Definition, Meaning & Synonyms

layaway

noun

/ˈleɪəˌweɪ/

Definition

A system in which a customer pays for an item in installments and the item is reserved for them until it is fully paid.

Examples

She put the new dress on layaway to ensure she could afford it by the end of the month.
The store offers a layaway plan for those who want to purchase expensive items over time.
After making the first payment, he was able to retrieve the video game from layaway.

Meaning

Layaway allows consumers to reserve a product or merchandise by paying a portion of the cost upfront, while the seller holds the item until the full payment is made.