Does Home Depot Have Layaway?

Whether you are changing paint colors, sprucing up the lawn, or remodeling the kitchen, Home Depot may be on your list of stores to shop at.

Some of these home projects can get pricey quickly and, especially in the COVID-19 era, trying to budget can be a hassle.

For many people, layaway has been both necessary and a lifesaver. Unfortunately, Home Depot doesn’t have the option for layaway. However, they do have their own options and services to help their customers.

Does Home Depot Have Layaway?

Home Depot does not have a layaway option because home improvement items like big appliances and tools make it difficult for layaway services to be cost-effective. Instead, most Home Depot customers use their Project Loan financing program or Buy Now Pay Later services.

Although Home Depot does not have a layaway option, there are many other services discussed in this article that may be of some use depending on the need. Home Depot aims to cater to professionals, homeowners, contractors, and many in between.

Did Home Depot Ever Have Layaway Before? 

Home Depot has never had layaway before. As previously stated, the fundamentals of layaway are not beneficial or cost-effective for major home improvement stores including Home Depot.

Due to the nature of the products sold at these retailers, layaway does not seem like a good fit for increasing sales. In fact, it might do more harm than good in the long run.

Why Doesn’t Home Depot Have Layaway?

Layaway is a service that allows you to make a small down payment followed by a series of regular monthly payments.

Only when the item is paid in full can you take it home. For big or small appliances, tools for renovations, or even paint, layaway is not cost-effective for a retailer like Home Depot.

Most of the time, it requires the store to have the item on layaway physically in the store but not available for purchase. As you can imagine, this takes up valuable space on the showroom floor or in the back storage rooms.

Also, if the buyer suddenly stops paying for layaway, or wants the item returned, the store is then responsible for the extra inventory.

Currently, layaway is not suitable for most major home improvement stores, such as Home Depot. Maybe one day the process will be more streamlined and therefore utilized by these retailers.

Does Home Depot Have Plans for Layaway in the Future?

Most likely, Home Depot will not have plans for layaway in the future. However, there has been no news to either confirm or deny the status of layaway at Home Depot. So, we must rely on what has worked well in the past and what is working now.

Although there might not be layaway in Home Depot’s near future, there are other ways that the retailer is helping its customers out—alternative financing options.

What Other Alternative Financing Options Does Home Depot Offer?

Home Depot does have alternative financing options for regular customers, professionals, and customers in between.

The options for consumers are Consumer Credit Card and Project Loan. The Consumer Credit Card offers 6-month financing on purchases of $299 or more with up to 24-month financing on special promos. Another perk offered is one year to make returns rather than the standard 3 months for non-cardholders.

 The Project Loan allows the cardholder 6 months to purchase materials and tools, fixed low monthly payments, and loans up to $55,000. Both cards are subject to credit approval.

The options for professionals are Commercial Revolving Charge Card and Commercial Account. For the Commercial Revolving Charge Card, the consumer has the flexibility to make low monthly payments or to pay in full each month.

For the Commercial Account, the payments are due in full each month. Both cards offer itemized statements, online account management, and easy purchase tracking.

With these great options, Home Depot has covered many bases with its customers. In areas where they fall short, third-party apps are picking up the slack.

Does Home Depot Do Buy Now Pay Later Instead of Layaway?

Home Depot does not offer any “Buy Now Pay Later” options. However, some third-party apps, like Klarna, allow customers to break their lump payment into 4 easy installments over 8 weeks.

With Klarna, you simply search for Home Depot within the app and add your items to the cart. Then, at checkout, select the “Pay with K” option. This will allow you to split your total into 4 interest-free payments made every 2 weeks.

This may be a great option for some shoppers who still prefer to do their shopping with Home Depot. For others, the layaway option available at other retailers is a must, and therefore more appealing.

What Other Stores Offer Layaway?

If you are still interested in a store that does have a layaway option, Sears or Kmart might be the best option. Both retailers offer an 8-week option (for in-store and online) and a 12-week option (in-store only). Because they are in the same parent company, their terms and conditions are the same.

Wal-Mart may also be an option with their new “Buy Now Pay Later” option through Affirm. This program allows shoppers to buy their items immediately and pay later through Affirm at a pace they choose—anywhere from 3 to 24 months. However, these payments are subject to 10-30% APR.

There are other options for getting the home items you need at the price that works for you. For Home Depot die-hards, there are even ways to make it work.

Is There Layaway at HomeDepot?

Unfortunately, Home Depot doesn’t have a layaway option. However, they do help their customers, professionals, and homeowners, with other alternatives.

They provide financing options for many kinds of customers as well as utilize third-party apps to break the lump sum into manageable payments.

With no indication that they will be switching to a layaway service soon, Home Depot has tried to cover their bases to make sure their customers are satisfied.

See if grocery stores like Safeway have Layaways. You can also see our articles on if retail stores like Walmart and Kohl’s or Hardware stores like Home Depot and Lowe’s have layaways in 2024.