Progressive Leasing stands as a premier provider in the lease-to-own sector, offering a unique pathway to acquiring goods without traditional credit. Understanding their program and accessing effective customer service are key for a smooth experience. This comprehensive guide answers frequently asked questions to help you navigate Progressive Leasing’s services and customer support effectively.
Understanding Progressive Leasing and Lease-to-Own
Who is Progressive Leasing?
Progressive Leasing (NYSE: PRG) is the leading virtual lease-to-own provider in the United States, boasting the longest history in the industry since 1999. They have facilitated access to essential items for millions of customers who may not have perfect credit or the ability to pay upfront. Progressive Leasing partners with over 30,000 retail stores, enhancing revenue and customer satisfaction through their accessible lease-to-own options. Their commitment to fair and transparent service underpins their reputation in the market.
What is the Progressive Lease-to-Own Purchase Program?
Progressive Leasing’s Lease-to-Own Program provides a practical solution to obtain desired items immediately. It’s a straightforward program where ownership is transferred upon completion of all scheduled lease payments or by utilizing an early purchase option. This program is designed for flexibility and accessibility.
The standard lease agreement is structured for 12 months to ownership. Note that 90-day and other early purchase options will typically cost more than the retailer’s listed cash price, with the exception of the 3-month option in California. To explore early purchase or lease cancellation, you must contact Progressive Leasing customer service directly at 877-898-1970. Retail store personnel cannot process early purchase options.
What is Lease-to-Own or a Lease-Purchase Program?
Lease-to-own programs offer a convenient method to acquire items without a large initial payment or long-term financial commitment. Progressive Leasing distinguishes itself by providing a wide network of retailers, manageable payment plans, and various options to gain ownership of your chosen goods. This model prioritizes customer convenience and access.
What Type of Items Are Available to Lease from Progressive?
Progressive Leasing offers lease-to-own options for a range of items intended for personal, family, or household use. This includes essential appliances, furniture, jewelry, electronics, mattresses, mobile devices and accessories, and musical instruments, among others. However, some items are ineligible for lease-to-own agreements. These exclusions include items legally prohibited from lease-to-own arrangements, fixtures permanently attached to property, consumable or intangible goods, and items considered to pose excessive risk as defined by Progressive Leasing. For detailed information, refer to the Leasable Items Principles guidelines available at https://progleasing.com/leasable-items/.
Getting Started with Progressive Leasing
What is the Process? How Do I Get Started with a Lease-to-Own or Lease-Purchase Option Today?
Getting started with Progressive Leasing is a simple, four-step process:
- Complete an application. This is the first step to determine your eligibility.
- Shop for leasable items upon approval. Once approved, you can start selecting items from partnering retailers.
- Review and sign your lease-to-own agreement, and make the initial payment. Carefully review the terms before signing.
- Receive your items. You can take your items home immediately or arrange for future delivery, depending on the retailer and items.
What Do I Need to Apply?
To apply for Progressive Leasing, you need to meet a few basic criteria:
- Be 18 years or older (19 in Alabama).
- Have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Possess routing and account numbers for an open and active checking account.
- Have a credit or debit card for the initial payment.
These requirements ensure a smooth and secure application process.
How Long Does My Approval Last?
Your Progressive Leasing approval is valid for 90 days. If a lease agreement isn’t signed within this period, the approval expires. You are welcome to reapply if needed. Some retailers may cancel orders if the lease agreement isn’t finalized on the day of approval, but you can always place a new order within the 90-day approval window.
Do You Charge an Application Fee or Any Other Up-Front Fee?
Progressive Leasing does not charge any application or processing fees. The initial payment, required upon signing the lease-to-own agreement, serves as the first payment towards your 12-month lease total. This payment is processed using the credit or debit card you provide. If your application is not approved, you will not be charged. This transparent approach ensures no unexpected costs during the application process.
How Much Can I Get Approved for by Progressive’s Lease-to-Own Purchase Program?
Approval amounts vary as Progressive Leasing evaluates each application individually. They consider multiple data points including credit bureau information, income, and banking history. This comprehensive assessment determines if a lease-to-own agreement is suitable for the applicant and, if so, the appropriate approval amount. This personalized approach allows for a fair assessment of each customer’s situation.
Managing Your Progressive Leasing Account and Payments
Who Do I Contact if I Have a Question About My Lease?
For any inquiries regarding your lease, Progressive Leasing Customer Service is readily available. You can reach a customer service representative at (877) 898-1970. Agents are available:
- Monday through Friday: 10 a.m. to 7 p.m. (EST)
- Saturday: 10 a.m. to 6 p.m. (EST)
- Sunday: Closed
Alternatively, you can manage your account online 24/7 through the customer portal: https://myaccount.progleasing.com/. Progressive Leasing prioritizes accessible and responsive customer service to address all your needs.
Who Owns the Merchandise?
