DETROIT – After the popularity and demand last holiday season one retailer is bringing back its layaway program.
Walmart's holiday layaway program starts September 16th and will end December 14th.
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"Last year millions of Americans relied on layaway at Walmart to provide a great Christmas for their families. Because of their feedback, we're offering the service again this year and making it better than ever," said Walmart's chief merchandising and marketing officer.
Shoppers will be able to buy small home appliances and select sporting goods, such as trampolines and large exercise equipment on layaway.
Layaway became popular during the Great Depression then easy access to credit made it a thing of the past.
When credit dried up and the job market soured, Sears, Toys R Us and other merchants expanded services to once again include layaway.
How Walmart's layaway works
- You can place any item priced at $15 on layaway.
- The total purchase must be at least $50.
- A down payment of 10% or $10, whichever is greater, is required and will be applied to the purchase.
- There is $15 fee to open a layaway account.
- If the order is cancelled or not paid in full, the $15 is not refunded.
- Wal-Mart will offer a refund of the layaway fee of $15 on a gift card when customers make their final payment.
Customers can like, the Walmart page on Facebook to get a jump start on the layaway program two days earlier, on September 14th.