I get lots of emails asking me about layaway, so I figured it was time for me to do a post explaining exactly how layaway works and how to use it to your advantage. Layaway is a great way to manage a major purchase and stick to a budget. Layaway allows shoppers to spread the cost of an item over a number of payments without running up a lot of costly debt. The biggest negative with layaway is if you cancel and have to pay a fee, but that’s still a lot better than not being able to make a payment on your credit card and that cancellation fee won’t hurt your credit score. The Better Business Bureau advises that you get everything in writing before you put an item on layaway. Here are the stores in our area that offer layaway and an overview of the basics with each store:
- Service fee = $5
- Downpayment = $20 or 20 percent, whichever is greater.
- Cancellation fee = $15
- Availability = Online and in store
- Ends = Year-round
- Find their full layaway policy HERE
- Service fee = None during the rest of the holiday period ($5 to $10 until November 23).
- Downpayment = $15 or 10 percent for the eight-week plan; $30 or 10 percent for 12-week plan.
- Cancellation fee = $10
- Ends = Year-round
- Availability = Â online and in stores.
- Find their full layaway policy HERE
Walmart
- Service fee = $0
- Downpayment = $10 or 10 percent, whichever is greater.
- Cancellation fee = $10
- Ends = Dec. 13
- Availability = In store only
- Find their full layaway policy HERE
Toys R Us and Babies R Us
- Service fee = None during the free holiday period, $5 the rest of the year.
- Downpayment = 10 percent of the total order.
- Cancellation fee = $10
- Ends = Dec. 15
- Availability = In store only
- Find their full layaway policy HERE
Fred’s Super Dollar
- Service fee = $0 (Receive a free $5 fred’s gift card on every completed $50 Layaway transaction).
- Downpayment = $1
- Cancellation fee = None listed
- Ends = None listed
- Availability = In Store Only
- Find their full layaway policy HERE
Marshalls and T.J. Maxx
- Service fee = $5
- Downpayment = $10 or 10 percent, whichever is greater.
- Cancellation fee = $5
- Ends = Varies depending on store
- Availability = In Store Only
- Find their full layaway policy HERE
- Service fee = $5 (Receive a $5 promotional card when you complete your layaway by 12/24/2013).
- Downpayment = 20 percent.
- Cancellation fee = $10
- Ends = Final payment by December 24
- Availability = In Store Only
- Find their full layaway policy HERE
- Service fee = From 1.9 percent to 3.9 percent based on the transaction total.
- Downpayment = Varies by merchant.
- Cancellation fee = $25 or 10 percent, whichever is less.
- Ends = Year-round
- Availability = In store and Online
- Find out more HERE
