layaway plan
Pay-before-receiving arrangement
A layaway plan is a purchasing arrangement where a store holds merchandise while the customer pays for it in installments.
Once fully paid, the customer takes possession.
Common before credit cards became widespread, layaway has seen revivals during economic downturns: We put the TV on layaway for Christmas.
Also simply layaway.
- installmentPeriodic partial payment
- down paymentInitial sum toward purchase
- depositPlace for safekeeping
- budgetingAllocating funds systematically
- partial paymentFraction of amount owed
final payment · pay in full · Kmart · retail store · balance · return · delayed gratification · waiting · put on hold · debt management · low income · will call · pickup · repayment schedule · cash · item · hold · store
layaway planbuy now pay later
Installment option at checkout
financing · installment plan · deferred payment · charge account · revolving credit
layaway planstore credit
Non-cash refund option
loan · personal loan · line of credit · debt financing · consumer credit