Introduction to Layaway

Answer 1

Instead of paying for a purchase all at once, a layaway works by enabling you to pay in smaller increments. This is a useful resource for customers who realize they do not have all the funds for a specific purchase or who simply cannot pay for it all at once. There are several plans, many of which can be found in stores that sell jewelry, appliances, or clothing. Customers will be required to pay an initial fee, followed by steady increments until the item has been completely paid for.

Advantages of Using Layaway

If you are purchasing an expensive item, you may not want to pay for it all at once. Or, you might not have the necessary funds to immediately pay in full, but you just cannot pass up the item. There are also no interest fees associated with layaway payments.

When you are using layaway, you will not be able to take the product home until it has been paid in full. This is a helpful way to practice self control, and it will give you time to reflect on your purchase to see whether you really want to go through with the full payment.

Some stores, such as Sears, will allow you to use a coupon to lower the cost of your layaway item. The deals center on the Sears website offers convenient savings in one place.

Disadvantages of Using Layaway

One of the disadvantages of layaway is many stores do not offer the program. The payment terms are also short. Many companies give customer only two months to pay off the balance. Many items used to be available for layaway, but options are now limited in stores.

It is important to note how a layaway works on sale or clearance items in each store because these items are excluded in many cases. Customers are encouraged to ask about the store's specific policy before shopping.

Another disadvantage is the fees sometimes associated with the layaway program. For example, Sears has a $5 fee for an eight-week contract. However, you can use a coupon to help offset the cost of the fee and to get a lower price on the item you are purchasing.

Popular Stores and Their Layaway Programs

Sears has thousands of items available in the store that are eligible for the layaway program. You can shop online or in the store for the items you want. Payments are made every two weeks using cash, check, debit, or credit card until the amount is completely paid off. Unlike some other stores, Sears will allow customers to pay for their layaway items using a coupon in conjunction with other forms of payment.

Walmart offers one of the most popular layaway programs, which has limited rules and an abundance of eligible merchandise. The program is valid only for items purchased in the store.