If you’re trying to stretch your holiday budget (and who isn’t!), layaway allows you to get everything on your list when you don’t have the cash or credit to buy it all at once. Here’s how it works: you pick out the items you want, make a down payment and pay a small service fee. Then, you make payments over time until the balance is paid off, at which time the items are yours to take home!
Layaway is ideal for bigger-ticket items such as electronics or jewelry, or if you want to take advantage of a low-priced item but don’t have quite enough to buy it outright. Here are some popular stores that have layaway programs:
Best Buy
See a new HDTV or laptop you like but you don’t have the funds to buy it outright? Best Buy has a layaway program that allows you to put down 25% of the total price of your items. Your purchase must be at least $250, and you will pay a non-refundable 5% layaway fee. You’ll be issued a Best Buy Layaway Card in the amount outstanding, and any future payments you make will be applied to the balance. Make a payment every two weeks until your balance is paid in full, then take your items home.
Find out more about Best Buy’s layaway program.
Burlington Coat Factory
Burlington Coat Factory has a lot more than coats: they also have apparel, shoes, baby supplies, and home decor. You don’t need to spend a minimum amount to participate in their layaway program; simply put down a 20% deposit. An additional payment of 20% is due within 14 days, and final payment is due on pickup. There is a $5 (plus tax where applicable) non-refundable service fee, and a $10 (plus tax where applicable) cancellation fee if you change or cancel your layaway. Refunds of layaway depots and returns from a completed layaway will receive a gift card.
Find out more about Burlington Coat Factory’s layaway program.
Cabelas
Cabela’s is a favorite for outdoor enthusiasts. They offer a layaway plan on in-stock gun safes and vaults and firearms through their retail stores. You must put a 25% down payment, and payments are made every other week beginning on the date of your initial payment. Your items must be paid in full before 60 days, and a $25 cancellation fee will be charged for customer or store-cancelled accounts.
Find out more about Cabelas layaway program.
Kmart
Kmart was one of the first stores to offer layaway. All layaway contracts are eight weeks, but for purchases of $400 or more, a 12-week option is available in-store. For the eight-week option, the layaway fee is $5, and your down payment is $20 or 20%, whichever is greater. You pay every two weeks using cash, check or debit/credit card. The cancellation fee is $15 for new accounts.
Find out more about Kmart’s layaway program.
Sears
Sears offers in-store and online layaway. Because the Sears Holdings Corporation now own Kmart, Sears’ layaway policies are the same as Kmart’s (above).
Toys R Us
Toys R Us allows you “time to pay”, letting you stretch your payments out over time. You must put down a 20% deposit and a $5 service fee (and shipping charges if you’re ordering online). While you can make additional payments at any time, 50% of the total price of your order must be paid within 45 days and the total price of your order has to be paid within three months or by the “Holiday Cutoff”, whichever is sooner. Special order and clearance items aren’t eligible for layaway.
Find out more about Toys R Us’ layaway program.
Walmart
Walmart offers an in-store holiday layaway program for toys, electronics and jewelry starting on October 17th. Final payment and pickup must be made by December 16th. Your down payment is 10% of the final purchase price, and there is a $5 service charge. Each item must be $15 or more, and your total purchase must be over $50.
Find out more about Walmart’s layaway program.
Are you planning on using layaway this year? Why or why not?
