Turning to online furniture layaway programs for your big item purchase is a smart move to make. Giant retailers recognized how hard it is for their consumers to pay for new furniture in full (these items are really expensive). As a response, these retailers offer their online furniture layaway programs as a convenient payment method for their avid consumers.
As you look at your old and worn out sofa, you might sofa bed be thinking that it’s time to buy a new replacement… until you remember that you don’t have the cash as of the moment. You then think of using your credit card, but you decided against it because you don’t want to be stuck with the accruing interest rates. What’s the next best choice? Well, it’s time for you to turn old school through online furniture layaway plans.
Almost all retailers, like Kmart and Sears, have their different versions of online layaway programs. Some would even allow you to place the item on layaway without additional service or initiation charges. Normally, you’ll be given a substantial amount of time, let’s say around 3 months and even up to a year, to pay for the full amount of the furniture. There’s no interest rate or whatsoever is given during this period. Unlike with cash or credit card payments, you won’t get the layaway item until you paid your entire balance amount.
Sear’s online layaway program requires consumers to pay an initiation or service fee of $5, which is non-refundable. After you’ve decided what item to put on layaway, they’ll ask you to pay a down payment of $15 or 20%, whichever is greater, and pay the balance amount every two weeks. If you want out from the program, you need to pay an additional amount of $10 to terminate the contract. Just don’t forget to pay on schedule or don’t miss out any payment dates so you won’t default the item.
Kmart’s online layaway program is pretty much the same with Sears’ with some little differences. For example, Kmart requires a 1o% down payment instead of 20% (Sears). Kmart also has a wider selection of items that can be placed on layaway. When you shop at Kmart’s online shop, the content of your shopping cart will be put on hold in the Kmart store nearest to you until you’ve paid the whole amount. The good thing about their program is that you have two payment options: pay online or pay directly to their store. It’s a matter of what’s more convenient for you.
Unfortunately, Walmart has not revived its layaway program after cancelling it last 2006. They focused instead on improving their other payment choices for the consumers.