0 a system of paying for goods in small amounts and receiving the goods after the full amount has been paid, or goods bought in this way:
1 a method of buying goods in which a large deposit (= payment of part of the total) is made so that a store will keep the goods until the full price can be paid:
The main advantage of layaway is that no interest is charged.
Online layaway simplifies layaway for both merchant and consumer by removing the costly, time-consuming storage and bookkeeping processes.
During the 2012 season, many retailers were heavily advertising their layaway service and offering it for free (or effectively free) if all conditions were met.
Layaways remain at the distribution center during the layaway period instead of taking up valuable retail warehouse space.
Products and services that have layaway offerings online vary from netbooks to home gyms and from concert tickets to layaway vacations.
Because there is little risk involved for the seller, layaway can be readily offered to those with bad credit.
Along with secured loans / credit and layaway programs, guaranteed consumer funding is a good way to help re-build bad credit and establish credit for those without.
