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So the key to using this company is to 1) opt for a 90-day lease agreement and 2) understand it has to be paid off before or on the due date. The 90-day lease is cheaper than acquiring those high-interest fees but IF YOU CAN'T AFFORD IT, YOU SHOULDN'T BE BUYING IT. Please take that into consideration when purchasing for wants, not needs. Anywho, so let's say the agreement is 90 days for $900, your biweekly payments should be about $150. But understand that the tax on that payment is not included in the payoff so the actual amount is more like 140. 6 weeks of payments of 140 is 840, not 900.
This is where I think the misunderstanding of payments is. Ok, so now it comes to the deadline for the 900 and you have payments coming out through direct deposit. All you need is 60 to pay it off so it shouldn't be a problem, right? Wrong! Typically that takes to 2-3 days to take money out of a checking or savings. This is how people miss their deadlines. That 60 should be paid off before the last day of agreement not on it. Basically, pay the last amount due over the span of the agreement as you pay the biweekly payments and you shouldn't have a problem.
Had moved into a new apartment with my wife last September. We needed a new couch and had looked at Big Lots. I just started a new job so I didn't have the cash to fork down on a brand new cash although I could afford bi weekly payments. Big Lots had told me about the lease to own option which allows me to purchase the couch within 90 days of the start of my lease. I was on board and went with that option, fast forward a month... They do not really tell you to switch to the Lease to Own option unless you ask or are already aware of this option. I looked into the account and found that the total cost of the couch was way more than what I was supposed to pay. I give them a call and have my account switched to the Lease to Own, after 3 months I had the couch paid off.
About 4 months later, I needed a new mattress. Knowing how expensive mattresses could be I was looking at an affordable one. I went to Mattress Firm and found the mattress I liked. After discussing with the salesperson, I found that the mattress I wanted was nearly $800 after everything is said and done. I found out through the salesperson that Progressive Leasing was an option and having already went with them for the couch I purchased I decided to do it again. I've been paying on the mattress and should have it paid off in less than a month. I already switched my account to the Lease to Own option. Couldn't be happier with the lease to own option from Progressive Leasing.
This is for the people curious or skeptical about Progressive Leasing. Ok so back story first. I went to Best Buy, got denied for their credit card, and so basically they said there was also a leasing option where they don't go by your credit score. So I ended up choosing the Progressive Leasing. I was feeling so good about it because I wanted this camera Bad, and didn't have $1,300 to pay for it. So now I'm happy and will have it paid off soon, so thank you Progressive I am enjoying the Amazing camera. So let me answer the Bugging questions I'm seeing, and explain how this works... I'll leave bullet points. Here goes.
*Select stores have Progressive Leasing. Best buy, Overstock.Com I hear big lots, Kay Jewelers, Fry's Electronics and more. Not everyone has it. Not every Best Buy or Fry's has it, for example. *You go in and apply, and make SURE you have a work history of I believe 2-3 years, and your bank account info that this money has been going to, and an ID. If you use an account that is not very active, you can be denied! They want to know how often you get paid and roughly how much you get paid BEFORE taxes... *They will ask your social, and Make Sure your debit/credit card MATCHES your name on your id... etc.
*They will give you a credit limit, now with this, you can choose anything you want in the store within that limit. Obviously. And you can get items or 1 item, and you will pay a $85 deposit. Some places charge less. (This deposit is for Progressive. Not sure if it goes towards the product. I don't think it does.) *Ok now you paid deposit, and you have your items. Congratulations. If not, find a friend with active work experience or family that trust between you two.
Payments, and the lease... Here's where it gets good. *You can go to the app, or website for Progressive Leasing, and there create an account using your social. It will show you your balance you owe, (which is the 90 day buyout option), and when your next payment is due. First payment usually isn't due until about 10 days later. They are aiming for your direct deposit from your job. *YOU NEED TO PAY OFF YOUR BALANCE FOR THE ITEM(S) WITHIN 90 DAYS or you will have hella fees to pay. HELLA fees. Now, you have a minimum balance they will automatically withdraw for 1 year! But you can't let this happen!!! This is only the Minimum balance and will NOT cover only 90 days with of payments to have it paid off to avoid the charges...
