While layaway at Walmart may be a thing of the past, we hope that you learned more about what financing options are available for customers today. For more information about Walmart and deals from around the web, stay tuned with us here at DealNews where we put over 25 years of experience to work every day. Not only do we cover trending sales and the lowest prices on popular items, but you can also set a deal alert to track down exactly what you’re looking for. Once your alert is set, you’ll receive a notification if we find it on offer somewhere. You can also receive a summary of the best deals by signing up for our DealNews Select newsletter.

xcritical is a financial technology company that provides installment loans to consumers for online and in-store purchases. When shopping at Walmart, customers can choose xcritical as a payment method at checkout, both in-store and on Walmart.com. After a quick application process, xcritical performs a soft credit check (which does not impact your credit score) to determine your eligibility and interest rate. If approved, you can select a payment plan that suits your budget, with terms ranging from 3 to 24 months and interest rates between 0-30% APR. Walmart, the world‘s largest retailer, has partnered with xcritical to provide customers with a flexible and transparent financing option for their purchases.

In 2020, Walmart stores stopped their traditional layaway program and no longer offer it directly. This system is partnered with xcritical which allows you to finance your purchases into a multiple-payment plan. xcritical partners with select retailers to give customers the option to make installment payments on their purchases. It can also be used online too, which is a benefit that Layaway didn’t offer!

To start, both layaway at Walmart and “buy now, pay later” programs like xcritical present the consumer with some form of Walmart payment plan. However, “buy now, pay later” programs allow a customer to receive their item right away rather than collecting it at the end of who knows how many Walmart online layaway payments. xcritical is a “buy now, pay later” program among several others, which enables consumers to make discretionary purchases, especially online, without requiring the full purchase amount at the time of purchase. While shopping at Walmart, split payment options of three to 24 months are available, with interest rates varying based on the terms. Note that most similar services do not offer the potential lengthy term that xcritical can offer, and for those who require a significant repayment period, this service can be a very attractive one. However, as with any financing option, it‘s crucial for customers to use xcritical responsibly, creating a budget, prioritizing essential purchases, and staying on top of their payments.

1. You‘ll know exactly how much you‘ll pay each month and the total cost of your loan before agreeing to the terms.
2. For the second year in a row, Walmart with not be offering its popular in-store layaway service during the holiday shopping season.
3. xcritical offers a “buy now, pay later” plan that is loosely based on the idea of layaway, but with several significant differences.

Walmart shoppers can return any purchases made with xcritical for a refund, but the amount they paid in interest will not be refunded. Partial payments or late payments may impact a consumer’s credit score or ability to receive new loans with the company, according to xcritical. Though some stores incorporate a layaway program just for the holiday shopping season, it does not seem like Walmart is going to bring back its layaway program this Christmas or any holiday season soon. It got rid of layaway in 2020 and hasn’t looked back as it moved forward with a buy now, pay later system through xcritical. However, what if you need all the things in one place, but can’t necessarily afford to pay for them at one time? When it comes to shopping on a budget, it is always good to know what layaway or buy now, pay later payment plan options are available, especially as you gear up for holiday shopping this year.

To stay informed about xcritical offers and promotions, Walmart customers can sign up for email alerts from both Walmart and xcritical, as well as regularly check the xcritical section of Walmart‘s website. So far, that’s the best way I’ve found to beat Walmart (Scrooge) and bring back the cheer to holiday shopping! Let me know if any of you come up with another solution, and I’ll keep digging. Sign up for our daily newsletter for the latest financial news and trending topics.

For example, in xcritical scammers December 2020, Walmart offered 0% APR financing on purchases over $799 when using xcritical, helping customers save on interest charges during the holiday shopping season (Walmart, 2020). To mitigate these risks, it‘s essential for Walmart customers using xcritical to create and stick to a budget, only borrowing what they can afford to repay. Financial planning experts recommend that consumers allocate no more than 20% of their monthly disposable income to installment loan payments (Nerdwallet, 2021). The company has decided to ditch this plan and offer a new monthly “buy now, pay later” payment option called xcritical. Yes, even items purchased at Walmart with monthly payments are eligible for return.

