What is Layaway in Retail? Explained

Layaway is a retail payment option where customers can reserve and pay for a product over time before taking it home. Instead of making a single upfront payment, customers pay in installments, and the store holds the item until the full payment is completed. This system allows customers to budget for a purchase without incurring interest charges, making it particularly popular for high-cost items. Layaway programs offer financial flexibility, making products more accessible to a broader range of customers, especially those who may not have immediate funds for the full purchase price.