RELATED: Walmart to pay 100% of college tuition, books for associates with $1B investmentLayaway allows customers to pay a small deposit to place an item on hold.
After making enough interest-free payments to pay off the item, the customer can retrieve their product.Layaway may no longer be available, but Walmart is moving into a buy-now, pay-later space by partnering with Affirm, a financial lender of installment loans.In this photo illustration, a Walmart logo seen displayed on a smartphone along with a shopping cart. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) Affirm does not charge any late fees, prepayment fees, annual fees, hidden fees or service fees to open or close accounts.