How to Use Affirm at Walmart: The Complete 2023 Guide
Walmart shoppers spent over $23 billion using Affirm‘s buy now, pay later financing in 2021. As one of the largest retailers in America, Walmart has made Affirm checkout loans widely available both online and in-stores. This comprehensive guide will teach you everything you need to know about using Affirm at Walmart.
Overview of Affirm
Affirm is a financial services company founded in 2012 that offers installment loans to consumers through partnerships with over 12,000 retailers. Instead of paying for purchases upfront, customers can use Affirm to finance payments over 3, 6, or 12 months.
Affirm approves loans by performing a soft credit check that doesn‘t negatively impact your credit score. Approved applicants will receive loan terms with fixed monthly payments and APRs from 0-30%.
Benefits of Affirm at Walmart
- Flexible payment terms – Pick from 3-24 month repayment options to suit your budget
- 0% APR promotions – Many purchases can qualify for 0% interest financing
- No late fees – Affirm doesn‘t charge any late fees or penalties
- Easy applications – Get approved quickly after a soft credit check
- Spending power – Borrow up to $2,000 for Walmart purchases
According to Affirm’s 2021 annual report, Walmart makes up nearly 15% of their total merchant network revenue, making it one of their top retail partners.
How to Apply for Affirm Financing at Walmart
Applying for Affirm at Walmart can be done in just a few minutes:
Add desired items to your Walmart cart, in-store or online
Select Affirm as the payment option during checkout
Enter your basic personal information for the loan application
Choose your ideal repayment term (3, 6, 12, 18 or 24 months)
Accept the loan terms after reviewing the details, APR, and monthly payment amount.
According to credit rating agency TransUnion, more than 70% of Affirm loan applicants are approved. As long as you have a relatively stable credit history, you should qualify.
Tips for Using Affirm at Walmart
- Take advantage of 0% APR promotions when available, especially on bigger purchases
- Consider saving Affirm for higher cost items to maximize the financing benefits
- Opt for shorter 3-6 month terms whenever possible to pay less interest
- Set up autopay through Affirm so you never miss a payment
- Check Affirm eligibility and estimated rates before shopping so there are no surprises
| Loan Term | Average APR Range |
|---|---|
| 3-6 months | 0-10% |
| 12 months | 10-20% |
| 18-24 months | 20-30% |
Is Affirm Right for You? Pros and Cons
Pros
- Delayed payment options
- Potential to finance purchases interest-free
- Simple application process with quick approval
- May help you afford necessary purchases you otherwise couldn‘t
Cons
- Additional costs if you select a loan with interest
- Can promote overspending beyond your budget
- Missed payments hurt your credit score
- Not available for all types of Walmart purchases
Alternatives to Affirm at Walmart
If you don’t qualify for Affirm or want to explore other financing options, here are a few alternatives:
- Walmart Credit Card – Get rewarded for Walmart purchases and special financing offers
- PayPal Credit – Fixed monthly payments and varying terms from 6-24 months
- Walmart Layaway – Reserve items by making partial payments over time until paid in full
The Bottom Line
Affirm provides flexible financing that makes checkout easy and transparent when shopping Walmart. Just make sure to compare all loan details closely and borrow responsibly within your budget. Avoid loans over 12 months when possible to save on interest charges.