So you, can go ahead when you're ready and make A payment SOON! So let's say your payment is due in a week... they will withdraw $ how much $ in 1 week from today... You can go ahead and pay that payment down NOW, and it will go towards your payment due date... Ex... Let's say I owe $1,400 for my item... and my next due date is in a week for $115 (Bi weekly). I can make a payment of eh, $20 now... Ok click done. Now, my next payment is now $95. And my early 90 day buyout is now $1,380. So come this bill in a week, it will be less than it Normally would have been, and they will withdraw whatever that is. BUT, WHAT IF I HAVE THE OPPORTUNITY TO PAY MY ENTIRE NEXT PAYMENT DUE, NOW (and maybe then some).
Ok so you end up paying that $115 ahead of time... Guess what, you don't have a payment to make until the NEXT bill... that payment will disappear off your account, and the NEXT PAYMENT DUE date will be present. So I HIGHLY recommend you pay as much as you can, because not only will it knock your payments off, it will knock your Total purchase price down, and you need to pay it off in 90 days. It will feel good to make even a small payment, and watch your pay off amount go down. But! If you have only been Paying the minimum payments, you will be paying past the 90 days and will be **. Pay MORE than the minimum payments due. You can make as many payments as many times as you want, and it will keep lowering your buyout. This way once you pay it off inside of 90 days, you will own it.
Here's some extras I learned from using this program... *If you go to a, say Best Buy, get approved for a balance but they don't have the product, they will order it and have it shipped to your house... you choose the shipping option. (First payment is not until about 10 days after you receive the item.) *You can add payment methods. *You can add authorized users.
*If you want to have them automatically take out the Minimum payments, and you Still want to make PAYMENTS separate from this to pay towards the buyout, you have to call and do it over the phone. OTHERWISE, whatever payments you make will go towards your next bill. I like this best because it gives you a chance to not have to worry about the auto draw on next payment. And you can keep knocking back the payments, and pay extra, it ALL GOES TOWARDS YOUR FINAL BUYOUT... *If you want to do a return I believe it is within 14 days, or 10 for a phone etc... go in with receipt or personal info, and you may have to pay a 25% restocking fee! But they will remove the item from your leasing account. That's all guys. I hope I helped.
I went to Repair Republic in Dallas, TX to have them fix my broken MacBook Pro, when I noticed that they had computers for sale (new and used). I asked about pricing and found that I didn't have the money to buy one just yet until the repair guy told me about Progressive Leasing. The process was quick and easy, took all of 15 minutes for finish the application and the transaction and was out the door. I had no problems with them until I lost my wallet and had to close my bank account due to fraudulent activity and money stolen from my account. During this time I had to wait for the bank to return the stolen money, which seemed like it took forever, with creditors breathing fire down my neck.
I missed 1 payment with them and I called before the payment was missed but didn't have the money (waiting on the bank) They were totally understanding, I gave them all of the documentation (police report and bank statements). They rolled my payment over to the end of the lease, gave a few extra days since I had to deposit paper checks while waiting on my direct deposit, all without any late fees! The customer service person was warm and very sympathetic to my situation. I am now on my second lease, since I paid off my first one last year. Yeah I paid a little extra but if you look at what would have happened if I had used a credit card I wouldn't have saved much by the way of interest and the credit card company was not even interested in my issue, giving me late fees. So, yeah you may have to pay a little more but this company don't treat you like you are less than, just because your credit isn't that great.
My experience was very good! It was clear from the beginning that there are three month to buy without interest. They also allow date changing to accommodate the customer, assuring that you're able to make the agreed upon payments. Now, that's just a bit about business, but it's the manner in which you're treated during these discussions is why I am writing this review. Intent, warmth or lack of, are easily recognized over a phone. I have always felt respected and treated with appreciation from the customer service agents. Particularly, Christi, a young lady who is kind, patient, listens well and seeks to make each customer experience "The Best". Understanding policy is one thing, but delivery is everything! We all know or can relate to these words, "You may not remember exactly what was said, but you will remember how you're made to feel".
