Retail

Sears Offers Online 'LEASE IT' Financing Program

Mother's Day sales at Sears

Sears Holdings has announced that it has expanded its leasing program so that customers can easily finance a variety of products, both in-store and online.

The retail chain originally launched LEASE IT in 2012, aimed at providing an affordable solution to those who do not have credit or cannot benefit from layaway because they need the product immediately.

Since its debut, LEASE IT has processed over one million leases, which prompted Sears to offer it on a grander scale.

“To build on this success, we are now making it easier to lease products not just in-store, but across our digital channels, including Sears.com, Kmart.com, the Sears and Kmart apps and our Puerto Rico sites, Sears.com/pr and Kmart.com/pr,” the company wrote in a blog post.

Members can lease hundreds of thousands of items fulfilled by Sears or Kmart in categories such as appliances, lawn and garden, sporting goods, mattresses, electronics, tools and jewelry. Customer can lease these products, as well as include services such as home delivery, installation and protection agreements in one lease.

There is also an online estimator tool to help members estimate their payment with different payment schedules and lease amounts. The standard lease term is as short as five months, with an early purchase option at 30, 60 or 90 days (not available in New Jersey, Vermont, Wisconsin or West Virginia). After the five-month minimum lease term, customers can continue to lease at the same payment amount and schedule, buy out their lease or return the item.

Sears has also made the approval process fast and easy. A credit check is not required, and the program offers weekly, bi-weekly or monthly payments based on the customer's pay cycle. Lease payments can be automatically deducted from a member's bank account or credit card.

"This is another example of how we are continually innovating to make online shopping easy for our members and providing solutions to help everyone get the products they need for their family and home," the company added.

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