Kmart to roll out lease-to-own program later this month

HOFFMAN ESTATES, Ill. — Mass merchandiser Kmart is planning to roll out lease-to-own financing at stores around the country this holiday season, the Sears Holdings-owned chain said Wednesday.

The retailer began testing the program in mid-October and plans to make it available in all stores by Nov. 22. Customers will be able to take home items priced at $150 and more for no credit, including appliances, mattresses, furniture, lawn and garden equipment, consumer electronics, service plans and others. To qualify, customers must be at least 18 years old, earn at least $1,000 per month and supply a social security or tax identification number when applying.

"Kmart's lease-to-own program will help ease some of the financial barriers our members and customers will face this holiday season," Sears Holdings VP financial services Jai Holtz said. "For members and customers who have an immediate need, lease-to-own gives a full-house assortment of products and a way to pay."