Are you familiar with the term ‘layaway’? Even if you’re not able to articulate a proper definition of the concept of layaway, chances are you’re at least familiar with the term and have a slight idea of what it means.
However, if you still don’t understand what a layaway means worry not because we’ve got you covered in this article.
Here’s a quick primer for you to help you comprehend what a layaway means. Let’s take for example that you come across an item in a store or online that you really wish to buy, but you are unable to or don’t want to purchase it at the present moment.
On such an occasion, you can use the option of layaway and pay a fee or percentage of the price of the item to put it on hold for you to buy at a later stage. The item will be finally yours once you pay it off interest-free within a designated time set by the seller, which is generally between eight to twelve weeks.
The concept of layaway took off around the Depression period and has remained fairly common since then, especially for big-box retailers these days. Due to the increasing demand of credit cards and online payment options, the practise of traditional payment plans has begun to lose its luster in the eyes of the customers.
However, after the Great Recession hit the economy, people became wary of credit cards and that’s when layaway began to resurface. Nowadays, there are a number of stores that offer layaway options across the country.
Many stores commonly offer layaway only when the holiday season is approaching. However, in recent years, some stores are opening up the program year-round for its customers. Layaway is offered by stores such as Walmart, Burlington Coat Factory, Big Lots, Marshalls and T.J. Maxx, Sears and Kmart and Hallmark Gold Crown.
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Does Walmart Have Layaway?
We’ve got good news for you. Walmart offers layaway during the holidays. It offers its customers a convenient way to pay for their Christmas shopping, along with Walmart’s Every Day Low Prices. Walmart allows its customers to pay without using credit cards and without having to pay interest on their purchases when they use the Layaway plan offered by Walmart.
Walmart Layaway service is ready to avail in stores generally from August 28 to December 14 when the holiday season approaches. However, some Walmart stores are known for offering Layaway for jewelry products throughout the year. Moreover, Walmart Layaway is only available for in-store purchases and is not offered online as of yet.
Customers can open a Layaway plan when they visit the Walmart store of their choice. You will have to bring the item(s) to the store’s designated Layaway counter where you will be available to initiate the service. There is no opening fee required to avail the Walmart Layaway offer.
All you will have to do is make a small down payment of $10 or 10% of the item. The items you will be bringing to the counter must be at least $10 individually and the total cost of your products should be no less than $50.
Customers can use Layaway to pay for products at any counter in the store and can choose to be notified via text reminders by signing up for email to receive messages regarding future purchases. Walmart permits buyers to add electronic devices, kitchen appliances, movable articles, electronic systems, sporting goods, jewelry, infant toys, and infant furniture on their Layaway plan at the store.
However, make sure to check your local Walmart store for more details on our Holiday Layaway Plan.
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Does Target Have Layaway?
One of the most popular payment methods in retail was layaway. However, Target does not offer layaway for in-store or online purchases as of now.
A Layaway is a program where you can put a certain amount of money down on an item and then make payments on it until you have paid for it in full. Not only is layaway convenient for budget-sensitive customers, it creates frequent visits for retailers as well. However, Target does not offer layaway for in-store or online purchases currently.
To confirm this, several sources have contacted Target’s customer service department and several store locations. Target also notes that layaway is not available on its website’s help section.
Does Best Buy Have Layaway?
Best Buy has the offer of eLayaway where it lets its customers receive their item(s) from Best Buy before their first payment is due. Because of eLayaway, you no longer have to pay off your purchase in full prior to receiving your items.
You can apply for eLayaway by following the steps mentioned below:
Step 1: Apply for the eLayaway payment plan on the eLayaway page on Best Buy’s official website.
Step 2: After getting approved from the 7 minute application, you can receive funds right after the day you apply for the offer.
Step 3: Start shopping at Best Buy and pay with the funds you receive there.
Step 4: Receive and enjoy your items.
Step 5: Continue to pay for your instalment plan until your payment is complete.
After you read the instructions, you will have to click on the ‘get started now’ option mentioned at the end of the steps. Only a few Best Buy stores have offered Layaway as of now.
The Layaway purchase needs to be no less than $250 and the service charges will be 5%. Payments need to be made biweekly after you pay off a 20% down payment of the purchase price. For example, for electronic items such as a computer, customers will have 8 weeks to pay off their purchase.
For other items, buyers will get 12 weeks to complete their payment. Moreover, with the help of decent credit, you can shift your purchase to Best Buy store’s credit card which stands out as a better financial option. Best Buy has no interest on purchases over $429 for 18 months.
