layaway
noun
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Definition of layaway
(Entry 1 of 2)
lay away
verbDefinition of lay away (Entry 2 of 2)
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Synonyms for layaway
Synonyms: Verb
cache, hoard, lay by, lay in, lay up, put by, salt away, squirrel (away), stash, stockpile, store, stow, treasure
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Examples of layaway in a Sentence
Noun
We bought the table and chairs on layaway, so we won't have them until December. The store offers a layaway plan for large purchases.Verb
the weather forecast warned of a severe storm, so we laid away a generous supply of bottled water and canned food just in case
Recent Examples on the Web: Noun
Kmart aired its first Christmas commercial of 2014 in September and in 2015, Walmart pushed the opening of its holiday layaway program from September to August. — Laura Stampler, Fortune, "Yes, Virginia, 2019’s First Department Store Christmas Kicked Off in July," 1 Aug. 2019 But the practice of layaway isn’t even a century old. — Nadra Nittle, Vox, "Tyler Perry paid off 1,500 Walmart layaway accounts, but the service can be risky for low-income shoppers," 12 Dec. 2018 Unlike loans and other types of installment plans, layaway does not involve interest. — Nadra Nittle, Vox, "Tyler Perry paid off 1,500 Walmart layaway accounts, but the service can be risky for low-income shoppers," 12 Dec. 2018 Perry cleared the Walmart layaway accounts of 1,500 Atlanta-area shoppers, a deed that totaled $434,000. — Nadra Nittle, Vox, "Tyler Perry paid off 1,500 Walmart layaway accounts, but the service can be risky for low-income shoppers," 12 Dec. 2018 All forms of payment will be accepted, including layaway and financing. — Elaine Adams, kansascity, "Father and daughter savor surprise moment together | The Kansas City Star," 1 May 2018 Key to that goal are: its merchandise assortment, low prices, strip center locations, customer service and credit and layaway programs, the chain's leaders say. — Katherine Peralta, charlotteobserver, "This Charlotte retailer had 'a very disappointing year.' Can it turn things around? | Charlotte Observer," 7 May 2018 Instead, save your money for a Coachella layaway plan. — Jonny Coleman, Los Angeles Magazine, "Why the Hell Can’t Hollywood Make a Decent Music Festival Movie?," 11 Apr. 2018 According to Tannahill, the winner of the contest is required to go into a gun store where the gun is being held on layaway. — Kaitlyn Schwers, kansascity, "Kansas Congressional candidate criticized for AR-15 giveaway | The Kansas City Star," 15 Feb. 2018These example sentences are selected automatically from various online news sources to reflect current usage of the word 'layaway.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for layaway
layaway
nounFinancial Definition of layaway
What It Is
Layaway is an arrangement in which a retailer agrees to reserves a piece of merchandise for a customer who cannot immediately pay for it in full.
How It Works
Layaway is a delayed payment method. A customer deposits a fraction of an item's price, and then the retailer stores the item for a specific period of time. The customer must pay for the item within an agreed time frame or else the retailer will put it back on the shelves for other customers.
For example, let's assume Bob wants to buy a $50 food processor Big Store, but does not have enough money. Bob decides to use Big Store's layaway plan, instead. He deposits $10 with Big Store and they agree to hold the item for 10 days. Bob has 10 days to pay the remaining $40, and if he doesn't, Big Store will put the food processor back on the sales floor.
Why It Matters
Layaway plans are good options for customers who don't have access to credit or who don't want to use credit. After falling out of vogue for many years, some stores are bringing layaway plans back as a way to attract cash-strapped consumers.
Source: Investing Answers
layaway
noun