Do pawn shops offer layaways?

Layaway is a purchase option that is available at some pawn shops for some high-value items, but what exactly is it and how does it work?

What is layaway at a pawn shop?

Layaway is a purchasing option which allows you to pay a deposit only so that the item that you want to buy can be put away for you so no one else can buy it. You are then given an agreed period of time to pay for the item which could be in instalments or a single payment before the end of the term.

What can you buy with layaway at a pawn shop?

Layaway purchases are only really suitable for high-value items as less expensive items are not worth the effort to do the paperwork for and can be more easily purchased in one payment. Pawn shops offer a wide range of high-quality preloved goods that are suitable for layaway.

You could use layaway to purchase items such as jewelry like engagement and wedding rings, designer handbags, electronics, and power tools.

Why would you choose layaway to purchase an item?

When you are looking to purchase something but you can’t afford to pay for it, layaway can be a great option to finance the item and there are several good reasons why you should consider it.

Firstly, items purchased on layaway are not charged interest, you will just need to pay a deposit which is typically a percentage of the item price and then pay the balance in instalments or a single payment. There are also no hidden fees involved with layaway as it is a straightforward purchasing plan.

You also don’t need to have a good credit rating to access layaway as it isn’t a loan that requires a credit check and your ability to pay isn’t checked. All you need when you take out a layaway agreement is the deposit and valid identification. This also means that the purchase will not affect your credit rating and you do not have to pay credit charges for using a loan or credit card which are linked to your credit rating.

Using layaway to purchase an item can enable you to purchase something that is currently beyond your current means as you can pay for it over a period of time. So if you see an item that you love, you don’t have to miss out on it or hope that it is still available when you can afford it, you simply pay a deposit to have it securely put away for you whilst you pay for it.