LAYAWAY Meaning and
Definition
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Layaway refers to a purchasing option that allows customers to reserve or hold an item for purchase by making a series of installment payments over a specified period until the full price is paid. It is a payment arrangement typically offered by retailers to provide customers with more flexibility and convenience.
The process of layaway typically involves selecting an item for purchase and paying a predetermined percentage of the total cost upfront as a down payment. The retailer then sets the item aside, essentially "laying it away," until the customer completes the remaining payments. These subsequent payments can be made on a regular basis, either weekly or monthly, until the full price is met. Once the item is fully paid for, the customer can take possession of it.
Layaway programs are commonly used when customers want to secure a certain product but may not be able to afford the full payment upfront or do not want to rely on credit options. By utilizing layaway, customers can avoid taking on debt or paying interest charges associated with traditional credit options.
Layaway plans are particularly popular during holiday seasons, as customers can reserve items for gifting purposes without the risk of them selling out. It is typically advisable for customers to thoroughly understand the store's layaway policies, including potential fees or penalties for late payments or cancellation, before initiating a layaway contract.
Common Misspellings for LAYAWAY
Etymology of LAYAWAY
The word "layaway" originated in the United States in the early 20th century. It is composed of two separate words, "lay" and "away".
The verb "lay" comes from the Old English word "lecgan", meaning "to cause to lie down, to place". In this context, it suggests setting something aside or putting it away for later use.
The word "away" is used as an adverb and implies removing someone or something from a specific place or situation.
When combined, "layaway" refers to a purchasing practice where a customer selects an item at a store but pays for it in installments over a certain period. The item is set aside by the store until the full payment is made, allowing the customer to "lay it away" until they complete their payments and can take possession of it.
Idioms with the word LAYAWAY
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put sth in layaway
The idiom "put something in layaway" refers to a process where a customer selects an item in a store but does not purchase it immediately. Instead, they request the item to be held by the store until they make full payment later. It typically involves paying a deposit or occasional installments to reserve the item while preventing others from purchasing it in the meantime. Once the full payment is made, the customer can then take possession of the item.
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put something in layaway
To put something in layaway means to reserve or set aside an item at a store for future purchase, often by making regular payments towards it until it is fully paid off. The item remains in the store until the full payment is made, at which point it can be taken home or delivered. This practice allows individuals to secure an item they cannot afford to pay in full upfront.
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put in layaway
The idiom "put in layaway" refers to the act of reserving an item at a store by making a partial payment or deposit and agreeing to pay the remaining balance at a later date. The store then holds the item until the full payment is made, allowing the customer to secure the desired product without immediately paying the full price.
Similar spelling words for LAYAWAY
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