Does Shopko have layaway? No, Shopko does not offer layaway, but it does have a few alternate financing and purchasing options. For more details, see below.
Does Shopko Have Layaway?
Shopko does not offer layaway. A representative from Shopko’s corporate office confirmed that the retail chain does not have a layaway policy but does offer other financing and purchasing options. Instead of layaway, you can use the AcceptanceNOW program to set up a lease-to-own plan or you can apply for a Shopko Credit Card.
AcceptanceNOW at Shopko
Shopko partners with AcceptanceNOW to let you lease-to-own appliances, electronics, furniture, and more. The AcceptanceNOW program does not require a good credit history, and it can even help you build your credit score. The program is offered at many of Shopko’s larger locations, but it hasn’t yet been implemented at Shopko’s Hometown stores, so be sure to call ahead and check for availability.
How AcceptanceNOW Works
Visit your local, participating Shopko to apply for the program. You’ll need to bring your driver’s license or government-issued ID, your Social Security number or federal tax identification number (EIN), and three references. During the application process, an AcceptanceNOW representative will make a copy of your ID, take your picture, and ask for your address and employer information. AcceptanceNOW does not have a minimum credit score requirement but it may run a credit check. Once your application has been submitted, you’ll be instantly approved for purchases anywhere between $300 and $3,000.
Electronics, appliances, and furniture are all eligible purchases. For furniture and electronics, you must purchase a single item of at least $199.99; you can “bundle” smaller items with your larger purchase. For appliances, a single item of at least $150 must be included in your purchase.
A down payment of 22 to 25% of the total is due on the day of purchase. For example, if your purchase totals $300, you can expect of down payment of $75 — or less, depending on the terms. At this point, you can take your purchases home — no waiting, unlike layaway.
Your first payment is due the month following your purchase, and then every month thereafter until the balance is paid in full. AcceptanceNOW reports payments to the major credit reporting agencies, so as long as you make on-time payments, you should be able to improve your credit score.
Keep in mind, AcceptanceNOW charges a 15% service fee. You can avoid the service fee if you pay off your purchase within 90 days, while it’s considered “same as cash.” However, if you opt for the 90-day, same-as-cash option, you won’t benefit from having your payments documented on your credit report.
Apply for a Shopko Credit Card
If you are looking to make a large purchase, you can apply for a Shopko Credit Card. A new cardholder promotion available at the time this article was written advertised up to $25 off your first purchase, plus a $10 gift card for every $200 spent. There is no fee to join and your minimum payments will be $35 or 2% of your balance, whichever is greater. The APR for purchases is 26.99% but may vary. You can apply for a Shopko credit card online or in-store.
Does Shopko have layaway? No, not even during the holidays. Shopko does not offer layaway, but it does offer alternate financing and purchasing options.
If you’re set on using a layaway program, you’ll have to shop elsewhere. For the list of stores that do layaway, see our article.