Layaway programs seem like such a retro way to pay for something — I remember going with my mom to pick out new bedroom furniture at a discount department store in the 80s, then going back a few months later to pick them up.
Layaway all but disappeared as a shopping option in the early 1990s, then started making a small resurgence during our most recent economic downturn. Today, layaway programs are available from select travel companies: Disney and Gate 1 Travel are two that offer pay-in-pieces programs to help you budget for a vacation.
The latest layaway venture for travelers? A startup called Airfordable that allows you to pay for airplane tickets on an installment plan.
It works like this: You send a screenshot of a flight you want to book to Airfordable, along with a nonrefundable deposit of a third of the fare, and the company purchases the ticket for you. The team at Airfordable then sets you up with a payment plan. As long as you submit all your payments in full before your flight date, you’re good to fly.
“Airfordable’s layaway plans for air travel [reiterate] that memories are priceless and global enrichment is key in becoming a well-rounded person,” company founder Ama Marfo wrote on the Airfordable blog. Marfo shared the story of how she, as a college student, couldn’t travel home to Ghana during the holidays because she couldn’t afford the air ticket costs all at once. That’s what motivated her to start this venture.
Sounds like a nice option for those on a tight budget or those with high-interest credit cards who can’t pay off the cost of a ticket right away. But there are a few catches: Airfordable charges a 20 percent fee on top of the ticket price, and your desired flight cannot cost more than $2,000.
Would you try Airfordable?