Others were great in how they spoke with me also, but Christi's true heart was in both conversations that she had with me. I was impressed with her kind demeanor. Yes, I called and asked questions to assure I understood all expectations! Not once did anyone treat me as an unappreciated client, but as someone they started out wanting to help and would help throughout my three month experience, and they did! If you want a good deal, wait until you know that within 3 months you can keep your word and commitment to Progressive, but equally as important, to yourself. That will give you both a great deal and a great experience. Progressive rescued me in a yacht, and not in a canoe! Thanks for everything.
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My daughter needed a Apple Computer for school, I didn’t have the cash or credit to purchase it so I called Progressive Leasing to see if they could help out. And, yes, they did help me out. I was referred over to Best Buy after applying online to Progressive Leasing. We picked out what my daughter needed and it took me less than 20 minutes at Best Buy. The process was truly easy and I am a second time purchaser through Progressive Leasing! Karen **
I have had a great experience up until three weeks ago. On August 9, 2019, I took a bill consolidation loan out with my bank to pay off some bills. I had two accounts with them and the big account which was over $400 was paid and finalized. Now I have this other account that is a year old that had only $60 left to pay off. My bank sent out checks to pay off the balances and they were sent out in the same envelope. My bank has said that both checks were cashed the same day. So what went on? They are still trying to collect money from me and just got a call today from them saying they are attempting to collect a debt. I have been trying to find out what happened for two weeks and just this past week they said they would refund what I paid above what I owe. Today, none of that is in any notes on my account and it's like I'm back to the drawing board with them. I've had enough and I'm ready to speak to an attorney. I don't know what else to do.
I had established an account back in 2016 for a furniture purchase. Here in 2019 I discovered that Progressive Leasing ALLOWED some "MONSTER" to open up this dormant account without even checking for references, or normally running another "CREDIT CHECK" prior to allowing some stranger to purchase a $6200.00 14K wedding ring set on my name from Kay Jewelers? It could all be a SCAM with Progressive and Kay Jewelers. "LOW IQ Employees" are a part of the foolery! I've had to have all my accounts closed and new rearranged my whole life because this kind of EVIL! OLD & NEW Customers BEWARE!!
Took out a lease on an item I needed for a project. After choosing the item, I completed a short application, and was instantly approved. The item was shipped to me in good time. All in all, a good experience. Would lease again!
I applied got approved. Everything I was told is exactly how it went: I will be using them in the near future. I never experienced any problems. Anytime I called customer service they answered all my questions.
Progressive Leasing expert review by ConsumerAffairs
Progressive Leasing helps retail stores and merchants obtain financing for their customers with less-than-perfect credit by offering an alternative to traditional financing. It offers a lease-to-own purchase program for stores to offer their customers as an additional payment option, ensuring they are able to leave the store with the purchase they came in for.
Purchasing merchandise: Customers have two options for purchasing merchandise in your store: cash or credit. For customers who have less-than-perfect credit, obtaining financing may be hard or impossible. Progressive Leasing offers your customers a no-credit-needed program that comes with a 90-day payment plan.
Business benefits: Using Progressive Leasing’s no-credit-needed payment option lets retailers and merchants accept more customers, increasing their sales numbers, reducing the number of layaways and increasing the number of repeat customers. Even is a customer has good credit, have Progressive Leasing’s 90-day payment plan gives your store another option to offer customers.
Features: Progressive Leasing makes it easy for your customers to work with them by providing a simple, step-by-step process to ensure complete satisfaction. Customers will experience easy online applications, a seamless approval process and automated payments.
Store portal: Progressive Leasing offers retailers and merchants an online store portal where they can log in and monitor the status of their customer’s purchases. It also includes retailer procedures and contact information for Progressive support.
Request more information: If you are interested in learning more about Progressive Leasing’s program, you can fill out an online form with your store’s information. The form requests information like your stored website, how long it has been open and the type of merchandise you sell.
Best for: retailers who want to offer their customers another payment option.
Progressive Leasing Company Information
- Company Name:
- Progressive Leasing