How to formalize an installment plan at Walmart via the Affirm service?

Being a popular retail chain, Walmart not only tries to maintain prices at a decent level and offer big-box goods, but also gives customers the opportunity to apply for loans and installments for purchases. Therefore, clients don’t have to wait for the best financial moment to fulfill shopping dreams. The «buy now, pay later» Affirm service helps the company to comply with this strategy.

Advantages of installments via Affirm

Making purchases at Walmart with the Affirm credit service is much more profitable than using a bank credit card. The major disadvantages of the latter are loan increase because of the long-term agreement and penalties in case of delay. Applying to Affirm Virtual Card, there are no commissions or penalties for skipping payments anymore, since the major share of the dividends comes from collaboration with third companies. But it’s better to pay on time, as this is taken into account in subsequent lending.

The client knows the total debt in advance, and it never changes (it may downwards because of the unspent funds). And there is an opportunity to choose the most convenient payment schedule.

How do I get a Walmart loan?

An adult buyer who is a US resident and has a Social Security number can apply for a loan. It’s also necessary to specify contacts with phone number registered in the US territory. There are a range of additional conditions that affect a loan amount, an interest rate, and a duration of the contract. More details about this will be discussed below.

Walmart Affirm Virtual Card: Application rules

Immediately after applying for a loan, prequalification and confirmation by the buyer, funds are credited to the digital card. If the card wasn’t applied, a buyer should return no money. Within three weeks or more, unspent money goes back, and recalculation is carried out automatically.

Affirm Virtual Card operates via Visa platform. After approval, a digital account is valid for a day, and a customer can use funds once.

There are three ways to access an account:

• on the official Affirm website;
• in mobile app;
• by email sent by tech support.

To pay with a credit card, for detailed information, customers need to visit Affirm.com and Walmart checkout during online shopping. Next, buyers select a way of payment, enter a card number (which comprising 16 digits) with the billing address and complete a transaction. It is possible to pay using Google Pay.

For which purchases can I apply the service on Affirm.com at Walmart?

The Affirm service can be used for both online and offline shopping. But customers can't pay for food and other groceries at Walmart. Among other forbidden categories:

• medicines and supplements;
• firearms;
• hygiene products;
• alcohol-containing beverages and cigarettes.

The following items are available for purchases:

• clothes and shoes;
• electronics;
• auto;
• cosmetics;
• sporting goods;
• furniture and household things, etc.

How to calculate the interest rate for installments?

To calculate the amount of the Affirm interest rate, clients go to the official website of the platform and use an online calculator. They need to move the slider with the sum of a purchase and, depending on the term and payment method, the annual percentage rate and the full cost of the loan will be calculated, which is very handy.

The service has no fees, even payments for opening an account. If the charge is overdue, there is no fee for this either (clients still should try to pay on time). Depending on a solvency, a purchase amount and a place of the purchase, APR starts from 0% and reaches 30%.

How do I find out the total loan amount and payments periodicity?

In a personal account in the Affirm application, or with the help of an online calculator on the website Affirm.com, Walmart staff or a buyer calculates the exact loan amount. To do this, people need to submit an application and wait for prequalification. Next, they choose the terms of the loan. Depending on the sum of a purchase, loan duration starts from 3 months and end in six months, and sometimes it lasts a year.

The most profitable option is an interest-free «Affirm Pay in 4» with payments made every two weeks. When selecting an annual loan, monthly payment is twice cheaper than a six-month loan, but a total amount of installments with interest turns out more expensive.

Serious purchases up to $2,000 can be made with a credit for from one to two years.

Connection between Walmart Credit rating and Affirm

Clients can get a loan via the Affirm without providing an excellent credit rating, but, with the help of high scores, they can get a loan on more favorable terms. The better indices, the higher an approved loan sum and the lower an interest rate. If the credit rating shows good reliability, installments can be issued at 0% per annum. A rating of 640 points or higher is a satisfactory indicator.

When a buyer registers with the Affirm and receives a preliminary approval of a certain amount of money, it doesn’t affect creditworthiness at all. But when using the issued funds, the following parameters are taken into account:

• price of a purchase;
• amount means that were spent;
• terms of the contract;
• number of commitments;
• bankruptcy (or its absence);
• serviceability.

The last point is the most important, since in case of delayed payments, a client may be refused to receive installments in the future.

Affirm doesn’t cooperate with credit bureaus and other credit organizations, so they can neither improve a credit rating nor worsen it.

Resume

With the Affirm, people don’t have to postpone long-awaited purchases and use a flexible system of gradual payments. Such purchases are little more expensive, but cheaper and more profitable than when buying things with a bank credit card.

The Affirm service is universal and can be used in various stores, a list of which people can find on the Internet.

Loan terms are flexible, so most Walmart customers can afford to apply to this service. The minimum loan amount is $150, with an average interest rate of 15%.

If buyers can't find the Affirm checkout on the order page, it’s no problem. They need to contact technical support and staff will provide a Virtual Card with a replenished account, valid for 24 hours.