Layaway may not be as prominent as other current notions. This is because it began to vanish in the 1980s when consumers began to pay for their goods using bank cards. However, it experienced a rebound in 2008, when the budget deficit caused consumers to be more careful with their credit. Let’s know ‘What Stores Have Layaway?’.
Even though it’s uncommon, some stores still provide layaway, particularly during the holidays. Those stores are Walmart, GameStop, Marshalls and TJ Maxx shop, Kmart, and more. So keep reading to find out which stores provide the method.
What Stores Have Layaway?
Layaway allowed shops to sell more expensive items to deposit clients. It hasn’t slipped away, and some major retailers provide layaway. The following are a few of them:
- Walmart
During holidays, Walmart offers a layaway option. It happens every year on a different date, but they usually start in September and end near the mid. There is no price up the advance, but the products must be worth at least $10. A total installment buy of $50 or more is required.
- GameStop
This features a no-fee layaway option, making it a terrific method for players to receive the game they want even if they can’t afford to pay for it right away. It’s unclear whether the offer is for seasonal vacation or a year-round vacation. It’s worth noting that a $25 minimum is required.
- Marshalls and TJ Maxx shop
They have a 30-day layaway program available. It requires a minimum of 10% of the buying price. A service fee of roughly $5 is also charged, which varies by state. However, the promotion is only valid for purchases made in-store, and it is not available in all store locations. Layaway is not available for accessories, equipment, food, or light products.
- Kmart
This is another store that offers both in-store and online payment options. As a result, you can shop while also taking advantage of the layaway option. The payment arrangements are either an 8-week or 12-week plan, with a $10 down payment required for the 8-week plan (online or in-store), and a $10 down payment required for the 12-week plan (available in-store exclusively for orders of $300+). In addition, not all in-store purchases are eligible for various exchanges.
- Ashley HomeStore.
Ashley HomeStore is another retailer that offers a layaway program. You can contact their customer service to learn more about their deals.
- Sears
At Sears, you can use the installment option. Unlike most in-store easy installment programs, Sears now offers layaway online, which is available all year. The plans are either 8 weeks or 12 weeks long, depending on the quality or total purchase price, plus a $5 or $10 service fee.
- Toys “R” Us.
Most items are available for a credit basis in-store, but special orders and clearance items are not. It involves a $5 service fee and a 20% deposit on the total buying price. As a result, you can pay on your timetable, paying at least half of the entire amount within 45 days and the rest within 90 days.
- Shane & Associates, Inc.
Customers can use layaway both digitally and in-store with them. It’s available all year and provides you with up to six months to pay off your entire purchase. Furthermore, a deposit of 20% of the total payment must be made upfront, with no interest or taxes associated.
- Furniture stores
Here is another popular equipment installments option. It’s available in-store and online for a 25% deposit, with the remaining balance due in 12 months. It also comes with a very long repayment period.
Advantages
The following are the advantages of layaway:
1. Credit purchases are available with layaway. It has no interest charges because it comes with fees.
2. It acts as a substitute for utilizing a credit card to make purchases.
3. It’s useful during the holiday rush, when most things, such as gadgets and toys, sell out rapidly. As a result, putting these things on layaway ensures you’ll have them in time.
4. It eliminates the trouble of dealing with Christmas consumers, standing in long lines, or visiting many stores in search of a specific item.
5. Unlike online banking, layaway does not require a bank statement.
Disadvantages
Layaway is good, but there are several drawbacks, which are:
1. Layaway fees, especially for minor goods, can be excessive.
2. It requires a deposit before a purchase can be held.
3. Many layaway plans have tight payment requirements. One merchant, for example, may compel you to pay in full for every two weeks till the products are paid off.
4. It is not everything you will get with it. That’s, the types of products you can put on layaway are limited.
Conclusion
While it’s ideal to save up and spend cash for your shopping, this isn’t always possible for all. Layaway is a good alternative if you need to fund a few items but don’t have the cash. Meanwhile, many stores are working with prepaid services such as Afterpay, QuadPay, and Klarna so that people can set up payment plans. But before you place something on layaway, make sure you have enough money in your budget to cover the cost of the goods by the deadline.
FAQs
Is It A Great Idea To Use Layaway?
Layaway has its advantages and disadvantages, but it is always preferable to save and pay because a very little layaway plan is preferable to putting a whole Gift on credit.
Is Layaway A Free Service?
No, each retailer has its own set of layaway fees. So, before you use any store, make an effort to learn about their fees.
