Walmart offers buy now, pay later (BNPL) loans through its fintech company One and financial partners, such as Affirm. These Walmart financial services allow customers to buy necessities immediately and pay off the bill through convenient monthly installments.
BNPL loans are ideal for low-to-moderate-income customers who may not have money for unexpected expenses. But with access to store financing, customers can buy diapers, groceries, medications, and more.
Walmart associates also have access to financial assistance. Employee loans are available through ONE@Work, but employees can also apply for a grant through the Associates in Critical Need Trust (ACNT) Together Fund.
If you need financial assistance, keep reading to learn more about Walmart loans for customers and employees.
Types of Loans Offered Through Walmart
Through the Money Center, Walmart offers different types of loans and money services for customers and employees. Money Center is a website that provides information about Walmart’s various financial services and allows borrowers to manage their installment loans.
Walmart Money Center loans include options such as:
- One Loans — A buy now, pay later (BNPL) option for $100 to $3,000 worth of Walmart purchases. One loans are an alternative to payday loans, which may offer the same amount of funding with higher rates. One is a financial technology company but the short-term loans are provided by Coastal Community Bank.
- Buy Now Pay Later (BNPL) with Affirm — Affirm is a buy now, pay later (BNPL) service that allows customers to split purchases into multiple payments instead of applying for payday loans.
- Walmart Rewards Card — This store credit card will no longer be available due to the partnership between Capital One and Walmart ending.
- Capital One Walmart Rewards Mastercard — Walmart is ending its partnership with Capital One, which means this credit card will no longer be available.
- ONE@Work — Formerly known as Even, ONE@Work is a cash advance app that allows Walmart employees to apply for advances worth up to 50% of their net earned wages.
- Walmart MoneyCard — A debit card that rewards customers for shopping at Walmart. Cardholders can earn 3% cash back on online purchases, 2% cash back at Walmart fuel stations, and 1% cash back at Walmart stores.
Walmart Money Center Overview
The Walmart Money Center works similarly to a bank, as it provides all types of financial products and services. Visiting a Money Center location in person allows consumers to do the following:
- Pay bills
- Print or cash checks
- Purchase money orders
- File taxes
The Money Center also offers products and services online. Through the online Money Center portal, customers have access to various payment options and services, such as BNPL loans and Walmart MoneyCards.
Walmart has partnerships with Ria, Jackson Hewitt, and Green Dot Bank. These partnerships allow Walmart customers to access and manage their finances conveniently. If you need an on-site service, it’s important to check the hours of operation ahead of time, as Money Center hours vary from store hours.
Walmart Loans for Employees
Walmart does not offer loans for employees. However, Walmart allows employees to request paycheck advances up to 50% of their net pay through the ONE@Work app. ONE@Work, formerly known as Even, is a fintech company that helps low-wage workers alleviate financial stress.
There are many benefits to using the ONE@Work app. Unlike traditional loans, paycheck advances don’t have any monthly fees or interest. However, employees may only request fee-free associate loans up to eight times per year. Fees may apply after the annual limit is surpassed.
Does Walmart Offer Payday Loans?
Walmart does not offer payday loans. You can, however, finance purchases through buy now, pay later options at Walmart. Which means you can take an item home and make payments on it over time.
If you’re looking for a payday loan there are a few things you should be aware of. First and foremost would be that some payday loans carry extremely high interest rates and APRs. It’s very important to make sure you’re aware of the APR for a payday loan, or any loan, before you accept and sign for it. Compare different lenders and choose the one that offers you the best terms and APR.
Another key thing to remember with payday loans is that they tend to have very short repayment periods. Usually, borrowers are required to repay these loans in only two weeks, or by their next payday. And since the costs and interest rates are high, it can be very difficult to repay these loans on time. If a borrower can’t repay on time the lender may offer to “roll over” the loan to a new term.
Benefits of Walmart Loans
Walmart One loans are beneficial for customers and employees who need money instantly for expenses. One loans allow eligible borrowers to access $100 to $3,000 worth of purchases and choose between 3 flexible repayment plans. APR rates are low, ranging between 9.99% and 35.99%. The type of repayment plan and rate a borrower can get will ultimately depend on their total purchase price and creditworthiness.
How Walmart Loans Work
If a customer is interested in applying for One loans, they must shop at Walmart.com or in the app and choose One at checkout. If applying in person, the customer must inform an associate so they can start the application process during checkout.
The application process for One loans is quick and straightforward. Applicants generally only need to provide their Social Security number, a valid U.S. phone number, and basic personal information. Approval decisions are quick and typically only take a few minutes. If you are approved for a One loan, you can proceed by choosing your preferred repayment plan and finishing the checkout process.
For more information about payday loans, personal installment loans, and other fast cash solutions, visit the CreditNinja Dojo. Our informational blogs and personal finance tips are here to help!
General Questions