I bought a 7' MH with fast action at wal-mart a while back for $28. Are these the ones that everybody on a budget likes so much or are there some other LRs in the BPS catalog that are way better?

I know sometimes Wal-Mart and CO. get the lowest end of a particular brand's rod.

Actually, there are at least three models of LR available these days.  Lightnin' Rod, Lightnin' Rod IM6, and the Lightnin' Rod Prolite.  You can see what's available at:

www.purefishing.com

The rod you purchased will work fine, do not fret, just fish and enjoy.

The rod you purchased will work fine, do not fret, just fish and enjoy.

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I agree with Rob G!Lighting rods are fine rods.I use to use them back in the 80's caught a ton of fish with them.Fish doesnt care what you are using as long as you present your bait to him/her  properly.

Just about everything thats out now a days is good!I just bought a BPS combo for $119 blew me away of the quality firsty hr of owning it  caught a 4lb mudfish and a 5lb bass handle both of them with no issues.

Unless you are a professional fisherman fishing 300 days a year you can get get away the lower end equip.Dont worry about what gear you got focus on finding fish..Happy hunting!!!