Sears is expanding its product leasing program to the Sears and Kmart websites. The program is an extension of their in-store WhyNotLeaseIt program. The sites include sears.com, kmart.com, and Puerto Rico sites – sears.com/pr & kmart.com/pr, plus all related mobile apps.
The program covers “hundreds of thousands of items” across a variety of categories and home delivery, installation and protection agreements can also be rolled into one lease. Any combination of eligible leasing products from different categories and services can qualify.
The leasing program offers customers at checkout to select the option to lease the item and pay monthly installments, rather than pay in full via the usual payment methods. The purchases must total at least $200, and customers have the option to make payments in monthly, weekly or bi-weekly installments.
A Sears spokesman said that “This program gives a much-needed financial solution to those unable to purchase on credit, secure credit or, because of immediate need, can’t use layaway,”
Leasing at Sears requires no credit or reference checks for customers. But it’s not all sunshine and treadmills: according to Retail Dive’s review of Sears’ lease program, some standard lease options available can add 45% to the ticket price of an item, or potentially more than 200%.
The retailer originally launched LeaseIt in Sears and Kmart stores in 2012.