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Walmart, Affirm to offer extended payments to in-store, online shoppers

Walmart has entered an agreement with Affirm Inc. to give shoppers a new option to extend payments for in-store and online purchases, according to a company release.

The agreement will allow shoppers to apply online or through their smartphone for three-, six- or 12-month payment terms on purchases, with approvals received within minutes.

Affirm will be available for purchases of $150 to $2,000 on thousands of items in electronics, home and garden, furniture, sporting goods and other categories.

When customers apply for extended payment terms, they will be shown terms and interest amounts clearly in dollar amounts, without hidden fees or complicated formulas, the release said.

"We are focused on providing customers transparent, easy and convenient ways to pay —  offering Affirm both in-stores and online is one way to do that," Daniel Eckhert, senior vice president of Walmart services and digital acceleration, said in the announcement. "Providing multiple ways to shop and finance select items with no hidden fees is an important way we deliver on our promise to help our customers save money and live better."

Affirm is not available for pharmacy purchases or for the purchase of firearms, groceries, personal care items, money services or alcohol and tobacco.

Affirm loans are made under an agreement with Cross River Bank, a New Jersey chartered commercial bank that is also FDIC insured.

Affirm is already available for Walmart Inc.-owned brands Allswell and Hayneedle.