15 Stores with the Best Layaway Programs in 2022 - MoneyPantry (2023)

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There are still some retailers that offer it though, and we have listed them below, including information about deposit and payment requirements.

We have also included a list of stores that don’t offer layaway but do provide other forms of financing.

What is Layaway?

Layaway is a type of retail purchasing method where you can place a deposit on items of merchandize, so that the retailer will hold the item for you. You pay the remainder of the cost in installments.

Once you have paid off the balance in full, you can pick up the item from the store.

How does layaway work?

Layaway plans work differently to payment plans like Affirm or to shopping with a credit card.

With a Klarna or a credit card, you get the item right away, and then pay off the cost of it over time. With layaway on the other hand, you make payments over time, but your items remain with the retailer until you finish paying for them.

Each store has its own rules, but most layaway plans follow the same basic process.

Here’s how layaway works:

• Choose the items you want to put on layaway: Some stores offer layaway in-store only, and others offer layaway on both online and in-store purchases. Many stores only provide layaway on items in select departments, such as furniture, jewelry, or electronics.
• Make a deposit: You will have to pay a deposit so that the retailer will hold the item for you. Sometimes this deposit is a dollar amount and other times it is a percentage of the total purchase cost.
• Make payments: After the initial deposit, you will need to make payments. Depending on the store’s payment schedule you might need to make payment every two weeks, monthly, or at some other interval.
• Pick up your items: Once you have paid off the total, you can pick up your items. Some stores also charge service fees.

How Much Does Layaway Cost?

When you place an item on layaway, you not only have to pay a deposit, but some stores also charge other fees. This can include service fees, restocking fees, and cancellation fees.

All stores require a deposit, and this varies from place to place. It’s usually around $10 or 20% of the purchase total.

Some stores charge a service fee and others don’t. Each store has a slightly different policy. Stores charge some or all of these fees:

• Service fee: This covers the cost of the store keeping the item off the shelf and processing multiple payments.
• Cancellation fee: Most stores will charge you a cancellation fee if you decide to cancel the layaway plan, or if you cannot make all of the payments by the due date.
• Restocking fee: Some stores will charge you a restocking fee if you don’t make payments on time or if you are unable to finish paying for the items by the due date.

Does layaway affect your credit?

No, layaway plans do not impact your credit score. Stores do not check your credit report see if you qualify for layaway programs. So, you don’t have to worry about your credit rating if you want a store to put a product on layaway for you.

Because layaway doesn’t impact your credit score, it’s not a method for building your credit rating either. So, even if you make on-time payments on your layaway plan, it won’t improve your credit score. It’s a good thing that you don’t have to worry about layaway impacting your credit score, like credit cards do.

Pros & Cons of Layaway Plans

Before you use layaway, it’s good to know what the pros and cons are. That way, you can decide whether this type of financing is for you.

Here are the pros and cons of layaway plans

Pros of Layaway Plans

Let’s start out with the pros. Now, compared to many other types of financing, layaway has a plethora of benefits.

Easy acceptance criteria

If you don’t want the hassle of a credit check, then layaway is definitely the financing option for you. When you apply for a credit card, it will affect your credit score. Retailers don’t do credit checks with layaways, so you don’t have to worry about not being approved.

Most layaway programs will only require proof of ID and a deposit on the item. If you have had past credit problems or don’t have an established credit history, then layaway is a good choice for you.

Interest free

Layaway plans don’t charge you interest on your purchase.

Although they do charge fees, the layaway cost can sometimes work out less than charging purchases to a credit card, as these typically have high interest rates.

If you have a zero-interest credit card, then obviously a credit card would work out cheaper in that case. However, if you are looking to avoid interest charges, then layaway plans can be a good choice.

Keeps high-demand items available until you need them

Layaway can be really useful during the busy holiday seasons when popular items like electronics and toys sell out fast. With layaway, you can have the store hold the item for you now, which guarantees that you will have it for the holidays.

Opens up more buying options

Having more purchasing options is a good thing for consumers.

Sure, credit cards can be good, but if you don’t want to charge all your gifts this holiday, don’t have a credit card, or don’t want to get a store card, layaway gives you another method to pay for purchases over time.

Layaway is a good alternative to using a credit card to pay for purchases. Layaway is also good if a store isn’t offering buy now pay later plans like PayPal Pay in 4 or Klarna.

It’s sometimes available online

Some retailers also provide layaway plans on purchases made through their online store. This is great because online layaway saves you the hassle of having to actually head out to the store. You can avoid waiting in long lines, heading to multiple stores looking for a popular item, and lots of shoppers around busy holidays and seasons.

Cons of Layaway Plans

Although there are a lot of pros to using layaway plans, they do have a few downsides that you may want to consider.

Fees

The fees can work out to be pretty high, particularly when it comes to smaller purchases. For example, paying a $10 service fee on a $50 item means you are adding 20% on to the total cost.

Always check to see what percentage of the purchase the service fee works out to.

For example, paying a $10 service fee on a $500 item is pretty reasonable. But, like, I said above, for smaller items, it can work out to be pretty high.

