For those that are getting ready for holiday shopping and use layaway programs, read this before you go.

As we quickly approach the holiday season of shopping, Walmart has decided to change things up a bit. As a single dad without a lot of extra cash on hand, I have used layaway programs in several holiday shopping seasons. It comes in handy for a lot of people. However, don't expect to see that at Walmart this year.

Walmart stores in the United States have decided to drop the layaway program and will offer up a new loan program to customers. Traditionally, customers were able to put items on hold with a deposit and take them home once they were paid off without being subject to interest.

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The new program now being offered by Walmart is called "Affirm." This program works the same way as pretty much any loan situation. Now the customers will be able to take the items home immediately and pay for them over a period of three to 24 months. While the "Affirm" program will not charge late, prepayment, or annual fees, customers can expect to see an interest rate of 10% to 30% on their loans.

What items can be purchased through the "Affirm" program?

  • Electronics
  • Video Games
  • Toys
  • Home
  • Arts & Crafts
  • Musical Instruments
  • Home Improvements
  • Auto
  • Sports & Outdoors
  • Tools
  • Baby
  • Jewelry
  • Apparel

What items CANNOT be purchased through the "Affirm" program?

  • Alcohol
  • Baby Consumables
  • Gas
  • Groceries & Food
  • Merchandise at the register
  • Miscellaneous Supplies
  • Money Services
  • Personal Care
  • Pet Supplies
  • Pharmacy
  • Temporary Specialty Items
  • Tobacco
  • Weapons, ammunition, air guns, gun accessories, and hunting supplies
  • Wireless Service Plans
  • 1-Hour Photo

Source: Walmart

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