Initially, Progressive Leasing purchases the selected items from the retailer and leases them to you. Ownership transfers to you upon completion of all standard lease payments or by exercising an early purchase option. Until then, Progressive Leasing retains ownership of the merchandise.
Standard lease agreements are structured for 12 months to ownership. Remember that 90-day and other early purchase options will incur a higher total cost than the retailer’s cash price, except for the 3-month option in CA. To pursue early purchase or lease cancellation, you must contact Progressive Leasing customer service at 877-898-1970. Retailers cannot activate early purchase options.
Can I Cancel My Lease?
Yes, you have the option to cancel your lease at any time. You can return the items to Progressive Leasing without incurring further charges or penalties, beyond any outstanding lease-to-own costs. To initiate a lease cancellation, please contact customer service at (877) 898-1970. This policy provides flexibility and peace of mind for customers.
How Do I Make Payments?
Payments are designed to be convenient and automatic. During lease signing, you authorize payments to be automatically deducted from your provided bank account and/or charged to your card. These charges will appear on your statements as “Progressive Leasing” or “Prog Lease,” not under the retailer’s name. This automated system ensures timely payments and simplifies account management.
Where Can I Access My Lease Agreement?
Your full lease terms are detailed in your lease-to-own agreement, which is sent to you both by mail and email after signing. You can also access your lease agreement online at any time through the customer portal: https://myaccount.progleasing.com/. The copies provided are computer-generated and include a digital signature for your convenience and record-keeping.
What Will My Recurring Payment Be?
Since the specific items you choose will determine your lease terms, the exact recurring payment amount, the 12-month lease-to-own total, and the payment schedule are detailed in your personalized lease-to-own agreement. This agreement is emailed to you after application approval and item selection, giving you the opportunity to review all terms before signing. Progressive Leasing also offers a payment estimator tool available here to help you plan. For further assistance, Progressive Leasing customer service agents are available at (877) 898-1970.
When Do My Payments Begin?
Your recurring auto-payment schedule starts on your next scheduled payday following item receipt. If your first payday is less than 10 days after delivery, the payment will be scheduled for the subsequent payday. This ensures that payments align with your income schedule for better financial management.
How Long is the Lease Agreement?
Standard lease-to-own agreements are structured for a 12-month period to achieve ownership. This standard term provides a predictable payment schedule and path to owning the leased items.
Do I Have the Option of Paying Off My Lease and Owning the Product(s) Before the Standard 12 Months?
Yes, Progressive Leasing offers options to purchase your leased items early. The most cost-effective option is the 90-day purchase option (or 3-month in California), as outlined in your lease agreement. This option is valid for 90 days (3 months in CA) post-delivery. After this period, you can still utilize an early purchase option for an amount less than the remaining 12-month lease-to-own total, as specified in your lease agreement.
Standard agreements offer 12 months to ownership, but early purchase options like the 90-day option (3-month in CA) are available. These early purchase options will cost more than the retailer’s cash price (except for the 3-month option in CA). To exercise an early purchase option or cancel your lease, please call Progressive Leasing customer service at 877-898-1970. Retailers cannot activate early purchase options.
What if I Can’t Pay for My Item Within 90-Days?
Progressive Leasing’s standard agreement provides a 12-month path to ownership through scheduled payments. Remember, you are leasing the merchandise until all payments are completed or you opt for an early purchase option. The 12-month term offers a longer payment window for financial flexibility.
Standard agreements offer 12 months to ownership. Early purchase options, like the 90-day option, are available but cost more than the retailer’s cash price (except 3-month option in CA). For early purchase or lease cancellation, contact Progressive Leasing customer service at 877-898-1970. Retailers cannot process early purchase options.
What if I Can No Longer Afford My Payments?
Progressive Leasing understands that financial situations can change unexpectedly. If you face difficulty in meeting your lease-to-own payments, it’s important to contact customer service at (877) 898-1970 to discuss available options. You can also cancel your lease at any time by returning the items, with no penalties beyond outstanding lease costs. Progressive Leasing is committed to working with customers facing financial challenges.
What if I Need to Change My Payments or My Payday Changes?
Progressive Leasing is willing to accommodate changes in your payment schedule. If you need to adjust your payments, especially due to payday changes, please contact customer service at least three business days before your next scheduled payment. They are ready to assist in finding a payment plan that better suits your needs.
How is the Cost of My Lease Calculated?
The 12-month lease-to-own total encompasses the cash price of the items plus the lease-to-own costs. This total represents all scheduled lease payments, including your initial payment, and applicable sales tax. It’s important to note that acquiring ownership through leasing will cost more than the retailer’s upfront cash price. This is due to the service and flexibility provided by the lease-to-own program.
Will I Receive a Monthly Billing Statement?
Progressive Leasing does not send monthly billing statements. However, you will receive a welcome letter that outlines essential lease details, including payment amount and frequency, the 12-month lease-to-own total, and early purchase options. Furthermore, your account is accessible online 24/7 at https://myaccount.progleasing.com/ for up-to-date information and management.
