Does Any Store Do Layaway Anymore?

Does Target Have Layaway? Target has become one of America’s top retailers. People love shopping there for everything they need, making it a big name in discount stores, just after Costco and Walmart.

Layaway is a program where you can put a certain amount of money down on an item and then make payments on it until you have paid for it in full.

Not only was layaway convenient for budget-sensitive customers, but it also created frequent visits for retailers as well. 

Many Target customers can use layaway. Keep reading to learn more about it.

Does Target Have Layaway?

Target doesn’t offer layaway options online or in their physical stores.

Also, while they understand that sometimes you may want to pick up your items at a later time, they don’t hold paid purchases in-store.

This ensures that our stores remain efficient and your items are readily available for you to collect whenever you’re ready.

Other Purchasing Options at Target

Although Target doesn’t do layaway, it does offer several other payment methods and purchasing options.

Accepted payment methods include:

1. Apple Pay

2. Cash

3. Credit cards

4. Debit cards

5. PayPal (online purchases)

6. Personal checks

7. Target gift cards

8. Target REDcard

9. Target return vouchers

10. Third-party gift cards (American Express, Discover, Visa, Mastercard)

11. WIC

How Exactly Does Layaway Function?

Here’s how the option works:

1. Pick your items: Choose what you want to buy. Some stores offer layaway in-store only, and it might be limited to certain departments like furniture or electronics.

2. Put down a deposit: Pay a bit upfront. It could be a set amount or a percentage of the total cost.

3. Make payments: After the deposit, you’ll make regular payments. This could be every couple of weeks or monthly, depending on the store.

4. Get your item: Once you’ve paid it all off, you can pick up your items. Keep in mind, that some stores might tack on service fees.

Stores that Offer a Layaway Program

Several major stores still offer layaway programs. Here are some of them:

1. Buckle

Buckle is known for trendy apparel and accessories. They allow you to reserve items in-store with a minimum 20% deposit. 

You have 60 days to pay off the balance with no service fee.

2. Big Lots

From electronics to furniture, Big Lots offers layaway exclusively for furniture at select locations. 

With a 10% deposit, you can secure your items without a service fee, though some stores may charge a 5% cancellation fee.

3. Kmart

It does matter whether in-store, online, or through their app, Kmart offers layaway for various products with two plans: eight weeks or 12 weeks. 

Expect service fees ranging from $5 to $10, plus cancellation fees.

4. Baby Depot

Catering to all things baby, Baby Depot’s layaway program spans 30 days, requiring either a $10 deposit or 20% of the item’s value. 

There’s a $5 service fee and a $10 cancellation fee.

5. Sears

With both in-store and online options, Sears provides flexibility with eight-week or 12-week plans. 

Expect a 10% deposit and a service fee ranging from $5 to $10, depending on the plan. Online layaway even offers convenient store pickup or delivery schedule.

Pros of Layaway Plans

Compared to other methods of financing purchases, layaway can be your best option for the following reasons:

1. Interest-Free Purchasing

While layaway does come with fees, you won’t be charged interest on your purchases. Even with the fees, layaway may cost less than charging your holiday purchases to a credit card.

For example, suppose that in December you charge a $900 TV to a credit card with 18% interest. If you pay the total off in February, you’ll have paid one month’s interest, or $13.50.

This makes the $5 service fee more appealing, and in this case, layaway is the better option.

2. More Buying Options

Layaway provides an alternative to using a credit card to pay for purchases.

If you have a credit card but would like to make it through the holidays without charging all of your gifts, layaway may be the best option for you.

3. Availability of High-Demand Items

Layaway comes in handy during the busy holiday season when popular electronics and toys can sell out quickly.

Putting a popular item on layaway now guarantees you will have it for the holidays.

4. Available Online

Some retailers offer layaway for purchases made through their online stores.

Online layaway saves you the hassle of dealing with holiday shoppers, waiting in long lines, or going to several stores looking for a popular item.

5. Easy Acceptance Criteria

Unlike a credit card, layaway programs do not conduct income or credit checks before approval.

To qualify for layaway you simply need proof of identification showing that you are at least 18 years of age and a down payment.

What are the Cons of Layaway?

Layaway has several disadvantages you also need to consider:

1. Fees

Layaway fees can be exorbitant, especially for smaller purchases.

For example, paying a $10 service fee on a $600 laptop may be acceptable, but paying a $10 service fee for a $50 toaster means adding a preposterous 20% to the total cost.

2. Down Payments

Unlike a credit card, most layaway programs require that you pay a down payment before the store will hold your purchases.

Down payment amounts vary by store, but some stores can charge up to 10%, a sizable fee for big-ticket items.

3. Strict Payment Terms

Many layaway programs come with strict payment terms. For example, one retailer may require you to make a payment in-store every two weeks until you pay off the purchases.

Under these terms, you’ll have to drive to the store every other week to make a small payment.

4. Potential Losses

People enter into layaway programs with the best of intentions, but things happen. You may pay off half of your purchase, but then realize you cannot pay for it entirely.

Or you might realize that you no longer want the item after making payments for several weeks.

5. Not Available for Every Purchase

Retailers put a limit on the type of purchases you can place on layaway.

For example, a retailer may only offer layaway for electronics, jewelry, or other big-ticket items, but if you want to use layaway to pay for a popular toy, you may have to go to another retailer.

Although Target may not provide layaway anymore, there are still stores that offer this option, although not as many as before. 

Instead, many retailers have shifted towards offering financing options like Affirm and Klarna, or their store credit cards.