Is Layaway Still Happening? Find Out About Walmart Layaway 2024

• by Abdul Aziz
• 2 years ago
• Online Hypermarket

Although it is not a popular concept today, layaway was previously very popular. Whether you want to buy clothes, shoes, handbags, even jewelry, layaway always benefits the customers one way or another.

During the Great Depression, layaway — a payment arrangement in which a customer pays a deposit on an item in order to "lay it away" for later pickup — became popular. Layaway allowed shops to offer more expensive items to cash-strapped customers during a time when the economy was severely tight.

When buyers began to utilize credit cards to cover large-ticket purchases in the 1980s, layaway schemes began to fade away. Layaway, on the other hand, saw a rebirth in 2008, when the economic downturn made people more cautious with their credit cards.

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Layaway is now available at a number of large stores, especially during the holiday season. However, layaway isn't the best option for everyone.

We've put together a detailed guide to everything you need to know about layaway, including layaway definition, how it works, critical considerations, and the eight businesses that will offer this sort of financing in 2022 to help you determine if it's right for you.

Layaway Meaning

Layaway is a payment plan that allows you to pay for an item over time in interest-free installments. The seller will hold the item for you until you finish completing the installment payments, usually in exchange for a deposit and a modest charge. You get to take your item home once the item is paid in full.

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How Layaway Works?

Although layaway plans differ slightly from one store to the next, the majority of them follow the same basic pattern. The following is a common layaway arrangement:

• Step 1: Select an item — Select an item or items to put on layaway. Some businesses limit layaway to purchases beyond a certain price point or inside specific sections like electronics, furniture, and jewelry.

• Step 2: Make a deposit and pay a service charge - Some stores need a percentage of the overall shopping price as a deposit, while others may let you choose the amount.

• Step 3: Pay in small increments — Layaway plans at different establishments may have varied payment options and periods. You may be able to pay weekly, bimonthly, or monthly, depending on the program and circumstances, such as the price of your item. Most stores require full payment of layaway purchases within a year.

• Step 4: Pick up your item and take it home - After paying off your layaway purchase, you can pick it up and take it home.

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Stores Offering Layaway in 2022

Here are the eight stores that are still offering layaway programs. Some of them only offer layaway on holiday.

Army & Airforce Exchange Service (AAFES)

AAFES (Army & Air Force Exchange Service) is a military merchant with outlets all over the world. AAFES sells brand-name clothing, household goods, and other items for low prices in stores and online.

Is There a Layaway Program at AAFES?

Yes, eligible purchases of $25 or more can be put on layaway through AAFES. For garments and accessories, the shop offers a 30-day layaway program, a 60-day layaway program for all other products (excluding jewelry), and a 120-day layaway program for jewels. All layaway purchases at AAFES need a 15% deposit, as well as a $3 service fee and a $5 cancellation fee.

AFFES Layaway Lowdown

       • All apparel, purses, and shoes are available on a 30-day layaway plan

       • All other merchandise is on a 60-day layaway plan (except jewelry)

       • Fine jewelry is available on a 120-day layaway plan

       • Only in-store purchases are permitted

       • The service fee is $3

       • 15% of the purchase price is required as a down payment

       • Fee for cancellation: $5

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Baby Depot

Baby Depot, a subsidiary of Burlington Coat Factory, specializes in infant car seats, infant apparel, cribs, changing tables, and other baby products.

Is Layaway Available at Baby Depot?

Yes, at venues that are part of the program. A year-round 30-day in-store layaway option is available at participating Baby Depot locations, requiring a minimum of $10 or 20% down, whichever is greater. In addition, they charge a $5 service fee and a $10 cancellation fee.

Baby Depot Layaway Lowdown

       • Only in-store purchases are permitted.

       • In most states, there is a $5 service fee ($1 in Maryland).

       • 10% or 20% down payment, whichever is greater.

       • Fee for cancellation: $10

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Big Lots

Big Lots is a large retail chain that sells everything from electronics and toys to home items and everyday necessities.

Is There a Layaway Program at Big Lots?

Yes, but only on certain types of furniture purchased at specific locations. Big Lots' "Price Keep" service normally requires a deposit of 10% of the purchase price and will hold an item for 90 days. Ask whether there is a $5 non-refundable fee at the store. Keep in mind that terms may differ from one store to the next.

The "Progressive Leasing" scheme is another unique offering available at select locations. Customers can take large things home, such as furniture, beds, barbecues, and outdoor equipment, and pay over a certain period of time. It's mandatory to register for an account so that payments can be withdrawn automatically.

