Kmart Launches Lease-to-Own Programs
November 6, 2013,
HOFFMAN ESTATES, Ill.-For the upcoming holiday season, Kmart will offer lease-to-own financing at stores nationwide.
The new program will give customers and Shop Your Way members access to more than 600,000 products including home appliances, mattresses, ready-to-assemble furniture, lawn and garden products, consumer electronics, seasonal toys, sporting goods and service plans. It had been rolled out in test markets on Oct. 15 and will be available in all stores beginning on Nov. 22. Lease-to-own financing will then be available year round for merchandise priced at $150 and over.
To qualify, a shopper must be 18 years of age, earn a minimum of $1,000 a month and supply a social security number or tax identification number when he or she applies. The lease-to-own products are brand-new, never-refurbished items.
Jai Holtz, Kmart's vice president of financial services, said the program "will help ease some of the financial barriers our members and customers will face this holiday season. For members and customers who have an immediate need, lease-to-own givens a full-house assortment of products and a way to pay."