Lay-away

Lay-away

Lay-away is a purchasing method that allows customers to pay for items over time in installments before taking possession of the goods. This payment plan typically involves the customer making a deposit to secure the item and then making regular payments until the full purchase price is paid off.

One of the main advantages of lay-away is that it allows customers to budget and spread out the cost of expensive items over a period of time, making them more affordable. This can be particularly useful for people who may not have access to credit or prefer not to use credit cards.

For example, if a customer wants to buy a new television but cannot afford to pay for it all at once, they can put the TV on lay-away by making a deposit and then making monthly payments until the full price is paid off. Once the final payment is made, the customer can take possession of the television.

It is important for customers to carefully read and understand the terms and conditions of a lay-away agreement, including any fees or penalties for late payments. Some stores may also have restrictions on which items are eligible for lay-away.

Overall, lay-away can be a helpful option for budget-conscious shoppers looking to make a big purchase without committing to a credit card or loan.

For more information, you can visit the Wikipedia page on Lay-away.