Buy Now, Pay Later: Stores with the Best Holiday Layaway Programs Available in 2020

The holidays will be here before you know it, which means shoppers are beginning to look at ways to buy, store, and afford holiday gifts for their loved ones. Layaway programs offer you the opportunity to put your items on hold at the store with a deposit, and then make regular payments over several weeks or months until the purchase amount is paid off. Plus you can head back to the store and pick up the items when you're ready. Which program will you take place in?

1. Walmart

Now through December 14, 2020, Walmart is offering their Holiday Layaway for in-store purchases. No credit-cards are required, and there are no interest payments on the purchase. There’s a designated Layaway counter where you will drop off the items and make a small down payment of $10 or 10% (whichever is greater). Individual layaway items must be priced at $10 or more, and total purchases must be $50 or greater. Shoppers can make payments any time during their layover. This can be done either on or before December 14th.

2. Big Lots

The Big Lots program is called “Price Hold”, and is most typically used for furniture purposes. A 10% is required, and the store will hold the item for 90 days. There’s also another program called “Lease-to-Own”, which is managed through Progressive Leasing for select furniture. The initial payment is $49 and you won’t own the merchandise unless you make 12 months of payments or decide on an early purchase option.

3. Kmart

Shoppers can go both online and in Kmart stores for the layaway program. There’s a $5-$10 down payment, and payments can be made either way. You can either pick up your products or have them shipped to you. The select stores will hold your items for 8-12 months. The longer months are only meant for purchases of $300 or more.

4. Burlington

For over 45 years, Burlington has offered layaway to customers. Shoppers can use the 60-day program all year as well. A 20% deposit is due at the time of purchase, and an additional 20% payment is due 14 days from the purchase date. There is also a $5 service fee, but there have been promotions offering a $5 gift card for in-store purchases, and a $10 cancellation fee.

5. Sears

Shoppers can experience layaway at Sears either in store, online, or on the app, and payments can be made through any of those platforms. Layaway contracts must be canceled at the store you set up your contract, and contracts are automatically cancelled after a 14-day grace period of missing your payment with a cancellation fee. There is an 8-week contract and a 12-week contract, depending on what you purchase.

6. GameStop

Great for the gamer in your life, you can stow game stations and pay them off later. This is only available during the holidays, and is meant for in-store purchases. There’s no service fee, but there is a down payment of $25. Guests can trade in video game items during their layaway program and allocate the proceeds as their $25 down payment as well.