Does Lowes Have Layaway in 2024?

Layaway programs allow shoppers to put down a deposit on an item and pay the balance off in installments over time. This popular payment method is especially helpful for high-priced products. With rising prices, you may be wondering – does Lowes offer layaway in 2024?

Unfortunately, traditional layaway is no longer available at Lowes as of 2023. However, the home improvement retailer provides alternative financing options for customers who want to pay for big-ticket items over an extended period.

The Appeal of Layaway

Before diving into Lowes‘ specific programs, it‘s helpful to understand why layaway is so popular in the first place.

• A 2021 poll found that 32% of consumers have used layaway before, and 59% would consider using it.
• Layaway appeals to shoppers with limited discretionary income. It allows them to securely reserve items by putting 10-30% down initially.
• The remaining balance is paid off via affordable installments over 6-12 weeks. Customers own the merchandise after the final payment.
• Compared to credit cards, layaway helps consumers avoid high-interest debt. It encourages responsible spending within a fixed budget.

While layaway usage has declined over the past decade, it remains an attractive option for pricey items like electronics, furniture, appliances, and home improvement goods.

Lowes Financing Options

Unfortunately, Lowes does not offer traditional layaway plans in their stores as of 2023. However, they provide the following alternative financing programs:

Lowes Advantage Credit Card

The Lowes Advantage Card is an in-store credit card that provides 6 months of special financing on purchases $299 or more.

• This card has a minimum credit score requirement of 620, putting approval odds around 50%. Customers with lower scores may not qualify.
• There is no interest if the balance is paid in full within 6 months. Otherwise, a variable APR applies.
• Cardholders can also get 5% off purchases, but this cannot be combined with the special financing offer.

Lowes Lease-to-Own Program

Lowes‘ lease-to-own program allows customers to make incremental payments over 12 months to purchase appliances, tools, decor, and more.

• There is a $79 initial fee due at signup and no credit check required.
• The maximum approval amount is $2,500.
• Ownership transfers after the final installment is paid.
• This program is unavailable in certain states like Minnesota and New Jersey. Applicants must be 18+ years old.

Lowes Project Loan

For major home improvement projects, Lowes provides project-specific loans from $500 up to $25,000.

• Payments are structured over 6 to 36 months.
• Interest rates are competitive with other lenders.
• No prepayment penalties apply.

Conclusion

While traditional layaway plans are no longer offered at Lowes in 2024, consumers have alternative financing options. The Lowes Advantage Card provides 6 months special financing with a 20% down payment. Lease-to-own agreements are also available in most states with more flexible credit requirements. For big home renovation projects, Lowes project loans spread costs over an extended repayment term.