Yes! Progressive Leasing may allow you to have more than one active lease-to-own agreement at a time. Each lease-to-own agreement will require a new lease-to-own application approval and initial payment.
How does progressive lease-to-own work?
Progressive Leasing’s lease-to-own option 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 lease-to-own agreement with Progressive Leasing, we purchase the items you select from the retailer.
What can you buy with progressive leasing?
Shop at your favorite stores with Progressive Leasing With thousands of retail locations nationwide, you can enjoy convenient, flexible lease-to-own purchase options on items such as furniture, electronics, jewelry, tires & wheels, mobile devices, appliances, mattresses and more… Find a store No credit needed*
How do I cancel my lease with progressive leasing?
You have the right to return the items to Progressive Leasing without additional charge or penalty, and you will owe nothing further except unpaid lease-to-own costs. To cancel your lease call us at (877) 898-1970. How do I make payments?
Does progressive leasing look at your credit report?
Applying for a lease-to-own agreement 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”?
What happens when you stop paying Progressive Leasing?
If you cancel your Progressive Leasing agreement within five days of your purchase, you are eligible for a full refund. In case you cancel your agreement more than five days after signing it, you may get a credit or refund when you return the item you purchased.
Does Progressive Leasing go on your credit report?
No. We do not currently report to credit bureaus. Progressive Leasing provides a lease-to-own purchase program, not credit.
Does Progressive lease sue you?
Yes, Progressive Leasing can sue you. Progressive Leasing can hire a lawyer to file a breach of contract lawsuit against you for the underlying debt, fees, and costs. If you've been sued by Progressive Leasing, do not ignore the lawsuit; you may have defenses.
Does Progressive Leasing look at your bank account?
Our decisioning process allows us to consider everyone with less-than-perfect credit and we regularly approve those with imperfect credit or very little credit history. Your bank information may be used in this evaluation, as well as other data points including income and banking history.
Can you pay Progressive Leasing off early?
You may also pay the full balance of your lease off early at any time to save. Call us at (877) 898-1970 for more details.
Is Progressive Leasing illegal?
In 2018, Progressive Lending made $2B in revenue on 1.6m leases, despite being illegal in 5 states with strict rent-to-own laws.
Does lease-to-own build credit?
A rent-to-own home doesn't directly build your credit. It's the steps you take throughout the term of the lease that will help to boost your credit score. Bishop says to “stay diligent.” As long as you're receiving credit for your monthly rent payments, you're building capital.
How to contact Progressive leasing?
Make regular scheduled payments (flexible payment options are available.) , or utilize an early purchase option. Please call Progressive Leasing at (877) 898-1970 for questions or to discuss your early purchase options. Back to Top.
How long can you pay off a lease early?
If you can’t pay the total lease balance off in 90 days, you may simply continue to make your scheduled lease payments until the end of your term. You may also pay the full balance of your lease off early at any time to save. Call us at (877) 898-1970 for more details. Back to Top.
Is lease purchase based on credit?
Approval for credit and even the type of credit obtained may be based upon your credit score. Lease-purchase: A lease-purchase option allows you to take possession of an item in return for periodic payments. There is no interest charged on a lease-purchase option.
What is Progressive Leasing Financing?
Progressive Finance is a firm that provides web-based lease-to-own financing solutions for customers and businesses. The company currently services more than 2,000 progressive leasing stores in the United States and Canada. It has been in operation as an alternative means to finance big-ticket household items for over 20 years.
What Does Progressive Leasing Finance?
You can finance many things through a progressive leasing agreement, including appliances, furniture, jewelry, and electronics. The interest rates are usually much lower than what you would receive with traditional financing for similar items, and you can get what you need without troubling your credit score.
How Does Progressive Leasing Work?
Many retailers offer Progressive leasing programs that allow customers to lease an item for typically twelve months with no down payment required. This is usually a program that retailers utilize after a customer has been denied credit from a department store credit card.
Does Progressive Financing Have Interest?
No, progressive leasing is what’s known as a purchase option. You are purchasing the merchandise in question upfront and allowing them to take payments over time. They offer a 90-day purchase option (3-month purchase option in CA) as part of the lease you sign.
Does Progressive Leasing Run Your Credit?
Progressive leasing does run your credit and what is known as a soft credit check. This means they are not reporting what you purchase to the three major credit bureaus, TransUnion, Experian, and Equifax. The purchase will only be seen when you pull your credit report.
Reasons Progressive Leasing Will Deny Your Application
There can be reasons that your application will be denied. Some reasons that progressive leasing will reject your application are:
What Credit Score is Needed For Progressive Leasing?
Progressive leasing does not report what you purchase to the three major credit bureaus. You are not applying for credit in the traditional sense. Therefore, you don’t need a strong credit score to obtain financing from them. Typically a FICO score ranges from 300 to 850, and it’s considered with most credit applicants.
