When you're browsing a pawn shop, you might find a specific item that appeals to you — but that has a price tag that is beyond what you can spend at the time. Instead of ignoring your desire for the item, consider asking the sales rep if the pawn shop offers a layaway service. Many pawn shops provide this option for their customers, which consists of placing a deposit on the item that you wish to buy. This will take the item off the shelf and essentially reserve it for you, and you'll then have a set amount of time to come up with the rest of the money to pay for the item. Here are some considerations for when to use a pawn shop's layaway service.

The Item Is Rare

If you're looking for a common item such as a used power saw, you probably don't need to use the layaway service. Even if the saw that you've identified sells before you have the money to buy it, there will almost certainly be a large quantity of other similar saws at the pawn shop when you've saved up enough money. Layaway is a good choice, however, if the item that you wish to buy is rare. For example, if you're shopping for specific vintage instrument and have struggled to find one locally, you might come across one at a pawn shop. If you don't have the funds to buy the guitar immediately, layaway can secure the item before someone else can buy it.

You Know You'll Have More Money

Before you choose to use the pawn shop's layaway service, you want to know that you'll have enough money to buy the item by the required date. For example, if you have used up most of your recent paycheck to the point that you can't afford to buy the item now, but you know that you'll get paid in two weeks and will have enough funds to buy the item at that time, you can proceed with using the layaway service.

Buying The Item Outright Would Create Financial Stress

It's possible that you have the money to buy your chosen item immediately, but that doing so would create financial stress. For example, if you have $750 in your checking account, the item costs $650, and it's another two weeks until you get paid, you might not feel that the remaining $100 would carry you through until payday. This is another good time to consider layaway. You can then pay for the item over time, reducing the risk of financial stress.

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