Who is Progressive Leasing?

Progressive Leasing (NYSE: PRG) is the largest and longest-tenured virtual lease-to-own provider in the United States. Since 1999, Progressive Leasing’s fair and transparent lease-to-own option has helped millions of customers and their families, even if they have less-than-perfect credit or an inability to pay for their purchase up front. Progressive Leasing has also helped more than 30,000 retail stores drive increased revenue and improve customer satisfaction.

What is the Progressive lease-to-own 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-to-own program. If you complete all standard recurring auto-lease payments or exercise an early purchase option, you will own the product(s).

Standard agreement offers 12 months to ownership. 90-day 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.

What is lease-to-own or a lease-purchase program?

Lease-to-own 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, easy payments and flexible choices on how to purchase your items.

What type of items are available to lease from Progressive?

Items for personal, family or household use may be available to be included in Progressive Leasing’s lease-to-own option. Eligible items include appliances, furniture, jewelry, electronics, mattresses, mobile devices and accessories, musical instruments, and more. Progressive Leasing will not allow certain kinds of items to be included on the lease-to-own agreement Examples: items that are prohibited from lease-to-own by law, items permanently attached to a home or vehicle, consumable or intangible items, and items that create an excessive risk defined byProgressive Leasing. See Leasable Items Principles https://progleasing.com/leasable-items/

What is the process? How do I get started with a lease-to-own or lease-purchase option today?

1. Complete an application. 2. If approved, go shopping for leasable items. 3. Review, sign your lease-to-own agreement, 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 (19 in AL), 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 valid for 90 days. If you have not signed a lease-to-own agreement within 90 days, your approval expires, and you can reapply with Progressive Leasing. At some retailers, if you do not sign your lease-to-own agreement 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 made using the credit or debit card you consent to be charged in the lease-to-own agreement. This is the first payment for your lease and is part of the 12-month lease-to-own total. If you are not approved, you will not be charged anything.

How much can I get approved for by Progressive’s lease-to-own purchase program?

It depends. Applicants are evaluated on an individual basis and we look at many data points, including credit bureau reporting information, income, and banking history to determine approval amounts. These data points will indicate whether a lease-to-own agreement through Progressive Leasing would be a good fit for you 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?

Progressive Leasing will buy the leasable item(s) you selected from the retailer and lease those items to you. If you complete all standard lease payments or exercise an early purchase option, you will own the item(s).

Standard agreement offers 12 months to ownership. 90-day 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.

Can I cancel my lease?

You can cancel your lease at any 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 lease-to-own costs. To cancel your lease call us at (877) 898-1970.

How do I make payments?

During your lease signing, you agree for payments to be deducted automatically from your bank account and/or charged to your card you provided during the application process. Charges will appear on your statement as Progressive Leasing or Prog Lease, not the store where you selected your items.

Where can I access my lease agreement?

Full terms are in your lease-to-own agreement, which will be mailed and emailed to you. Your lease-to-own agreement is also available at https://myaccount.progleasing.com/. Copies sent are computer-generated and include a digital signature.

How is a lease different than a credit transaction, financing or a loan?

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. Then, you sign a lease-to-own agreement to lease that merchandise from Progressive. Progressive owns the merchandise, and you can take ownership after making all standard lease payments or through an early purchase option.

Standard agreement offers 12 months to ownership. 90-day 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.

Will a lease-to-own application impact my credit?

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”?

“No Credit Needed” means that you don’t necessarily need to have credit history or a strong credit score to be approved for lease-to-own. We do check credit bureau 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.

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

Is this a hard or soft inquiry (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 a soft inquiry option.

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 bureau 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 and may impact FICO or other credit scores.

Does Progressive Leasing pull credit reports?

Yes. Credit bureau reports are requested for all applicants, but Progressive Leasing looks at many data points in these reports besides credit scores. By doing so we can approve many customers with less than perfect credit or with a thin credit file or no credit file.

What other information does Progressive Leasing consider?

We look at many different data points in our decisioning process. This may include credit information, income, and banking history.

Does Progressive Leasing 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-to-own purchase program, not credit.

Does it matter that I have bad or no credit?

Our decisioning 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.

What will my recurring payment be?

Because we do not know what items you will select, we cannot yet tell you your recurring auto-payment amount, 12-month lease-to-own total, payment schedule, etc. These details will be in your lease-to-own agreement, which will be emailed to you after you apply, get approved, and select your items. You’ll have an opportunity to review all of these terms before you sign. There is also a convenient payment estimator (here) 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 auto-payment schedule will begin on your next scheduled payday after you receive your items. 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?

Standard Lease-to-own agreements are set up for 12-month to ownership

Do I have the option of paying off my lease and owning the product(s) before the standard 12 months?

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) as provided in your lease-to-own agreement. This is the least expensive lease-to-own purchase option and expires 90 days (3 months in CA) after your item(s) are delivered. After this option expires, you can exercise an early purchase option for less than the total of remaining 12-month lease-to-own total, as described in your lease agreement.

Standard agreement offers 12 months to ownership. 90-day 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.

What if I can’t pay for my item within 90-days?

Our standard agreement offers 12-months to ownership, if scheduled payments are made. Remember you are leasing the merchandise you selected until you make all payments or call us to exercise an early purchase option.

Standard agreement offers 12 months to ownership. 90-day 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.

What if I can no longer afford my payments?

We understand that unexpected situations come up that may prevent you from continue to lease-to-own your merchandise. If you find yourself unable to continue with your lease-to-own agreement, please feel free to call Customer Service to discuss your options. (877) 898-1970. You can cancel your lease at any 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 lease-to-own costs. To cancel your lease call us at (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 payment schedule that works. If you need to discuss potential 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 12-month lease-to-own total includes the cash price of the items and the lease-to-own costs. It is the total of all scheduled lease payments, which includes your initial payment. You will also be responsible for applicable sales tax. Acquiring ownership by leasing costs more than the retailer’s cash price.

Will I receive a monthly billing statement?

No, but you will receive a letter welcoming you to Progressive Leasing with basic information about your lease –to-own agreement, including your payment amount and frequency, 12-month lease-to-own total and early purchase options. Your account can also be accessed online 24 hours a day 7 days a week at: https://myaccount.progleasing.com/.

Standard agreement offers 12 months to ownership. 90-day 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.

Are returns allowed?

To return your item, contact Progressive Leasing customer service at (877) 898-1970. 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. You can cancel your lease at any 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 lease-to-own costs. To cancel your lease call us at (877) 898-1970.

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.