Layaway was a way for people who could not afford to pay for an item in full upfront to be still able to purchase it.
Today, many stores still offer layaway as a way for customers to budget and save for big-ticket items.
Stores such as Walmart, Kmart, and Sears offer layaway on various products, including electronics, jewelry, and appliances.
Some stores even offer online layaway options, making it easy for customers to make payments and track their progress from the comfort of their own homes.
Some stores have specific terms and conditions for their layaway program, such as a minimum purchase amount, a deposit percentage, and a cancellation fee.
However, overall, layaway is a great way for customers to budget and plan for their purchases without having to rely on credit cards or loans.
With layaway, customers can make small, manageable payments over time and avoid the financial burden of a large purchase all at once.
This allows them to save up for a purchase they want or need without sacrificing other essential expenses.
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Top 12 Stores that Currently Offer Layaway
Here are ten stores that currently offer layaway:
- Sears
- Burlington
- Hallmark Gold Crown
- American Freight
- Kmart
- Jewelry Exchange
- Shane Co.
- Day’s Jewelers
- Get it Now!
- Reeds Jewelers
- Target
- Amazon
Sears
They have 8-week and 12-week plans available, with the 8-week plan being available both in-store and online, while the 12-week plan is only available in-store on total purchases of $300 or more.
The deposit required to start a layaway plan is $10, and customers must make payments every two weeks, with the balance to be paid in 8 or 12 weeks, depending on the plan chosen.
Sears also charges a service fee of $5 for the 8-week plan and $10 for the 12-week plan, as well as a cancellation fee of $10 for the 8-week plan and $20 for the 12-week plan.
Burlington
Burlington is a department store like TJ Maxx that offer layaway services but only available in-store.
However, certain items are not eligible for layaway, such as food items, wall art, rugs, lamps, or furniture.
The deposit required is either $10 or 20% of the purchase price, whichever is greater.
Items put on layaway will be held for 30 days and can be paid in installments or full, with the balance paid in full by the layaway expiration date.
Burlington also has a $5 service fee and a $10 cancellation fee for layaway purchases.
Hallmark Gold Crown
Hallmark Gold Crown offers layaway for in-store purchases.
The deposit required to start a layaway plan is 20% of the total purchase.
Items are held for up to 90 days, with the payment schedule varying depending on the store.
It is important to note that there may be additional fees for this service, but they vary depending on the store.
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American Freight
American Freight offers layaway for customers who prefer to make payments on their purchases over time.
The availability of this service is in-store only, and the deposit required depends on the cost of the purchase.
Customers must make at least $10 every two weeks, and the final payment must be made within 24 months.
The store also charges other fees; however, the amount varies depending on the purchase.
Kmart
Kmart offers 8-week plans for in-store and online purchases and 12-week plans for in-store purchases of $300 or more.
The deposit required to start a layaway plan is $10, payments must be made every two weeks, and the balance must be paid in 8 or 12 weeks.
There are additional fees for this service, including a $5 service fee and $10 cancellation fee for the 8-week plan and a $10 service fee and $20 cancellation fee for the 12-week plan.
Jewelry Exchange
The Jewelry Exchange offers layaway for in-store and online purchases, and customers must deposit 25% of the purchase price at the time of purchase.
The layaway period is six months, and payments are due every 30 days from the date of purchase.
If no payment is received for 90 days during the layaway period, the merchandise will be returned to stock, and a store credit will be issued for all payments made. This store does not have any other fees specified.
Shane Co.
Shane Co. is a jewelry store that offers online and in-store service. Customers must deposit 20% of the purchase price to start the layaway process.
The payment schedule for the remaining balance can be tailored to the customer’s needs, with options for two to 12 payments.
For example, a customer can choose to make one monthly payment for two months or two monthly payments for six months.
Once the final payment is made, the jewelry is shipped to the customer. Shane Co. does not charge additional fees for their layaway service; customers can return or refund their purchase if needed.
Day’s Jewelers
The store provides the service both in-store and online. The deposit required to start the layaway process is 10% of the purchase price.
The store requires that customers make at least 10% of the purchase amount each month as payments.
If a customer needs to cancel their layaway after thirty days, the store will keep 20% of the total required deposits as restocking fees.
However, customers can apply their full deposit towards an immediate new purchase.
Get it Now!
The service is only available in-store, so customers must visit a physical location to take advantage of it.
The deposit required for layaway depends on the cost of the purchase, so customers will need to check with the store for specific details.
The payment schedule is 90 days, so customers must clear their balance within this time frame.
There is also a $25 restocking fee on cancellations, so customers should be sure they are committed to their purchase before placing it on layaway.
Reeds Jewelers
Like Get it Now! The service is only available in-store, so customers need to visit a physical location to take advantage of it.
The deposit required for layaway is 10% or $25, whichever is greater.
This means that customers will need to make an initial payment of either 10% of the purchase price or $25, whichever is greater.
The payment schedule requires monthly payments of 1/6 of the remaining balance or $25, whichever is greater.
Merchandise on layaway can be held for a maximum of 6 months as long as regular payments are made. It is not specified if any other fees are associated with layaway at Reeds Jewelers.
Target
In 2023, Target does not offer a traditional layaway program. Instead, it has teamed up with Affirm, Quadpay, or Klarna to provide a Buy Now, Pay Later (BNPL) service. This arrangement allows shoppers to make purchases and spread the cost over a period of time, making it easier to manage their budget.
With these options, you can grab what you need now and pay in smaller, more manageable increments. Each of these BNPL services comes with its own set of terms, so it’s advisable to get acquainted with them before making a purchase.
Amazon
Amazon’s Layaway program is active year-round, even during Prime Day and other holidays. To use it, add eligible items to your cart, and select ‘Reserve with Layaway’ either in the cart or at checkout.
Initially, you pay 20% of the price to secure the item at its current price. Then, you make four equal payments every two weeks.
However, it’s not available for everyone. The service is not offered for orders shipping to Connecticut, District of Columbia, Illinois, Maryland, Ohio, Pennsylvania, and outside of the US.
The Bottom Line
Layaway plans can be a lifesaver when you’re planning a big purchase, especially when you’re on a tight budget.
But you should stick to the golden rule of shopping – only buy what you truly need. After all, the most effective way to save money is not to spend it unnecessarily in the first place.
If you’ve weighed your needs and wants and decided to make a purchase, layaway could be a smart choice.
It doesn’t bump up the price tag over time, and you’re not paying more just to use the service, and layaway plans are usually short-term, so you won’t have an item sitting there long enough to lose its value or become outdated.
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