Sears Shoppers Get Layaway Alternative With WhyNotLeaseIt

What's Next In Payments®
12:19 PM EST May 12th, 2013

Sears has announced the launch of a new service that aims to give cash-strapped shoppers another alternative when it comes to financing their spending.

Called WhyNotLeaseIt, the program allows the company’s customers to make one initial payment, followed by monthly or bi-weekly payments electronically to purchase products. Jai Holtz, the company’s vice president of financial services, told The Associated Press that the full rollout has been in the works since last September, when Sears tested the program in Florida, New York and Texas to consumer acclaim.

“The program gives a much-needed financial solution to those unable to purchase on credit, secure credit, or because of immediate need, can’t use layaway,” Holtz told the AP in an interview.

To qualify for the program, shoppers must be 18 years old or older, have a Social Security or tax ID number or earn more than $1,000 per month at the time of their application. In addition, the program can only be used on merchandise valued at $280 or more.

Read the full report here.

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