03/13/2023 | 2 min read

How LAYAWAY workS at the pawnshop

We get it - sometimes you want something, but just don’t have the money to buy it outright.

When this happens, you’ve got a few options. You could borrow money from a cousin, you sell your blood, maybe even put it on a credit card.

But - the safest bet to get that item you want without spending all the cash up front is, you guessed it, layaway.

At Pocket Pawn, we've got you covered with our layaway option! In this blog post, we'll explain how it works and why it's a great option for our customers.

find an item you want, put 10% down

First, find the item you want to purchase and put down a 10% down payment. This ensures that the item will be held for you and taken off the shelf. This down payment is non-refundable but can be applied to the final purchase price of the item.

Quick Math:

Say you want a handgun in our showcase that’s priced at $698.88. The total purchase price after tax would be $761.78, so your minimum down payment for layaway would be $76.17.

So, for $76.17 you could put that handgun on layaway and your next payment wouldn’t be due again for another 30 days.

Keep in mind - you can always put down MORE of a down payment to pay your layaway down quicker, but the minimum needs to be at least 10% of the purchase price plus taxes.

pay at least 10% of the purchase price every month

Once you've made the down payment, you'll need to make at least a 10% payment every month until the item is paid off. This allows you to pay for the item in manageable chunks without having to worry about a large upfront cost. Plus, you can choose to pay more than 10% if you want to pay it off faster!

In the example we used previously, your minimum payment each month will be $76.17.

Remember - everything you pay on your layaway goes to paying it off. We charge NO extra fees and NO interest on layaways. We just require 3 things: 10% down, 10% each month, and…

pay the layaway out in under 10 months

We understand that life can be unpredictable, and sometimes things happen that are out of your control. That's why we give you up to 10 months to pay off the item, given you at least make the monthly payments. This gives you the flexibility to make payments when it works for you and not stress about missing a deadline.

And here's the best part: you don't pay extra for layaway! There are no interest charges or additional fees. Any item in our shop can be put on layaway, so you have access to all of our fantastic inventory.

in conclusion…

Layaway is a fantastic option for those who want to purchase something special but don't have all the cash upfront. With Pocket Pawn, you can find an item, put down a 10% down payment, make at least a 10% payment every month, and take up to 10 months to pay off the item. It's a stress-free and manageable way to make your dream purchase a reality.

So, what are you waiting for? Come visit us at Pocket Pawn and take advantage of our layaway option today!