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Who is Progressive Leasing?
We are a No Credit Needed lease-purchase option that helps you take home the items you want or need today!
What is the Progressive lease-purchase program?
The Lease-to-Own Program from Progressive can be a great way to get what you want right now. Progressive offers a simple lease program where you pay over time, and if you complete all lease payments or exercise an early purchase option, you will own the product(s).
What is lease-to-own or a lease-purchase program?
Leasing is a convenient way to get the items you want now – without a big upfront payment or a long-term commitment. Progressive Leasing offers a great selection of retailers, affordable payments and flexible choices on how to own your merchandise.
Progressive Leasing provides a rental- or lease-purchase agreement or in certain states, a rent-to-own agreement, a consumer rental-purchase agreement, or a lease agreement with an option to purchase. It is not a loan, credit or financing. While no credit history is required, Progressive obtains information from consumer reporting agencies in connection with your lease application.
An initial payment is required at lease signing. All remaining lease payments will be determined by the cash price of the leased item and the frequency of payments. You will not own the leased merchandise or acquire ownership rights unless you make all your payments or exercise an early purchase option. Progressive Leasing is not available in MN, NJ, VT, WI or WY. Merchant participating locations only. Not all applicants are approved.
What type of items are available to lease from Progressive?
Progressive leases merchandise for personal, family or household use. Progressive will not lease certain kinds of merchandise, including, but not limited to, merchandise that is prohibited from lease transactions by law, consumable items, and merchandise that creates an unmanageable risk for Progressive. Eligible items include appliances, furniture, jewelry, electronics, mattresses, mobile devices and accessories, musical instruments, and more.
What is the process? How do I get started with a lease-purchase option today?
1. Complete an application. 2. If approved, go shopping for leasable items. 3. Review, sign your lease, and make the initial payment. 4. Get your item(s) today or set up future delivery.
What do I need to apply?
You must be 18 years or older, have a valid Social Security Number or ITIN, routing and account numbers for an open and active checking account, and a credit or debit card.
How long does my approval last?
Your approval is good for 90 days. If you have not signed a lease within 90 days, your approval expires, and you will have to reapply with Progressive. At some retailers, if you do not sign your lease that day, the order is cancelled. However, you can still create a new order if it is within the 90 days of your original approval.
Do you charge an application fee or any other up-front fee?
No, we do not charge an application fee or processing fee. Your initial payment will be withdrawn from your credit or debit card immediately after the lease is executed, but it is the first of your lease payments and is part of the total cost of the lease. If you are not approved, you will not be charged anything.
How much can I get approved for by Progressive’s lease-purchase program?
It depends. Applicants are evaluated on an individual basis and we look at many data points, including credit information, income, and banking history to determine approval amounts. These data points will indicate whether a Progressive Lease would be a good fit and, if so, the approval amount.
Who do I contact if I have a question about my lease?
Contact a Progressive Leasing customer service representative at (877) 898-1970. Customer Service agents are available Monday through Friday from 10 a.m. to 7 p.m. (EST), Saturdays from 10 a.m. to 6 p.m. (EST) and closed Sunday. You may also access your account online via the customer portal, 24 hours a day 7 days a week at: https://myaccount.progleasing.com/.
Who owns the merchandise?
We purchase the items you select. Progressive Leasing will buy the leasable items you selected from the retailer and lease those items to you. If you complete all lease payments or exercise an early purchase option, you will own the item(s).
Can I cancel my lease?
You can cancel your lease at any time. Our Customer Satisfaction Policy allows you to cancel your agreement within five calendar days of signature and receive a full refund by calling us at (877) 898-1970. After that time, you have the right to return the items to Progressive Leasing without additional charge or penalty, and you will owe nothing further except unpaid rent charges and fees. You can get returned items back. Your agreement includes reinstatement rights that may allow you to get returned items back.
How do I make payments?
Payments will be deducted automatically from your bank account or charged to your card. Charges will appear on your statement as Progressive Leasing or Prog Lease, not the store where you selected your merchandise.
Once paid in full, you own it. Progressive Leasing is the owner of the items until all scheduled payments are made or you exercise a buyout option. At that time ownership will transfer to you. The least expensive option to purchase expires 90 days after delivery date. Regularly scheduled payments are still due even if you intend to exercise an early purchase option.
Where can I access my lease agreement?
Full terms are in your agreement, which will be mailed and emailed to you and available at https://myaccount.progleasing.com/. Copies sent are computer-generated and may not include your signature.
How is a lease different than a credit transaction, financing or a loan?
A Progressive lease is not credit. With a credit transaction, financing or a loan, you make a purchase with borrowed money that must be repaid, often with interest. With a Progressive lease, we purchase the merchandise you select from the retailer. Then, you sign an agreement to lease that merchandise from Progressive. Progressive owns the merchandise, but you can take ownership after making all required lease payments or through an early purchase option. While there is a cost associated with Progressive’s leasing services, we don’t charge interest.
