Say hello to no-money-down leasing at Kmart

With its same store sales ever on the decline, Kmart is making it even easier for shoppers to afford gifts this holiday season by introducing a new kind of layaway plan.

The retailer announced that No Money Down Layaway is returning for its second year, and for the first time ever, Kmart is introducing No Money Down Leasing.

The National Retail Federation found that more than 40% of Americans begin shopping for the holidays prior to October and of those, 60% shop early in order to spread their budgets.

"Yes, it's ridiculously early to talk about the holidays – and we're having fun with that fact in our new ad campaign, aptly titled 'Ridiculous' – but we know savvy Kmart shoppers are already making their Christmas lists, managing their budgets and looking for awesome options like No Money Down Layaway and Leasing to make it easier," said Kelly Cook, chief marketing officer, Kmart. "We know it's crazy to think snow, Santa and sleigh bells when there's still a sliver of summer fun to be had, but we're helping our members get a step ahead of the busy holiday season."

Both programs are available now through Sunday, Nov. 29 so that Thanksgiving Day and Black Friday shoppers can even take advantage of these payment options.

"Kmart and Sears are the only general merchandise retailers wherelayaway is available nationwide, both online and in-store with no minimum purchase, year-round," said Jai Holtz, vice president and general manager financial services, Sears Holdings. "Plus, we let our members put items from the categories they care about most on layaway – this includes toys and apparel. We work hard to make it ridiculously easy for our members to plan, shop and save at Kmart."

Here's a breakdown of the two programs:

Layaway: Shoppers can place in-demand items across dozens of categories on layaway including toys, home products, apparel and electronics, with no down payment for in-store contracts and only one penny down for online contracts. Shop Your Way members earn points on layaway purchases, and membership is easy and free. Gift-givers can stay organized by opting to receive payment reminder alerts via text.

Leasing: During the promotion, shoppers can choose an item that meets the minimum purchase requirement and no initial payment is needed in store. Participating categories for leasing include toys, home electronics and entertainment, appliances, household goods and furniture, sporting goods, lawn and garden, and outdoor living. With No Money Down Leasing, the gifts everyone will be clamoring for can be picked up and taken home now with zero stress, hassle or money down.

For more information about the programs, click here and here.