Layaway
Layaway (lay-by in Australia, New Zealand) is an agreement in which the seller reserves an item for a consumer until the consumer completes all the payments necessary to pay for that item. Rather than taking the item home and then repaying the debt on a regular schedule, as in most installment plans or hire purchases, the layaway customer does not receive the item until it is completely paid for. There is sometimes a fee associated, since the seller must "lay" the item "away" in storage until the payments are completed. Because there is little risk involved for the seller, layaway can be readily offered to those with bad credit. If the transaction is not completed, the item is returned to stock; the customer's money may be returned in whole, returned less a fee, or forfeited entirely.