eLayaway, Inc. (fka ELAY)

[el_guapo]

lay·a·way (l-w)
n.
1. A payment plan in which a buyer reserves an article of merchandise by placing a deposit with the retailer until the balance is paid in full

There are 3 different things that you are talking about:

Financing is when you use credit to purchase an item and you get it before you have paid it off. Using credit will cost more as you are paying interest in the amount that you have not paid off.

Renting is when you get the item and you pay each month to keep it, in a rent to own agreement you can own the item after renting it for a certain amount of time. Renting is a bad option as you pay for an item but do not own it.

Layaway is when you put down a deposit on an item to hold it until you can buy it. You can pay more on the item at different times in the future to keep in layaway and reduce the price you have to pay to get the item. Layaway gives you the option to pay for an item over a period of time without having to pay credit charges and interest, although you have to wait longer for the item.