Walmart is a popular grocery store in the USA that offers virtually anything you can think of, from food to clothes to cosmetics, kitchen appliances, bicycles, lawnmowers, and anything else that you’d need for your everyday life.
However, there might be a time in your life that you’re looking for something or desperately need it and you don’t quite have enough money to purchase it.
Walmart has joined the list of many stores that offers a solution to this problem. You can make use of its financing option, also known as Walmart lease-to-own, to pay for your products monthly.
What People Look for with This Solution
If someone is resorting to using a financing plan to pay for something that they need, it’s generally accepted that they are doing this because they do not have the means to pay for what they want in full at the moment.
Or perhaps they do, but they need to use it for another, more important purpose, such as paying off student loans or paying for rent.
Financing is a program that will allow you to pay for what you need on a monthly basis, which means that you can still have whatever you need without having to pay for it in full in the beginning.
There are some factors that you will need to consider, however, if you choose to go for this option.
- APR: It’s important to check out the interest rate before you take out any kind of loan. The higher the interest rate, the more you’re going to have to pay. This means that you’re going to end up paying more for the product in the end than if you had paid for it all at once.
- How much time you have to pay off the loan: When you’re financing a product, you’re generally going to have some time frame in which the loan will need to be paid back. This can range from a few months to 2 years or so depending on what the product is that you purchased.
- Credit check: Companies are generally going to conduct a credit check before they agree to allow you to finance a product. If you don’t have good credit, this could be detrimental to you. You will also want to see if your credit score will be affected when a company conducts a credit check.
- Read the contract!: This might be a no-brainer, but you have to make sure that you read the terms of the contract before you sign it. This way, you will be able to make sure that you’re able to make the stated payments and that you agree to the rest of the terms.
What is Walmart Rent-to-Own?
Walmart is known as being the largest retailer in the US and Walmart appliances are some of the most trusted. But if you’re not able to purchase some of the appliances you need for your home, it might be worth considering this financing program.
Walmart has teamed up with Affirm, a company that has partnered with many retailers to provide consumers with the option to finance products. With this program, you will be able to finance products for 3, 6, or 12 months.
However, not everything is included in this plan; groceries, gift cards, wireless, marketplace items, and everyday living items are among those that are ineligible. But you can choose the Walmart lease-to-own electronics option, or you can choose between other eligible items that are between $144 and $2,000.
While this is not a Walmart no credit check financing option, checking to see if you prequalify will not affect your credit score.
There are no late fees and the interest rate is between 10-30% APR, depending on the individual product that you purchased.
You will be able to see more specific terms when you make your purchase. Then, you can set up automatic monthly payments on your phone.
Pros and Cons
Let’s look at some of the pros and cons of using this Walmart financing option.
- You can select this option no matter whether you’re purchasing in-store or online.
- There are no hidden fees or late fees.
- It’s a decent option for people who don’t have the cash on hand to purchase what they need.
- It is easy and fast to check if you’re approved.
- Your credit score will remain unaffected while the company checks for approval.
- People living in Iowa, West Virginia, or Puerto Rico are not eligible for this program.
- Some credit cards offer lower interest rates, so be sure to check the rates on your credit card first before applying for this program.
Ratings and Awards
In general, it seems that customers had a decent experience with the Walmart + Affirm financing program. It runs a soft credit check that won’t affect your credit score and it does not include any hidden fees. Here are some things that customers said about this financing option.
“Using Affirm is simple and convenient. I highly recommend using them! It is a great way to get things you want and need and make easy payments.” – Dee, TrustPilot
“Walmart’s new financing option might appeal to you if there’s a purchase you really need to make but don’t have cash on hand for.” – Clark.com
“I use Affirm for many bigger purchases to break up the cost into manageable amounts. It’s been really helpful for me and I highly recommend for anyone who isn’t ready to spend a huge chunk of money all at once, but can afford a monthly payment. It’s a great service.” – Chris, TrustPilot
It seems like the Walmart + Affirm option is a good choice for those who cannot afford to pay outright. However, make sure that you read the terms carefully if you choose this option!
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