Remember layaway? A retailer will set aside the item you want in a storage room and once you pay for it in full, you get to take the item home. Now, retailers are abandoning layaway and replacing it with Buy Now, Pay Later apps. A skyrocketing number of shoppers are turning to those installment payment apps this holiday season. What are these apps? It’s a payment plan that will let you walk out of the store with the item, and then you pay later. Watch the video above: Our Chief National Consumer Correspondent Jeff Rossen tries out a Buy Now, Pay Later app. The benefit of these apps is that anyone can take advantage of the payment plan option. Even if you have bad credit or no credit at all. You can use the apps in store and online. Usually there is an option under the payment section when you’re checking out. What should you know about them? Affirm: This app will charge interest rates ranging from 0% to 30%. There are no late fees. You can get a loan plan that ranges from one to 48 months. Afterpay: This app is interest-free. You have to make four payments over a six-week period. You’ll pay 25% at the time of purchase as a down payment. This app charges late fees of $8 or 25% of the transaction, whichever is less.Klarna: This app is interest-free. You have to make four payments. The first one is collected when you check out, while the other three are collected every two weeks. If you miss a payment, Klarna will let you know. But if it can’t collect the payment the second time around, up to $7 is charged. Late fees won’t exceed 25% of your order value. Sezzle: This app is interest-free. You have to make four payments over a six-week period. While there isn’t a late fee charge, you will get dinged with a $10 fee if your payment doesn’t go through. Zip: This app is interest-free and you make payments over a six-week period. Zip does charge a $4 transaction fee for every purchase or a $1 fee attached to each payment. Zip also charges $7 late fees. If you’re thinking of using the apps, make sure to visit their websites to learn in more detail how it all works. Each app has different pros and cons to how they work. There are some things financial experts tell you to watch out for. Pete Dunn is the host of the "Pete the Planner Show" and CEO of "Your Money Line" and "Hey, Money." He brought up a good point saying, “It still is a form of credit. We can call things whatever we want to call them, but when you take possession of an item prior to fully paying for it, that is credit.” Another thing to be mindful of, is the pitfall of missing a payment, because it could end up costing you more. Some apps may report missed payments. “If you miss a payment it can get reported to your credit bureau just like if it was a regular credit card. That’s not good. So sometimes buying a sweater in four payments is not worth ruining your credit over.” Dunn says.Some apps might even cut you off from using the payment plan altogether. Make sure you know the rules on how to return something as well. Most apps will default to the store’s return policy. If the store accepts it, the return can be made. But if you’re using an app that charges interest or some type of fee, it most likely will not get returned. “That’s how they make their money," Dunn said. "And truth be told, that’s fair! That’s the cost of borrowing. You will not get the interest back but you aren’t going to be responsible for the remaining payments and you’ll get refunded whatever payment you’ve made so far."Dunn’s advice? “If this is something you want to do, I would try it with a smaller item and prove to yourself that you have the wherewithal to pull it off. I wouldn’t start with that expensive item that you’ve had your eye on. Start with the item you know you can afford.”