Layaway Plans

Buying items on layaway via the Internet is also known as electronic layaway.

Since 2002, a Chicago man named Rob Holloway has run Lay-Away.com. Payments are made periodically, and there are a variety of product types (especially electronics) to choose from. No fees are charged unless the buyer doesn’t finish making the payments, in which case there’s a $35 processing charge.

Another company offering layaway via the Internet is Florida-based eLayaway.com, through which buyers can select items and schedule periodic deductions from their checking account. There is a flat 1.9 percent fee per layaway transaction, and a $25 fee is also assessed if the purchase is cancelled. Buyers pay monthly or semi-monthly, for as long as 12 months.

eLayaway.com partners with chain retailers such as Home Depot and Best Buy.

In an Oct. 20, 2009 article in the Chicago Tribune, it was reported that eLayaway.com saw business double that year.