Will a lease application impact my credit?
Applying for a lease with Progressive Leasing should not impact your FICO score; however, we do look at credit bureau reports, and this inquiry may appear on your credit report.
What is meant by “No Credit Needed”?
“No Credit Needed” means that you don’t necessarily need to have any credit history or a credit score to be approved for a lease. We do check credit reports; however, we look at many other data points to make a final decision, and we regularly approve customers with less than perfect credit or very little credit history.
Is this a hard or soft hit on my credit?
Progressive Leasing will only make soft inquiries to the Big Three Credit Bureaus (Transunion, Experian & Equifax). Other secondary bureaus, however, do not offer this option, and inquiries to those bureaus (none of which prepare FICO scores) may be considered hard inquiries.
What’s the difference between a hard and soft credit inquiry?
An inquiry occurs any time an individual or business requests a copy of a person’s consumer report – also known as a credit report. The bureaus keep a record of all inquiries made. Creditors and scoring models could consider inquiries a negative factor in a consumer’s report. On a soft inquiry, the inquiry is only visible to the consumer if requesting a copy of their own consumer report, whereas a hard inquiry can be seen by other credit reporting agencies. Because select scores are built using the data from consumer reports, a soft inquiry should not be seen by scoring algorithms and should not impact credit scores.
Does Progressive pull credit reports?
Yes. Credit reports are obtained on almost all applicants, but Progressive Leasing looks at many data points in these reports besides scores. By doing so we can approve many customers with less than perfect credit or with a thin credit file or no credit file.
We look at many different data points in our decisioning process. This may include credit information, income, and banking history.
Does Progressive report to credit bureaus? Can I build up my credit by doing a successful Lease?
No. We do not currently report to credit bureaus. Progressive Leasing provides a lease-purchase program, not credit.
Does it matter that I have bad or no credit?
Our underwriting process allows us to consider more than just credit reports and credit scores. We regularly approve people with less than perfect credit or very little credit history. However, not all applicants are approved.
How do I make payments?
Payments will be automatically deducted from your checking account or credit card. Your payment frequency will depend upon the payday frequency you provided on your application.
What will my recurring payment be?
Because we do not know what merchandise you will select, we cannot yet tell you your payment amount, total of payments, payment schedule, etc. These details will be in your lease agreement, which will be emailed to you after you apply, get approved, and select your merchandise. You’ll have an opportunity to review all of these terms before you sign. There is also a convenient payment estimator that you can use after you tell us where you want to shop. If you have any additional questions you can always speak with a Progressive Leasing customer service agent at (877) 898-1970.
When do my payments begin?
Your recurring payment schedule will begin on your next scheduled payday after you receive your merchandise. If that first payday isn’t at least 10 days after delivery, we’ll wait until the next payday.
How long is the lease agreement?
Most lease agreements are set up as a 12-month lease term but may be longer depending on the retailer.
Do I have the option of buying the product before my lease term ends?
Yes. You can purchase the product at any time. You can take advantage of a 90-day purchase option (3-month purchase option in CA) provided in your lease agreement. This is the least expensive option to purchase and expires 90 days (3 months in CA) after your merchandise is delivered. This option will be for a small amount more than the original retail price (except in CA), depending on the store you choose. After this option expires, you can purchase the merchandise for less than the total of remaining lease payments, as described in your lease agreement.
What if I plan to pay off my lease later?
Even if you intend to purchase later, regular lease payments need to be made. Remember you are leasing the merchandise you selected until you make all payments or choose an early purchase option.
What if I can no longer afford my payments?
We understand that unexpected situations come up that may prevent you from keeping your merchandise. If you find yourself unable to continue with your lease, please feel free to call Customer Service to discuss your options. (877) 898-1970.
What if I need to change my payments or my payday changes?
We are happy to work with you to find a schedule that works. If you need to make any changes to your payments, please call us at least three business days before your next scheduled payment.
How is the cost of my lease calculated?
The total cost of lease includes the cash price of the merchandise and the cost of lease services. It is the total of all scheduled lease payments, which includes your initial payment. You will also be responsible for applicable tax.
Will I receive a monthly billing statement?
No, but you will receive a letter welcoming you to Progressive with basic information about your lease including remaining lease amount and early purchase options. Your account can also be accessed online 24 hours a day 7 days a week at: https://myaccount.progleasing.com/.
Are returns allowed?
It depends. You need to contact Progressive Leasing customer service at (877) 898-1970 prior to any return. Progressive will evaluate the product to determine the proper course of action. The item could be returned through the retailer you select or sent directly to Progressive.
What if my merchandise is defective or damaged?
You need to contact Progressive Leasing customer service at (877) 898-1970. Progressive will evaluate the product to determine the proper course of action.
What if my merchandise is lost or stolen?
If you merchandise has been lost, stolen, or damaged please call our customer service line for further information. (877) 898-1970.
How do I proceed if the store gave me the wrong item?
Please contact Progressive Leasing at (877) 898-1970.