What to Know Before Applying for a Lease with Progressive Leasing

February 21, 2025
Did You Know?

If you’re considering a lease-to-own option for your next big purchase, Progressive Leasing could be the right choice for you. However, before you apply, it’s essential to understand how Lease-to-Own works, the qualifications required, and what to expect during the leasing period.

In this guide, we’ll break down everything you need to know before applying for Progressive Leasing’s lease-to-own alternative purchase option.

Who is Progressive Leasing?

Progressive Leasing offers a flexible lease-to-own program that helps customers obtain products with No Credit Needed. Instead of purchasing an item outright, you make payments based on a flexible payment schedule. Once you’ve completed your final lease payment, you own your item outright. 

This option is available at thousands of retail stores nationwide and covers a wide range of products, including furniture, electronics, appliances, mattresses, and more.

Key Things to Know Before You Apply

1. No Credit Needed

One of the biggest perks of Progressive Leasing is that it offers a “No Credit Needed” option. This means that your application won’t be based solely on your credit score. However, Progressive Leasing may still check your credit history as part of our approval process. If you have bad or limited credit, this can be a great alternative to traditional financing.

2. Basic Qualification Requirements

To apply, you will need:

  • To be at least 18 or older
  • A valid Social Security Number (SSN) or ITIN is required.
  • Bank account details
  • Credit or debit card

3. Initial Payment & Lease Terms

  • You’ll need to make an initial payment at checkout. This counts as the first of your lease payments.
  • Lease payments are made automatically. These payments are usually deducted from your bank account or card on file.
  • Payments are structured over a 12-month period. However, Progressive Leasing offers early purchase options if you’d like to save money.  Learn more about our Early Purchase Options here.

Standard agreement offers 12 months to ownership. 90-Dday and other early purchase options cost more than the retailer’s cash price (except 3-month option in CA). To purchase early or to cancel lease you must call 877-898-1970. Retailer cannot activate early purchase options.

4. Total Cost of Leasing

While Progressive Leasing offers a flexible payment structure, it’s important to understand that the total cost will be higher than the original price of the item.

  • The Total Cost of Leasing is the Item Price + Lease to Own Cost + Tax

5. Approval Amount & Shopping Limits

If you’re approved for a lease with Progressive Leasing, you’ll receive a lease amount. 

  • The approval amount varies per customer and application
  • Your lease amount can be used at approved retailers that partner with Progressive Leasing, or through Progressive Leasing’s App.
  • You don’t need to use the full approved amount, and you can choose to lease multiple items within your limit.

How to Apply for Progressive Leasing

If you meet the qualifications and understand the lease terms, applying is easy. Here’s how:

  • Step 1: Visit an approved retailer or apply online through Progressive Leasing’s website.
  • Step 2: Fill out the application with the required information.
  • Step 3: Receive an instant approval decision (in most cases).
  • Step 4: If approved, choose the item you want and make your initial payment at checkout.
  • Step 5: Set up your payment schedule to begin the leasing period.

Is Progressive Leasing Right for You?

Progressive Leasing is a great option for those who:

  • Need to make a purchase but don’t have the full amount upfront.
  • Have limited or bad credit and don’t qualify for traditional financing.
  • Want flexible payments but plan to pay off the lease early to save money.

Applying for Progressive Leasing’s lease-to-own program can be a smart way to access essential products without needing perfect credit. Whether you need a new oven, a TV room upgrade, or some exercise equipment, Progressive Leasing is here to help. Apply today to find and find what you need at a store near you.

Progressive Leasing obtains information form credit bureaus. Not all applicants are approved.

Ownership by rental/lease agreement with Progressive Leasing costs more than the retailer’s cash price. Select items only. Cancel or purchase early at any time. Not available in MN, NJ, VT, WI, WY.