eLayaway: Buy Those Big Items Without The Credit Card Finance Fees
I’m sure all you American shoppers will want to learn about this new web business. Its called eLayaway and right now its just for American shoppers with a US bank account (checking or savings).
You should already be familiar with how ‘layaway’ works….anyone can put a small amount of money down towards the purchase of merchandise and make regular payments until the original price is paid in full. Once all the payments have been made, the purchase is shipped to the buyer.
Although each time a shopper makes an eLayaway purchase they are charged an extra flat fee equal to 1.9% of the total transaction cost there are NO ‘monthly finance’ charges like you find on a credit card. The funds are pulled from your bank account on a payment schedule. Buy that new TV on your credit card and you may spend hundreds in additional ‘monthly fees’ while you pay it off.
Here is a brief service description from their web,
eLayaway is an automated payment system that utilizes ACH technology provided by HSBC Bank. After selecting a product and payment schedule, your payments are automatically deducted until the purchase is complete. Once the purchase is complete, your product is shipped to your doorstep.
I like the idea of no additional ‘monthly finance’ charges and no credit card is required to use their online service. Also the buyer decides what amount they can pay each period, the payment will not fluctuate. There is no credit check to make a purchase and they don’t put a price limit on your merchandise.
eLayaway does not require a credit check, has no limit, and absolutely no interest.
Want a $50,000 diamond ring or how about a new washer/dryer? Put it on eLayaway, this is how we were financially able to make those large purchases during the 1960’s and 1970’s back before credit cards….so I’m glad to ‘layaway’ is back with an updated digital twist!!!
This service might be helpful for annual Christmas shopping. Today, you are now just 4 monthly eLayaway payments from those big holiday gifts you like to give…do you need my sizes?
I don’t get it- where’s the benefit? If I put the money on my savings account I earn interest. If i use eLayaway I have to pay 1.9%. So why should I use it?
Layaway is or was big, so this could be just what a new generation would consider using. I imagine, however, that there are some other fees for consideration, otherwise a 1.9% fee isn’t all that much.
Matt,
Thanks for the comment. From their web, I don’t find any additional fees on a purchase.
That’s why I think this way to buy is great.
Its really a marvelous time to see new ways to purchase merchandise online that does not involve a credit card or credit rating. Webs such as eLayaway and http://www.paidbycash.com/pbc/ do not require anything but money, opening the shopping ‘net’ to more people than ever before.
Mark
scam artists! they bought a corvette as soon as they got their greedy little hands on their shareholders money!
I found elayaway to be an excellent way of purchasing online without accruing interest on my credit cards.
What they do with their money is not my business or anyone else’s, I got what I wanted… a good deal!
This sounds like a great idea. I never tried it but I think I might try it this year for Christmas. I was searching the web to see if this was a scam of some sort but it seems legit so far.