Times are tough, and Walmart is switching up policies that might make things a bit more difficult come the holiday season.

According to a report from WRAL, Walmart will not be offering layaway this year. In the past, customers used layaway to put their items on hold and make small payments until the item was paid off.

The New System

Instead, the company is partnering with Affirm, a company that offers you the opportunity to buy now and pay later.

What's the Catch?

Using Affirm is basically the equivalent of taking out a small loan. Depending on your credit, Affirm will set up an APR for the item and let you chose a payment schedule that works for you.  Your rate will be 0% APR or 10–30% APR based on credit, and is subject to an eligibility check.

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Does Affirm Affect my Credit Score?

Your credit score will not be affected by creating an Affirm account or seeing if you pre-qualify. If you decide to buy with Affirm, that may affect your credit score.

Payment options through Affirm are provided by these lending partners. Options depend on your purchase amount up to $17,500, and a down payment may be required.

Does Affirm Charge Interest and Fees?

There are no annual fees or late payment fees. Affirm may charge interest depending on the size of your purchase and where you’re shopping.

Now What?

If you're comfortable with using Affirm, by all means go for it! If not, you may want to start looking for items you're interested in and start saving up on your own.

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