With a layaway plan you will be able to get items at the cheap, discounted prices even if you don’t have enough cash to pay for it right away. Think about purchasing for the holidays: you might not have enough to get all the gifts you need, but you might have enough to put down a deposit on all the gifts you need, thereby racking up some impressive savings.
A layaway plan means that you need to put less cash out. Cyber Monday layaway plans, in particular, make it easier for you to shop — you don’t even need to go to a physical store.
There is also some element of flexibility; you can decide not to purchase the layaway item and relinquish your deposit if you discover that you can no longer afford or no longer want the item in question. This can be important because Black Friday and Cyber Monday often have no returns on some of their sale items.
What Are the Drawbacks of a Layaway Plan?
A layaway plan can be difficult to find. Not all items will be available on a layaway plan and not all stores offer them. You will likely be charged a fee if you cannot pay for the item in full and — more critically — you won’t be able to get your item right away.
If the item that you want is something very expensive, it’s likely that the payments on the layaway plan may take a long time… and that’s time that you won’t be able to use the item or give it as a gift. If there is any urgency towards getting an item, a layaway plan simply isn’t going to be useful. For many people, a layaway plan isn’t going to give them enough time between the purchase and the holidays. However, if you can stand waiting a month or a week for the item, it may be ideal.
Are There Any Alternatives?
Some stores offer store credit lines instead of layaway plans. In effect, it works much the same (as many of them offer zero interest for the first six to twelve months) — you purchase the item on a store credit line, which you open then, and then must make payments on a monthly basis.
The difference is that you can take the item home right away and that you are immediately responsible for the full amount of the item right away. If you fail to make all of your payments during the introductory period you will be charged interest, but if you can make all the payments before then you won’t pay any interest. Essentially, it operates like a take-home layaway.
Think a layaway plan might be right for you? It’s time to get started. Begin by looking at the larger online stores to find out their layaway promotions and Cyber Monday deals.
Remember, timing is critical during a Cyber Monday sale, so you’ll need to know exactly where to look for the items that you want. You may also want to inquire whether they’ll have any additional restrictions regarding their layaway promotions during Cyber Monday, such as items that are not allowed in their layaway program.
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