Standard lease agreements offer 12 months to ownership. Early purchase options, including the 90-day option, are available but cost more than the retail cash price (except for the 3-month option in CA). For early purchase or lease cancellation, call Progressive Leasing customer service at 877-898-1970. Retailers cannot activate early purchase options.
Progressive Leasing Policies and Support
Are Returns Allowed?
To initiate a return, contact Progressive Leasing customer service at (877) 898-1970. They will assess the situation and guide you on the return process, which may involve returning the item through the retailer or directly to Progressive Leasing. Remember, you can cancel your lease at any time and return the items, owing only any unpaid lease-to-own costs.
What if My Merchandise is Defective or Damaged?
In case of defective or damaged merchandise, immediately contact Progressive Leasing customer service at (877) 898-1970. Progressive Leasing will evaluate the product issue and determine the appropriate resolution, ensuring customer satisfaction.
What if My Merchandise is Lost or Stolen?
If your leased merchandise is lost, stolen, or damaged, please contact Progressive Leasing customer service at (877) 898-1970 for assistance and guidance on the next steps. Prompt reporting is crucial for resolving such situations effectively.
How Do I Proceed if the Store Gave Me the Wrong Item?
If you receive the wrong item from the store, please contact Progressive Leasing immediately at (877) 898-1970. They will work to resolve the issue and ensure you receive the correct merchandise as quickly as possible.
Credit and Progressive Leasing
How is a Lease Different Than a Credit Transaction, Financing or a Loan?
Progressive Leasing’s lease-to-own option is not a credit product. Traditional credit transactions, financing, or loans involve borrowing money that must be repaid, often with interest. In contrast, with Progressive Leasing, they purchase the items you select, and you lease them from Progressive. Progressive Leasing owns the merchandise until you achieve ownership through completing lease payments or using an early purchase option. This distinction is fundamental to understanding the lease-to-own model.
Standard agreements offer 12 months to ownership. Early purchase options like the 90-day option will cost more than the retailer’s cash price (except the 3-month option in CA). To exercise early purchase or cancel lease, call Progressive Leasing customer service at 877-898-1970. Retailers cannot activate early purchase options.
Will a Lease-to-Own Application Impact My Credit?
Applying for a lease-to-own agreement with Progressive Leasing generally does not impact your FICO score. While they do review credit bureau reports, the inquiry may appear on your credit report but is typically considered a soft inquiry.
What is Meant by “No Credit Needed”?
“No Credit Needed” signifies that a credit history or strong credit score is not mandatory for lease-to-own approval. While Progressive Leasing does check credit bureau reports, they assess numerous other data points to make approval decisions. They frequently approve customers with less-than-perfect or limited credit history, making it more accessible than traditional credit options.
Progressive Leasing obtains information from credit bureaus. Approval is not guaranteed for all applicants.
Is This a Hard or Soft Inquiry (Hit) on My Credit?
Progressive Leasing primarily conducts soft inquiries with major credit bureaus like Transunion, Experian, and Equifax. However, some smaller, secondary bureaus may not offer a soft inquiry option. It’s important to understand the difference between inquiry types and their potential impact on your credit profile.
What’s the Difference Between a Hard and Soft Credit Inquiry?
A credit inquiry occurs whenever an individual or business requests to view your credit report. Credit bureaus maintain records of all inquiries. Creditors and credit scoring models might view multiple hard inquiries as a potential negative factor. A soft inquiry is usually only visible to you when you request your own credit report and does not typically affect your credit score. Conversely, a hard inquiry is visible to other credit agencies and may have a minor impact on your FICO or other credit scores.
Does Progressive Leasing Pull Credit Reports?
Yes, Progressive Leasing does request credit bureau reports for all applicants. However, they analyze various data points beyond just credit scores within these reports. This comprehensive approach enables them to approve many customers who might have imperfect, thin, or no credit files, expanding accessibility to lease-to-own options.
What Other Information Does Progressive Leasing Consider?
Progressive Leasing’s decision-making process is holistic, considering various data points beyond credit information. This may include income verification and banking history, allowing for a broader assessment of an applicant’s financial situation and ability to manage lease payments.
Does Progressive Leasing Report to Credit Bureaus? Can I Build Up My Credit by Doing a Successful Lease?
Currently, Progressive Leasing does not report payment history to credit bureaus. Therefore, a successful lease with Progressive Leasing will not directly contribute to building your credit score. Progressive Leasing offers a lease-to-own purchase program, which is distinct from a credit-building financial product.
Does it Matter That I Have Bad or No Credit?
Having bad or no credit does not automatically disqualify you from Progressive Leasing. Their decision process is designed to look beyond traditional credit scores and reports. They regularly approve individuals with less-than-perfect credit or limited credit history. However, approval is not guaranteed, as each application is evaluated based on a range of factors.
