So you want to purchase something but don’t have enough cash for it? And absolutely don’t want to use credit or store account to buy your product?
Then a Lay-by might be the perfect solution for your challenge and end up owning that important product you want so much.
Let’s get started.
What Does Lay-by Mean?
A layby is a purchase agreement in which the seller reserves an item for a consumer until the consumer completes all the payments required to pay for that item, and only then does the seller hand over the item.
In short, you’ll slowly pay for the product that you want, with any amounts you can afford for a certain period of time.
Layby has become the go-to choice when people are considering buying new products.
It is less expensive as compared to credit cards/ store accounts as it does not have any interest charged and administrations fees.
With layby, you are only paying just an upfront deposit which differs depending on the shop terms, which is normally between 0 to 30% deposit and payment period of 3 to 12 months.
This allows customers peace of mind in managing their budget or monthly expenses because they are given a lot of time to settle their layby accounts.
What Products Can You Layby?
You can layby anything you feel like you cannot afford with a once-off payment (cash) to secure the storage of the product. It can be anything ranging from clothing to furniture to appliances etc.
Some shops also allow for building material laybys such as Leroy Merlin. You can have that dream home without being in debt by inquiring about their layby process and term and conditions.
Want to know the best part?
You don’t need any credit linked to your name.
How to Apply for Layby
What you’ll need to begin with the layby process is simply your identity document, address, and a working cellphone number.
The good thing about layby is that there are no credit checks, this means that everyone qualifies for it, whether unemployed or blacklisted, as long you are over the age of 18.
There are no obligations or legal implications attached to a layby agreement. You can choose to cancel your layby anytime, however, there may be penalties attached to that depending on the store, they may charge you about 0%-20% for a cancellation fee.
Should you require more about the layby process and terms and conditions, please visit the service provider you wish to have the layby with or call them.