Some places charge high deposits

You have to pay the store a down payment when you place an item on layaway. Down payments vary by store, and sometimes it can be 10%, which can work out to be a sizeable amount if you are putting a big-ticket item on layaway. If you don’t have much cash for a down payment, then layaway may not be the best option for you.

You have to follow a payment schedule

With layaway programs, you have to make payments at regular intervals. For example, one retailer may require you to make a payment in-store every two weeks for the duration of the layaway period. So, you’d have to drive to the store every other week to make a payment, which isn’t always convenient.

While other places may allow you to make payments on your own schedule, they will require you to make the final payment by a certain date. And, if you miss that date, you may lose the items, and incur fees.

Although you won’t lose the money you’ve paid if you don’t complete the layaway agreement, you will have to pay a cancellation fee, and some stores also charge a restocking free to put the items back on the shelves.

What Stores Currently Offer Layaway?

Sadly, not as many stores offer layaway as they once did.

Many places that used to have layaway plans have now switched over to buy now pay later plans, such as Klarna. Walmart, for example, used to offer layaway, but now it offers buy now pay later plans through Affirm.

Other stores offer financing through store credit cards.

I’ll include stores that offer other types of financing later in the article.

There are still some stores that do layaway though.

Here’s a list of places that do layaway…

1. Kmart

• Availability: 8 week plans available in-store and online. 12 week plans available in-store only on total purchases of $300 or more.
• Deposit required: $10
• Payment schedule: Payments must be made every 2 weeks, and the balance must be paid in 8 or 12 weeks.
• Other fees: $5 service fee and $10 cancellation fee for the 8-week plan. $10 service fee and $20 cancellation fee for the 12-week plan.
• More information on Kmart’s Layaway policy

2. Sears

• Availability: 8 week plans available in-store and online. 12 week plans available in-store only on total purchases of $300 or more.
• Deposit required: $10
• Payment schedule: Payments must be made every 2 weeks, and the balance must be paid in 8 or 12 weeks.
• Other fees: $5 service fee and $10 cancellation fee for the 8-week plan. $10 service fee and $20 cancellation fee for the 12-week plan.
• More information on the Sears Layaway policy

3. Burlington (formerly Burlington Coat Factory)

• Availability: In-store only. Layaway is not available on food items, wall art, rugs, lamps, or furniture.
• Deposit: $10 or 20%, whichever is greater
• Payment schedule: Items put on layaway will be held for 30 days and can be paid in installments or in full. Payment must be made in full by the layaway expiration date.
• Other fees: $5 service fee. $10 cancellation fee.
• More information on the Burlington layaway policy

4. Hallmark Gold Crown

• Availability: In-store
• Deposit: 20% of the total purchase
• Payment schedule: Items are held for up to 90 days.
• Other fees: Varies
• More information on the Hallmark layaway policy

5. American Freight

• Availability: In-store only
• Deposit: Depends on the cost of your purchase
• Payment schedule: Payments of at least $10 are required every 2 weeks. The final payment is due within 24 months.
• Other fees: Varies
• More information on the American Freight layaway policy

6. Jewelry Exchange

• Availability: In-store and online
• Deposit: 25% of the purchase price
• Payment schedule: The layaway period is 6 months, and payments are due every 30 days from the date of purchase.
• Other fees: No fees are specified, but if during the layaway period no payment is received for 90 days, the merchandise will be returned to stock and a store credit will be issued for all payments made.
• More information on the Jewelry Exchange layaway policy

7. Shane Co.

• Availability: Online and instore
• Deposit: 20% of the purchase price
• Payment schedule: Two to 12 payments. So, one payment per month for 2 months or two payments per month for 6 months. Jewelry is shipped after the final payment.
• Other fees: No fees. 100% refundable and returnable.
• More information on the Shane Co. layaway policy

8. Day’s Jewelers

• Availability: In-store and online.
• Deposit: 10% of the purchase price
• Payment schedule: You must pay at least 10% of the purchase amount each month.
• Other fees: If you have to cancel your layaway after thirty days, the store will keep 20% of the total required deposits as restock fees. Full deposit may be applied towards an immediate new purchase.
• More information on the Day’s Jewelers layaway policy

9. Get it Now!

• Availability: In-store only
• Deposit: Depends on the cost of your purchase
• Payment schedule: You must clear your balance within 90 days
• Other fees: $25 restocking fee on cancellations.
• More information about the Get it Now! layaway policy

10. Reeds Jewelers

• Availability: In-store only
• Deposit: 10% or $25, whichever is greater.
• Payment schedule: Monthly payments of 1/6 the remaining balance or $25, whichever is greater, are required. Merchandise on layaway can be held for a maximum of 6 months as long as you make regular payments.
• Other fees: Not specified.
• More information about Reeds Jewelers layaway policy

Other Places that Do Layaway

There are a few other stores in states across the country that do have layaway programs. So, if you live nearby, you may be able to make a purchase on layaway.