The Big Lots Layaway Lowdown

Price Hold:

       • For furniture purchases made in-store at specified locations

       • Fee for service: $0

       • 10% down payment (with a $5 fee in some regions)

       • Fee for cancellation: $5 (varies by location)

Progressive Leasing:

       • A deposit of $49 is required

       • In most states, there is a 90-day purchasing option (three-month purchase option in California)

       • Payments are deducted from your account automatically

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Burlington Coat Factory

Burlington Coat Factory also sells men's and women's clothes, home goods, and beauty products in addition to coats.

Is There a Layaway Program at Burlington Coat Factory?

Yes, the layaway policy at Burlington Coat Factory is identical to that of its sister, Baby Depot. A year-round 30-day in-store layaway option is available at participating Burlington Coat Factory locations, requiring a minimum of $10 or 20% down, whichever is greater. In addition, they charge a $5 service fee and a $10 cancellation fee.

Burlington Coat Factory Layaway Lowdown

• Only in-store purchases are permitted
• In most states, the service cost is $5 ($1 in Maryland)
• $10 or 20% of the purchase price, whichever is greater
• There is a $10 cancellation fee

Hallmark Gold Crown

The Hallmark Gold Crown retail company is known for its greeting cards, but it also sells ornaments and presents.

Is There a Layaway Option at Hallmark Gold Crown?

Yes, but only during the months of July and December. A 20% deposit, as well as contact information, is required for the 90-day program. Layaway regulations differ by location, so check with a sales representative for specifics.

The Lowdown on Hallmark Gold Crown's Layaway

       • From July to December, you can rent a car

       • The cost of service varies

       • A 20% down payment is required

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Kmart

Kmart is permanently closing its doors, with only a few stores remaining in the United States. As a result, be wary about employing layaway.

Kmart is a Sears subsidiary that sells everything from clothing to toys to appliances and athletic equipment.

Is Layaway Available at Kmart?

Yes, Kmart allows you to put certain things on layaway in-store (albeit only a few stores remain), online, and through the app. The store offers two layaway options: an eight-week plan and a 12-week plan. The 12-week layaway option is only offered in-store on purchases of $300 or more.

You must submit a $10 deposit and make payments every two weeks for both the eight and 12-week programs. Payments can be made physically to the person or over the internet. You get a seven-day grace period if you miss a layaway payment before your contract is canceled.

There is a $5 service fee and a $10 cancellation fee for the eight-week program, and a $10 service fee, and a $20 cancellation cost for the 12-week program.

Kmart Layaway Lowdown

Contract for 8 weeks

      • Purchases can be made online, in-store, or through the app

      • A ten-dollar deposit is required

      • Fee for service: $5

      • There is a $10 cancellation fee

      • Payments will be made every two weeks (four payments total)

Contract for 12 weeks

      • For purchases of $300 or more in-store, this offer is valid

      • The service fee is $10

      • A ten-dollar deposit is required

      • There is a $20 cancellation fee

      • Payments will be made every two weeks (six payments total)

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Sears

It's worth noting that Sears is in the process of closing all of its stores. There are only a few left. As a result, the layaway will no longer be an option. Sears is a worldwide department store that sells appliances, tools, mattresses, automobiles, and other items.

Is Layaway Available at Sears?

Yes, Sears and its sibling, Kmart, have identical layaway policies. Select items can be put on layaway at Sears in-store, online, or via the app. Sears, like Kmart, offers two layaway options: an eight-week and a 12-week plan. Please keep in mind that the 12-week layaway option is only offered in-store on purchases of $300 or more.

You must submit a $10 deposit and make payments every two weeks for both the eight and 12-week programs. Payments can be made physically to the person or over the internet. You get a 14-day grace period if you miss a layaway payment before your contract is canceled.

There is a $5 service fee and a $10 cancellation fee for the eight-week program, and a $10 service fee, and a $20 cancellation cost for the 12-week program.

Sears Layaway Lowdown

Contract for 8 weeks

      • Purchases can be made online, in-store, or through the app

      • A $10 deposit is required

      • Fee for service: $5

      • There is a $10 cancellation fee

      • Payments will be made every two weeks (four payments total)

Contract for 12 weeks

      • For purchases of $300 or more in-store, this offer is valid

      • The service fee is $10

      • A $10 deposit is required

      • There is a $20 cancellation fee

      • Payments will be made every two weeks (six payments total)

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Walmart Layaway 2022

Walmart is a big-box retailer with locations all over the world that sell everything from groceries to high-end computers to low-cost patio furniture.

