Does Walmart Accept Layaway?

Are you planning to buy a big-ticket item, but struggling to come up with the funds to pay for it in full? If so, you may be wondering if Walmart offers a layaway program that could help you spread out the cost over time.

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What is Layaway?

First, let’s define what layaway actually is. Layaway is a retail payment option that allows customers to purchase an item and pay for it over time, typically in installments.

With layaway, the customer puts down a deposit on the item they want to purchase, and then pays off the balance in regular intervals over a set period of time. Once the item is paid off in full, the customer can take it home.

Walmart’s Layaway Policy

So, does Walmart offer a layaway program? The answer is yes! Walmart’s layaway program allows customers to put down a deposit on an item and pay off the balance over time.

The program is available in-store only and typically runs from late August through mid-December each year.

Eligible Items

Not all items are eligible for layaway at Walmart. Eligible items typically include big-ticket items like electronics, appliances, and furniture. However, some restrictions apply.

For example, items that are already on clearance or marked as “rollback” are typically not eligible for layaway.

Deposit and Fees

To put an item on layaway at Walmart, you’ll need to make a deposit of at least $10 or 10% of the item’s price, whichever is greater. You’ll also be required to pay a non-refundable layaway fee of $5.

If you cancel your layaway order or fail to make your payments on time, you may be subject to additional fees.

Payment Schedule

Walmart’s layaway program typically requires customers to make a payment every two weeks. The payment amount will depend on the total cost of the item and the length of the layaway period.

Most layaway plans at Walmart have a 90-day payment period, meaning you’ll need to pay off the balance within 90 days of putting the item on layaway.

Pros and Cons of Layaway

Now that we’ve covered the basics of Walmart’s layaway program, let’s take a closer look at some of the pros and cons of using layaway to purchase big-ticket items.

Pros

Layaway can be a great option for people who don’t have the funds to pay for a big-ticket item in full upfront.
With layaway, you can lock in the sale price of an item even if you won’t be able to pay for it in full until later.
Layaway can help you avoid going into debt by allowing you to pay for an item over time without using a credit card or taking out a loan.

Cons

Layaway typically requires a deposit and may come with fees, which can add to the total cost of the item.
If you fail to make your layaway payments on time, you may be subject to additional fees or even lose the item altogether.
Layaway may not be the best option if you need the item right away, as you’ll need to wait until it’s paid off in full to take it home.

FAQs

Can I put any item on layaway at Walmart?

No, not all items are eligible for layaway at Walmart. Eligible items typically include big-ticket items like electronics, appliances, and furniture, but some restrictions apply.

How much is the deposit for Walmart’s layaway program?

To put an item on layaway at Walmart, you’ll need to make a deposit of at least $10 or 10% of the item’s price, whichever is greater.

Are there any fees associated with Walmart’s layaway program?

Yes, you’ll be required to pay a non-refundable layaway fee of $5. If you cancel your layaway order or fail to make your payments on time, you may be subject to additional fees.

How long do I have to pay off my layaway balance at Walmart?