Definition, Meaning & Synonyms
lay-away
noun
/ˈleɪ.ə.weɪ/
Definition
A system where a customer pays for an item in installments and the item is reserved for them until it is fully paid for.
Examples
- Many stores offer lay-away options to help customers budget for expensive items.
- She decided to put the new television on lay-away to save money gradually.
- The lay-away plan made it easier for him to afford the guitar he wanted.
Meaning
Lay-away is a purchasing method that allows customers to make payments over time while securing a product until the total price is paid off.
Synonyms
- Installment plan
- Payment plan
- Deferred payment
