Holiday Savings & Prep: Layaways


Here at Money4You, we’re everything about making your monetary life much easier. And with the vacations showing up, that indicates discussing how to pay for all those goodies without breaking the bank. So today, we’re going to talk about layaway plans.

Pros of Layaway Strategies

1. Interest-Free Purchasing
While layaway does come with costs, you won’t be charged interest on your purchases. That can save you a lot of money. For example, expect that you charge a $900 TELEVISION to a credit card with 18% interest. If you take 2 months to pay the total off, you’ll have paid one month’s interest, or $162. This makes the $5 service charge more appealing.

2. Availability of High-Demand Items
Layaway comes in handy throughout the hectic holidays when popular electronic devices and toys can sell out rapidly. Putting a popular product on layaway now guarantees you will have it for the holidays.

3. Offered Online
Some sellers offer layaway for online purchases. That saves you the annoyance of dealing with holiday season shopping, waiting in long lines, or going to a number of shops trying to find a popular product.

4. Easy Acceptance Criteria
Unlike a charge card, layaway programs do not carry out earnings or credit checks before approval. To be eligible for layaway you just require identification revealing that you are at least 18 years of age and enough money for the down payment. Hence, even people with previous credit problems can be eligible for a layaway program.

Cons of Layaway Plans

1. Postponed Gratification
Unlike the majority of purchases, layaway strategies require that you make payments for weeks, or sometimes, even months, before you get access to the product.

2. Fees
Merchants typically charge a cost to put an item on layaway, which is usually quite low. It might however be more than you would pay in credit card interest if you simply charge the merchandise rather, especially for lower cost items. Likewise, if you change your mind later on and choose to drop the plan, merchants will charge a cancellation or restocking fee.

3. Opportunity Costs
With layaways, in order to get your product paid off on time, you may need to start shopping in October, well in advance of a few of the very best sales and discounts of the holiday shopping season.

4. Losing Your Investment
In today’s tough economic environment, it’s not unusual for a retail chain to go bankrupt with little warning (recall CompUSA or Circuit City). If you have a layaway plan established at a store that winds up closing its doors, it will be tough to recover your product or your cash.

Can’t get a layaway? You still have options! An installment loan can help you get back on track.


Author: money4youpaydayloans

Money 4 You Payday Loans is locally owned and operated. We’ve also been serving the Utah community for over 20 years. We started out as a small Mom and Pop operation with just one store in Sunset, Utah. We’ve kept that small-town, friendly business feel ever since, even as our success has pushed our business to heights. Even though we now have over 21 convenient locations along the Wasatch front, as well as an additional location in Idaho, we’ve kept our rates the same since the first day our doors opened. To keep the same rates for 20+ years is almost unheard of in any industry, but we’ve done it to show our customers that we offer the best service. Not only are our employees top-notch, but we also pride ourselves in our customer service that is second to none in the payday loans industry. We realize that bad things sometimes happen to good people and financial crises don’t discriminate. That’s why we’re here for you, whether you need some extra cash to pay a medical bill or you just want to get someone special a gift, even if that special someone is you. Money 4 You Payday Loans is your payday loan specialist; while most of our competitors do everything from title loans to signature loans, installment loans, and check cashing with payday loans on the side, Money 4 You keeps our focus limited so we can do one thing better than everyone else. That’s why you can trust us when it comes to your payday loan. Another thing that sets Money 4 You apart from everyone else is our dedication to the community. We love giving back by offering things like free iPads, big screen TVs, laptops, cell phones, and cash. You can visit our Facebook page to keep on top of our upcoming events, or you can tune in to local radio stations to find some of our fantastic giveaways. We love to interact with our clients, so we hope to hear from you soon! Apply for your payday loan at TODAY!

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