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Layaway is a purchasing method that allows customers to reserve an item and pay for it over time through installment payments, rather than paying the full price upfront. Once the total cost is paid, the customer takes possession of the item.
Key features of layaway plans include:
No Immediate Ownership: The item remains with the store until all payments are completed.
Low or No Interest: Layaway typically does not involve interest, making it different from credit purchases. However, some stores may charge small fees for the service.
Flexible Payments: Customers can make payments over an agreed-upon schedule, often weekly or bi-weekly.
Affordable Fees: Layaway plans may include an upfront deposit and cancellation fee if the customer decides not to complete the purchase.
Accessibility: It’s an option for those who prefer to budget payments or who may not have access to credit.
Layaway is popular during holiday seasons or for big-ticket items, allowing customers to secure products while spreading out the financial impact. Let's Do This!
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