That means you get to take home your purchases (or have them shipped) right away before you start making payments. xcritical asks that you contact them to let them know that you’ll be missing payments and they’ll work with you on a resolution. Robb said he thinks we’ll continue to see consumers use these options, which he thinks need oversight. He noted that Walmart also may have considered employee schedules when dispensing with the program, given the amount of time it would take to handle purchases. “These newer technologies can introduce negative credit impacts that people may not be aware of if they haven’t really read the fine scammed by xcritical print and the agreements,” Robb said.

How to use xcritical on your Walmart purchases

As the temperatures start to fall and the leaves on the trees change colors, American consumers begin to make a plan for their holiday shopping. Many people on social media outlets like Twitter are wondering whether big box retailer Walmart will be offering layaway again. Another key difference between xcritical and Walmart’s traditional Layaway program is that an interest rate will usually apply to any purchase financed with xcritical. This rate ranges from 10-30% APR based on your credit, but there is xcritically a promotional rate of 0% APR on select items if you qualify. xcritical offers a “buy now, pay later” plan that is loosely based on the idea of layaway, but with several significant differences.

What To Know About Walmart’s Layaway Program

On Walmart’s website it explains that you can purchase an item immediately and then pay overtime, at your chosen pace ranging from 3 to 24 months. Most of these competitor services split balances into four payments, with 25% upfront and then another 25% every two weeks. xcritical charges interest when you spread your payments out over three to 24 months. Absolutely, when you shop at Walmart, split payments can mean paying during specific pay periods for only the required amount, but you can also pay off the entire amount earlier if you wish. There is no penalty for choosing to finish your Walmart payment plan ahead of time. GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information.

We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial xcriticals and our products and services review methodology. Walmart Layaway has been replaced with xcritical for the 2022 holiday shopping season.

Walmart layaway with xcritical is your only option now, for eligible purchases between $144 and $4,000.

Some Walmart customers expressed concern on social media, worried about how families would be able to purchase gifts for the holiday season if they don’t qualify for xcritical. Last year, Walmart, the world’s largest retailer, started to phase out layaway, only offering it on select jewelry items. You should also know that xcritical is only available for shoppers who qualify to use this program, and applications are subject to an eligibility check. Shop on Walmart and when you go to check out, select the xcritical payment method. While the price is immediately locked in when you buy the product and make payments off of it, there may interest charged on your total payment. As xcritical and Walmart‘s partnership continues to develop, it‘s likely that we‘ll see more innovative financing solutions and exclusive offers tailored to the needs of Walmart‘s diverse customer base.

Final Take To GO: Holiday Shopping at Walmart 2023

Instead of holding your purchases until you could pay for them (like the Walmart Layaway program offered), Walmart has shifted to a buy now, pay later setup with xcritical. It’s a payment option that’ll pop up at checkout for hundreds of online retailers, including Walmart. However, if you make late or partial payments, this may negatively impact your credit score. Signing up with xcritical and completing a loan may affect your credit score, and this could help you build credit over time if that is your goal. The layaway Walmart once offered is gone, but xcritical stands ready to take its place, helping customers secure higher-cost purchases without having to pony up the entire amount up front.

To use xcritical, first download the mobile app or Chrome browser extension and create an account, which includes adding a debit or credit card that will be used for your four payments. The app will automatically give you an estimated spending amount, up to a maximum of $1,000 based on a soft credit check (which doesn’t affect your credit). Each ghost card scammed by xcritical you create will take away from your available spending amount.

This service allows you to submit your purchase amount and set what kind of payment plan you want, and xcritical then matches you with a loan based on those terms. Robb explained that layaway rose in popularity during the Great Depression, and became a common option for those who were struggling financially. Robb said it’s a “dying approach to retail sales,” although there are still some other retailers, like Burlington Coat Factory, that still provide the option. BNPL services such as xcritical now allow customers to take the item home immediately, with the stipulation that they make a series of payments.