Customers opt for lay-by payments for various reasons. Here are some common motivations for this payment option and why you should consider it too.

1. Budget Management

As customers pay a set amount every month over a specified time for an item, there are no hidden fees or unexpected financial surprises. This makes items easy to budget for, as you know the exact amount that you will owe the store – plus, your wallet will thank you afterwards.

2. Avoiding Debt

This goes a step further, as paying a set amount every month means that in the long run, you avoid debt – plus it is less expensive than traditional payment options. If a customer wants to buy an item, they still get the item they want (just a few months later).

3. Shopping Discipline And Control

Big consumer sale days, like Black Friday, are notorious for getting people into debt over big ticket items that they may not necessarily need, thanks to impulse spending. Lay-by payment options, however, negate that mentality completely. You have greater control over your finances, as you only buy what you can afford, according to your monthly budget and simply get the item once it is completely paid off.

4. Helps With Seasonal Shopping

You can make lay-bys work for you, by planning ahead a bit and using them to buy things that you don’t need immediately. This could mean starting to pay off a heater in the summer months and similarly, putting money towards a fan during the winter months.

5. You Can Plan For Special Occasions And Events

One of the big benefits of lay-by payments is that you can use them to buy presents for significant times of the year. This is particularly useful if you have lots of gifts to buy for certain times of the year, such as Christmas. Similarly, the same principle can be used for special days like anniversaries and birthdays.

Some of our stores offer lay-bys. Please call your nearest Cash Converters to confirm if they do. Terms and conditions differ from store to store, so be sure to discuss those too.

To find your nearest Cash Converters store, click here.