries
- Alcohol
Some common big ticket items people use layaway for are:
- TVs
- Gaming consoles
- Bikes
- Treadmills
- Mattresses
Step-by-Step: How to Put Items on Layaway at Walmart
If you decide layaway is the right option for your holiday shopping, here is the simple process to follow:
Select the items you want to purchase at Walmart and bring them to the checkout, Customer Service desk, or Layaway department.
Tell the associate you want to put the items on layaway. Provide your name, contact information, and photo ID.
The associate will prepare the layaway agreement. You pay the 10% down payment or $10 minimum.
Make additional payments at any Walmart register. You can pay a little at a time or pay off the balance early.
When the balance is paid in full, return to Customer Service with your receipt to pick up your items by December 19.
Following these steps makes participating in Walmart‘s holiday layaway program easy.
Pros and Cons of Walmart Layaway
Before deciding if layaway is right for you, weigh the key pros and cons:
Pros
- Interest-free way to pay over time
- Reserves item so it doesn‘t sell out
- Flexible payments until December deadline
- Available for a wide range of products
Cons
- $10 cancellation fee if you change plans
- Doesn‘t apply to online purchases
- Need 10% down payment upfront
- Doesn‘t build credit history
Expert Tips for Using Walmart Layaway
Finance experts offer this advice for making the most of Walmart layaway:
Avoid impulse purchases and only put essential, budgeted items on layaway [2]
Factor in the total costs like taxes, fees, delivery charges
Avoid excessive holiday debt that carries into the new year
Track layaway payments on a calendar so you don‘t miss deadlines
Compare costs vs. saving up to pay 100% upfront
Avoid getting layaway items as gifts if recipients may want to return
Consider whether Affirm financing makes more sense for you
With some planning, layaway can be an effective way to budget holiday spending. But be cautious with layaway overspending.
How Walmart Layaway Compares to Target and Kmart
Here is how Walmart‘s layaway program stacks up against Target and Kmart:
| Retailer | Layaway Dates | Down Payment | Cancellation Fee |
|---|---|---|---|
| Walmart | Oct 17 – Dec 19 | 10% or $10 | $10 |
| Target | Oct 16 – Dec 16 | $5 | $0 |
| Kmart | Sept 1 – Dec 15 | 10% | $5-$10 |
As you can see, the major retailers have similar holiday layaway programs in place. Target and Kmart have slightly lower cancellation fees, but Walmart and Kmart require a higher down payment.
Alternative Financing: Walmart and Affirm
If you need flexible financing options beyond the holiday layaway window, Walmart does offer installment plans year-round through Affirm.
With Affirm, you can finance either in-store or online purchases in 3-24 month payment plans. The APRs range from 0-30% based on creditworthiness.
Affirm requires a quick online application, then provides instant financing decisions. If approved, you can either scan a barcode to pay at the Walmart register, or choose Affirm as the payment method when checking out online.
The Bottom Line
Layaway can be a smart way to spread out the costs of holiday shopping at Walmart if used responsibly. The program is best suited for budgeting for essential, big ticket purchases on your list.
Avoid impulse buys and overspending just because an interest-free payment plan is available. Make sure your total layaway purchases fit within your existing holiday budget.
But when used wisely, Walmart‘s holiday layaway program can help you pay over time for items you need most this season.
