What Stores Offer Layaway Plans?

Layaway plans offer consumers an alternative payment method, allowing them to secure desired items without immediate full payment. This purchasing option enables individuals to budget for larger purchases over time. Layaway serves as a practical way to acquire goods without the need for credit or incurring interest charges. It provides a structured savings approach, making items accessible for those who prefer to avoid debt.

Understanding Layaway

Layaway functions as a reservation system where a consumer selects an item and makes an initial down payment. The retailer then holds the item aside while the customer makes a series of scheduled payments over a predetermined period. Once all installments are completed, the customer can take possession of the merchandise. This method stands apart from credit purchases because the item remains with the store until paid in full, meaning no interest is charged on the outstanding balance. Unlike credit cards or “Buy Now, Pay Later” arrangements, layaway typically does not involve credit checks and a missed payment usually does not impact a consumer’s credit score.

Stores Offering Layaway

While traditional layaway has become less common, with many major retailers shifting towards “Buy Now, Pay Later” partnerships, several stores continue to offer this payment option. Department stores and specialized retailers frequently provide layaway, especially for higher-priced goods like electronics, jewelry, and seasonal items.

Burlington maintains a year-round layaway program, often requiring a minimum deposit of $10 or 20% of the purchase price, and items are generally held for 30 days. Baby Depot offers a 30-day layaway with similar deposit requirements. Other retailers like Buckle provide a 60-day plan with a 20% deposit and no service fees, while select Hallmark Gold Crown Stores and GameStop also offer layaway for specific items like collectibles or gaming consoles. Offerings can vary by store location, product category, and season, with some retailers like Walmart and Target now primarily utilizing third-party financing options instead of traditional layaway.

Key Considerations for Layaway Purchases

Before entering a layaway agreement, review the specific terms and conditions. Payment schedules require regular installments (weekly, bi-weekly, or monthly) over a period ranging from 30 days to several months. Many layaway plans include service fees, which are non-refundable and range from $5 to $10.

Cancellation policies dictate what happens if a customer cannot complete payments. If a layaway is canceled, the item is returned to stock, and a cancellation or restocking fee (around $10 to $20) may be deducted from any refunds. Refunds for canceled layaways may be issued as store credit rather than a direct return of funds.

Not all items are eligible for layaway, with exclusions including clearance items, perishable goods, or specific categories like furniture and wall art. Retain all payment receipts and the written layaway agreement, as this document outlines the payment schedule, total price, all applicable fees, and the precise cancellation terms.