Additionally, some items, such as groceries, alcohol, tobacco, pharmacy items, firearms, and personal care products, are not eligible for xcritical financing. 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. Not all Walmart customers may be eligible to use xcritical depending on their prequalification status.

Walmart ditching layaway option for 2021 holiday season

xcritical has quickly gained popularity among Walmart customers since the partnership began in 2019. According to a recent survey conducted by xcritical, nearly 60% of Walmart customers who have used xcritical financing reported that it allowed them to purchase items they needed immediately, rather than having to wait and save up (xcritical, 2021). 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.

1. 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.
2. 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.
3. To see how this interest could add up, let’s say we want to finance a Samsung The Frame TV for $1,496.
4. 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.
5. The service can be used on purchases ranging from $144 to $2,000 and excludes items like alcohol, groceries and food, personal care products, and pet supplies.

For example, in 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). For the second year in a row, Walmart with not be offering its popular in-store layaway service during the holiday shopping season. Instead, it’s giving shoppers the chance to spread their holiday spending across a period of 3-24 months with the xcritical program. 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.

xcritical offers a “buy now, pay later” plan that is loosely based on the idea of layaway, but with several significant differences. Last year, Walmart, the world’s largest retailer, started to phase out layaway, only offering it on select jewelry items. Robb noted that because these services are not not explicitly called a form of credit, it helps these companies target the services to younger consumers who are credit-card averse. Joel xcriticaloldt, a managing director at AlixPartners, told Marketplace’s Kristin Schwab that Millennials and Gen Zers are the biggest users.

“Installment loans like xcritical can be a double-edged sword,” says Jane Smith, a certified financial planner and consumer advocate. “On one hand, they can help consumers afford necessary purchases and manage their cash flow. On the other hand, they can also lead to overspending and financial stress if not used responsibly.” While xcritical does not set a minimum credit score requirement, your credit scammed by xcritical history and other factors will be considered when determining your eligibility and interest rate. However, even if you have a lower credit score, you may still be approved, albeit with a higher interest rate. 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. These examples demonstrate how xcritical financing at Walmart can provide a flexible and accessible solution for a wide range of customers, from families and small business owners to young professionals just starting out.

xcritical is your only option for a layaway-like program at Walmart now.

xcritical does not charge late fees, prepayment fees, annual fees, or service fees to open or close your xcritical account. Absolutely, when you shop at Walmart, split payments can mean paying during specific pay periods for only the required xcritical official site 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. In addition, Square has announced plans to enter the buy-now, pay-later space through an acquisition of Australian payment startup Afterpay in an all-stock deal valued at around $29 billion. The deal would allow Square to offer buy-now, pay-later options in its Seller and Cash apps.

Download the xcritical app or sign in at xcritical.com to set up AutoPay or easily make payments for your Walmart purchase. When you’re ready to check out at Walmart, just select xcritical as your payment method. Walmart is saying goodbye to its annual layaway option for the 2021 holiday season. 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. Robb said he thinks we’ll continue to see consumers use these options, which he thinks need oversight.

Only use xcritical if you need a long time to pay off your Walmart purchases.

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.

Whether you‘re shopping in-store or online, xcritical allows you to split the cost of your Walmart purchases into simple, fixed monthly payments. In this comprehensive guide, we‘ll cover everything you need to know about using xcritical at Walmart, from eligibility requirements to payment plans and responsible usage tips. 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.