Walmart doesn’t offer payday loans to customers, but they do offer financing options for certain purchases. This means you may be able to get a loan to purchase an item, and then pay it off over time. Walmart does however offer personal loans to their employees in some cases.
Walmart is a chain of supermarkets and discount department stores throughout the US. You’ve probably been to one, or at least driven past one. They’re everywhere. And they offer everything from groceries to electronics to furniture. And while they don’t offer personal loans or payday loans to customers, they may offer to finance certain purchases. But what does this mean?
Retail financing means that the store allows you to purchase the item without paying for it up front. Instead, you would make smaller monthly payments until the item and the interest is paid in full. This would be considered a type of installment loan by some, since you’re paying off the item in monthly payments or “installments.”
Whether you’re considering a payday loan, personal loan, or retail financing, there are a few things to keep in mind. First and foremost, always make sure you know what the APR will be. This is the most accurate indicator of how costly a loan will be. Also remember to confirm what the monthly payment will be to make sure that it fits into your current budget. If the APR is too high, and the monthly payment is more than you can afford, we recommend finding another option.
These same rules apply if you’re an employee of Walmart that is eligible for their personal loans. It may sound good at the moment to get some extra cash. But if you can’t afford it in the long run it may do more harm than good.
These are good rules for any financial product you’re considering. Ask a lot of questions, make sure to read the loan agreement carefully, and never sign for a loan that you aren’t comfortable with.