Is there a layaway program at Walmart?

Yes, although it's usually only around the holidays. Most Walmart shops offer layaway beginning Aug. 28 and ending Dec. 14 with final payment and pick up prior to the current year. Electronics, automotive electronics, large furniture, fabrics, bedding, infant furniture, newborn toys, toys, select sporting goods, minor appliances, and jewelry are among the items that can be put on layaway. It's worth noting that some stores provide layaway on select jewelry all year.

Walmart layaway is only offered at authorized layaway counters in shops.

Walmart Layaway Lowdown

       • Fee for service: $0

       • $10 or 10% of the purchase price, whichever is greater. Each item must cost at least $10

       • Your basket must have a minimum value of $50

       • Cancellation fee: If the order isn't paid in full and picked up on time, the down payment will be forfeited

       • The order will be canceled if the final payment and pickup are not completed at the same store where the              layaway was started

Things to Consider Before Going for Layaway Option

Layaway may be a more enticing alternative than other financing methods because it does not charge interest or affect your credit score. However, there are certain disadvantages to using layaway. Before you place something on layaway, think about these six things:

1. There Are Fees Involved (Usually)

Despite the fact that layaway plans are interest-free, most retailers charge one or more of the following fees:

• Service Charges: Most retailers will charge a service fee (typically between $5 and $15) in addition to a down payment to cover the cost of keeping your item and processing numerous payments.

• Cancellation Fee: A store may charge you a cancellation fee if you cancel your plan or are unable to make all payments by a specified date. This may be as high as $100 in some stores.

• Restocking fee: Some businesses may charge you a restocking fee in addition to a cancellation fee to cover the expense of returning a layaway item to the shelves.

Layaway is a naïve option for financing smaller goods because of these fees; for example, if you pay a $10 service fee to place a $40 blender on layaway, you'll be adding a staggering 25% to the price.

2. You Need to Submit Some Deposit (Usually)

Unlike credit card transactions, layaway financing usually necessitates the payment of a deposit. The amount of a deposit required varies by business, but it might be as high as 10% - a significant chunk of change on larger transactions.

3. You May Only Receive Store Credit as a Refund

Some stores will return your money in the form of the original payment, while others will just give you store credit. Before agreeing to a layaway plan, it's critical to understand the specifics of each store's arrangement.

4. Planning is a must for Layaway

Layaway can be time-consuming, especially if you need products by a specific date (such as the holidays or a birthday). For example, if you want to put a Christmas present on layaway for 12 weeks, you'll need to put something on layaway by early December at the latest.

5. You May Be Required to Adhere to Strict Payment Terms

Many layaway agreements have strict payment requirements. You risk losing your item if you miss an installment due to forgetfulness or inability to pay. Check to verify if the store has a defined payment plan or if the payout structure is flexible before choosing for layaway. Furthermore, layaway has ramifications for buying during tax-free weekends.

6. You Might Miss the Sales & Promotions

After putting something on layaway, there's always the possibility that the price could drop or that it will be displayed on sale, especially during the holiday season. Make sure you read the terms carefully to see if a price adjustment for things on layaway is permitted.

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Is Online Layaway the Way of the Future?

Layaway has been making a resurgence over the last few years. This time, though, the tried-and-true payment method has received a technical upgrade.

Many merchants are collaborating with online layaway companies like Afterpay, QuadPay, and Klarna to allow customers to set up online installment plans.

Afterpay — Ulta, Anthropologie, and Urban Outfitters are among the thousands of stores that use Afterpay, which allows customers to set up layaway plans ranging from three to twelve months. Afterpay doesn't charge any extra costs if you pay on time, and you can reschedule payments up to three times a year.

Klarna – Sephora, Finish Line, Macy's, and a slew of other stores use Klarna to provide layaway options to their customers. Klarna offers a variety of payment methods, including some that include interest.

Quadpay: QuadPay is a system that allows you to pay in four different ways. Amazon, Old Navy, and Target are just a few of the many stores that employ QuadPlay. QuadPay allows you to pay for items in four installments over the course of six weeks.

What's the main difference between traditional layaway and internet layaway? Rather than waiting until you finish your installment payments and pay off your total purchase, most online layaway firms let you obtain your item right away.