Here are a few more stores that have layaway programs:

11. DFW Furniture Warehouse (California)
12. Choice Furniture & Mattress (Illinois)
13. Kings Furniture Warehouse (New York)
14. The Furniture Shop (Texas)
15. Best Buy Furniture (Pennsylvania and New Jersey)

Stores that DON’T Offer Layaway But do Offer other Types of Financing

Like I said earlier, most stores don’t do layaway in 2022. It seems to be becoming a thing of the past.

Many stores that used to provide layaway, like Walmart, now offer other financing options, such as buy now pay later plans with companies like Affirm or Klarna or store credit cards that customers can use to access financing options of between 12 and 72 months.

Some plans with buy now, pay later companies like Affirm and Klarna do not affect credit score, so they are a good alternative to your traditional layaway plans. Be sure to check the details with the specific plan you use to see if it impacts credit score.

Credit cards on the other hand do impact credit scores, so do be aware of that. Applying for a new credit card will result in a hard inquiry on your credit card. This can lower your score by a few months. Although a hard inquiry will stay on your report for 2 years, it will only affect your credit score for a few months.

If you don’t want any impact on your credit score, I would opt for stores that provide financing plans through companies like Affirm or Klarna. Like I said, many Affirm and Klarna plans don’t impact credit store – some may though so make sure you check.

Here’s a list of major retailers that offer financing:

16. Amazon

• Type of financing available: With the Amazon store card, you can buy now and pay over time. Get access to 6, 12, and 24-month financing options when you open an Amazon Store Card.
• Learn more

17. Walmart

• Type of financing available: Affirm financing is available on eligible Walmart purchases between $144 and $2,000, including tax. Purchase items now, and pay it off over 3 to 24 months, whichever timeframe best suits you.
• Learn more

18. Best Buy

• Type of financing available: With the Best Buy Credit Card, you can get access to 12-month financing on storewide purchases of $299 or more. There’s no interest if you pay off the balance in full within 12 months. On select categories, such as home theater and Geek Squad purchases, longer financing plans are available, including 18-month and 24-month financing. The minimum purchase amount is usually higher for the 18 and 24-month financing options.
• Learn more

19. Ashley Furniture HomeStore

• Type of financing available: With Ashley Furniture HomeStore, you can get access to 6, 12, 18, 60, and 72-month financing options.
• Learn more

20. Macy’s

• Type of financing available: Split your purchase into 4 interest free payments with Klarna. Purchases can be between $100 and $1,000. Or, you can get the Macy’s Credit Card, and get access to special financing offers, like 12 to 36-month financing on select dates and categories, such as furniture and mattress and fine jewelry.
• Learn more (Klarna)
• Learn more (Macy’s Credit Card)

21. The Home Depot

• Type of financing available: Get 6 months financing on purchases of $299 or more, and up to 24 months financing during special promotions. Minimum payments required.
• Learn more

22. Lowe’s

• Type of financing available: With the Lowe’s Advantage Card, you can get 6 months special financing on purchases of $299 or more.
• Learn more

23. Big Lots

• Type of financing available: Big Lots offers a lease-to-own program through Progressive Leasing, called Easy Leasing.
• Learn more

24. Apple

• Type of financing available: With the Apple Card, you can pay for devices in monthly installments. It’s a 24-month installment plan.
• Learn more

25. DICK’S Sporting Goods

• Type of financing available: With the ScoreRewards Credit Card, you can get 12, 18, or 24-month special financing. Also, DICK’S Sporting Goods offers buy now pay later options through Affirm.
• Learn more (ScoreRewards Credit Card)
• Learn more (Affirm)

26. Office Depot/OfficeMax

• Type of financing available: Get special financing for 6 months on purchases of $299 or more with the Office Depot/OfficMax Personal Credit Account.
• Learn more

27. Staples

• Type of financing available: Staples has a few different types of special financing offers. This includes special financing for 6 months on purchase of $299 or more, special financing for 12 months on purchase of $399 or more, and special financing for 18 months on purchases of $599 or more.
• Learn more

28. Crate & Barrel

• Type of financing available: Get 6 months special financing on purchases of $749 or more with the Crate & Barrel Credit Card.
• Learn more

29. Pottery Barn

• Type of financing available: With the Pottery Barn Credit Card, you can get 12-month financing on purchases of $750 or more. There’s also the option to buy now and pay later with Affirm.
• Learn more (Pottery Barn Credit Card)
• Learn more (Affirm)

30. GameStop

• Type of financing available: Get your item from GameStop now and pay it off over 6-weeks with bi-weekly payments using QuadPay or Klarna.
• Learn more

Stores with Layaway Summary

There are still some stores that do layaway, but not as many as there once were. Many retailers have moved into offering financing through buy now pay later plans like Affirm and Klarna, or store credit cards.

Some retailers that still offer layaway include Kmart, Sears, and Hallmark Gold Crown.

If you are looking for layaway plans at popular retailers like Amazon or Walmart, then you will be out of luck. Amazon doesn’t do layaway and instead offers a credit card, and Walmart now offers the option for you do buy now and pay later with Affirm.

If you have wanted to know if there are any stores with layaway, then give the places on our list a try. And, if layaway isn’t available at the store you want to shop with, it’s likely that the retailer does offer some other form of financing. Try the stores that offer other types of financing on our list above.

Happy shopping!