Kmart has rolled out a new lease-to-own program just in time for the holiday shopping season this year.
No credit is required and shoppers can take home items right away.
The financing is available on merchandise that costs $150 or more. Products can be bundled and financed together under one contract as long as one item meets the $150 minimum price.
Kmart’s lease-to-own program requires that customers “must be 18 years of age, earn a minimum of $1,000 a month and supply a social security or tax identification number when applying.”
The first lease payment is made at the store; after that bi-weekly or monthly payments can be made electronically.
An option to buy out the lease is available after five months.
Eligible merchandise for Kmart’s lease-to-own program includes over 600,000 products such as consumer electronics, home appliances, lawn and garden equipment, seasonal toys, sporting goods, ready-to-assemble furniture, and service plans.
The company says, “Kmart lease-to-own products are always brand-new, never refurbished items including trusted brands such as Kenmore and Craftsman. Customers using lease-to-own financing at Kmart will receive competitive retail sales pricing for their items and will have access to the full scope of Kmart’s warranties and in-home services; plus, Shop Your Way members will earn points on leased purchases.”
All Kmart stores will begin offering lease-to-own financing by November 22, 2013.
To view a list of Kmart locations open on Thanksgiving Day, as well as store hours for Black Friday, visit here.