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Does Amazon Have Layaway?
If you’ve had your eye on a few big-ticket items from Amazon.com but would rather not cover the full cost upfront, you’re in luck.
Amazon is known for accommodating its buyers by offering a variety of easy payment options and plans. These payment plans are offered both online on the company’s site and can be availed through Amazon credit cards, with the help of a third-party financing medium to minimize interest charges as much as possible for a 0% introductory Annual Percentage Rate.
However, when it comes to offering Layaway, Amazon hasn’t introduced the service for its customers yet. Despite of that, Amazon has partnered with eLayaway where it allows customers to start paying for their payments after receiving their item(s). Gone are the days when customers would have to receive their products after paying of their purchase. To apply for Amazon eLawaway, you have to follow the same steps allocated for Best Buy.
Does Lowe’s Have Layaway?
Lowe’s doesn’t currently have a layaway program directly, but you may use eLayaway to make your purchases at your local Lowe’s or online.
Lowe’s stores are not entertaining their customers with a Layaway service as of now as Lowe’s customer service representatives have stated. However, Lowe’s has introduced alternative financial options for buyers to purchase their desired products. These credit card options include Lowe’s Advantage Card and different Lowe’s Business Credit Cards for customers.
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Does Big Lots Have Layaway?
Big Lots have a plan similar to a layaway plan but does not offer a layaway program that follows all the traditional rules. However, it is not promoted everywhere and it may not be available at all stores. Big Lots offer a “Price Hold” plan for customers who want to purchase furniture.
This offer works when customers put an item on “Price Hold” where they need to make a 10% deposit. After that, the item will remain with Big Lots for 90 days. Some Big Lots stores also charge a $5 fee that is non-refundable.
Big Lots offers a lease-option plan for its buyers that is monitored through Progressive Leasing. Items that can be put to this program consist of furniture and décor items such as sofas, dining sets, and mattresses, along with items that are only stocked seasonally such as gazebos, umbrellas, grills, and chairs.
The introductory rate for merchandise is $49 but buyers will not be able to own the item until they pay off the purchase in 12 months. Moreover, payments will be taken from customers’ checking account automatically.
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Does Home Depot Have Layaway?
As of now, the Home Depot does not offer layaway for its customers. Home Depot allows customers to use the eLayaway service to purchase indirectly from the company as it does not offer Layaway directly presently which is similar to the eLayaway service offered by Best Buy and Amazon.
Does Ashley Furniture Have Layaway?
Ashley Furniture does not offer a Layaway service directly. To bring their customers the most of the best shopping experience, Ashley Furniture has partnered with eLayaway and offers an indirect Layaway program as a result!
Moreover, Ashley Furniture does not offer Layaway without customers first paying a down payment of 20%. In addition to the down payment, buyers can pay off their purchase in 90 days.
Does Zales Have Layaway?
Zales offers a Layaway program that is a bit different from other Layaway plans. It has partnered with eLayaway to give its customers the option of making full payments at a later period.
Zales offers a Ten for Ten Layaway plan. You will be asked to pay 10% as down-payment and pay the rest in ten equal monthly payments. Jewelry buying made easy for its customers.
Does Kay Jewelers Have Layaway?
Brand stores such as Kay Jewelers offer Layaway service to their customers. However, depending upon the location of the store, the policies of the retailers might vary and buyers can contact their local store’s managers to get more details.
Kay Jewelers does not offer buyers with online Layaway service as of now. Customers are required to pay a down payment of 20% before they start making payments on a monthly basis on the ring they purchase. They can also cancel their order and request for a refund which includes the down payment as well.
Plans vary by store and ring so you need to research your options before you make any decision. You can contact your local Kay store to acquire more details on the terms and conditions.
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Does Burlington Have Layaway?
Burlington has a layaway service of its own. Merchandise put on layaway will be held for 30 days with a minimum deposit of $10 or for 20% at maximum, along with a service fee of $5 that is not repayable. However, in case you are unable to complete your layaway on the designated time or fail to cancel your order before it reaches you, all items will be returned to stock and you will be charged an additional $10 fee.
The following items cannot be placed on layaway: food items, wall art, rugs, lamps or furniture. You need to provide a valid photo ID for all layaway contracts, pick-ups and refunds. Partial pick-ups are not permitted. The rates of any goods and services would not be reduced.