Though you may not have used this mode of shopping yourself, you may most probably remember your mom or aunt for instance, buying that coffee machine or new dress on layby. The chances of someone having used it even once is quite likely. If you have been thinking about getting your hands on something you have had your eye on for a while but are unable to buy outright because of a lack of funds, then layby may be for you. But, as any savvy 21st-century customer, it is important that you are aware of what to expect and what layby means for you. Best to always analyse and assess all angles whenever you are faced with something new and unfamiliar.
Gone are the days of coming across a perfect outfit and then regrettably leaving it behind in the store. With layby, you can now make a down payment on the product and then come up with an installment payment scheme that is spread out over a certain period of time. If you make all your payments in a timely manner during this time, by the end of the payment period you can walk off with the product in question. So even if you cannot walk home with that dress this evening, you will be able to sometime in the future.
Works for Expensive Items
We all like to feel a little fancy every now and then, but fancy comes with a price which few can afford. So what happens to the rest? Well, layby now allows you to venture forth with a convenient installment scheme, so you can consider say, apple watch afterpay and get your hands on an innovative, hip and very trendy gadget. So though you may not be able to get it on the day of its release, it does not mean you will never get it either. You just need to wait a little bit and be a bit more patient.
Great for Gifts
Another reason laybys are popular is that they allow you to focus on better, more expensive gifts when the time comes. So if there is a birthday, wedding or anniversary for instance that is coming up and you have found the perfect gift only with a hefty price tag, you can look at getting the gift anyway thanks to layby. Plus, since the item will be at the store until you are ready to collect it, there is no risk of it being found by anyone in your home.
Read the Terms
We cannot stress this enough. No matter what the store is or what sort of name and reputation they have, you must read all the terms of the layby. You can never predict what could happen, and you want to be sure that you are covered in every angle. Be sure to pay only the stipulated amount, and to find out what the repercussions are on late payments. Check their interest rates if any as well on delayed payments, and how they will forfeit the deal if multiple payments are missed. All areas to consider carefully.