Sears Holdings and Kmart have announced an expansion of their Lease It programme available on e-commerce websites.

Lease It is a payment option launched in 2012 by Sears and Kmart in their retail stores, enabling customers to shop from an assortment of products on a lease basis.

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Members of the programme will be allowed to select a variety of eligible products and services online, add them to the cart and complete the transaction using leasing as an option during checkout.

"This programme gives a much-needed financial solution to those unable to purchase on credit, secure credit or, because of immediate need, can’t use layaway."

Customers are eligible to choose lease option only when the transaction amount is $199 or more.

Sears Holdings chief digital officer Leena Munjal said: “This programme gives a much-needed financial solution to those unable to purchase on credit, secure credit, or because of immediate need, can’t use layaway.

“We are excited to bring this payment option to all our digital channels so members have the ability to lease products online, through our mobile apps, or in-store. This is another example of how we are continually innovating to make online shopping a positive experience.”

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Thousands of products available online across multiple categories include home appliances, electronics, lawn and garden, fitness, mattresses, fine jewellery, bicycles and tools.

Sears Holdings shop your way financial services head Terry Rolecek said: “As our members engage across all channels, expanding the programme online was a natural fit given our broad brand-name product selection online.

“This type of innovation builds on our ability to serve our members by providing another pathway to having what they need for their home and family.”