Leasing, Loans and Financing Overview

Leasing, Loans and Financing

Progressive Leasing’s lease-to-own option is not credit. Let’s break down the differences between lease-to-own and a credit transaction - like financing or a loan.

Watch the video and scroll down to learn more.

With a credit transaction, financing or a loan, the customer makes a purchase with borrowed money that must be repaid, often with interest.

Usually the lending company determines an approval based off of credit scores and other factors. Not everyone is approved.

Payments include a percentage that goes towards interest and a percentage that goes toward the principal. Interest rates can vary depending on the credit score, type of loan, and other factors. It could even be a revolving line of credit, like a credit card. If a customer wants to return their items, the loan would still need to be paid off.

For customers with less-than perfect credit, a lease-to-own agreement with Progressive Leasing might allow them to get the item they’re shopping for. The customer submits an application and gets an instant decision through our “no credit needed” process. “No Credit Needed” means that customers 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.

Applying for a lease-to-own agreement with Progressive Leasing should not impact the customer’s FICO score; however, we do look at credit bureau reports, and this inquiry may appear on their credit report. Not everyone is approved.

If a customer is approved, they pay an initial payment to take possession of the item and Progressive Leasing purchases the item from the retailer. The customer gets to take the item home or have it delivered and will own the item after making all recurring lease-to-own payments or completing an early purchase option by calling in to Progressive Leasing at [phone]. They can find this number on Progressive Leasing’s website or mobile app as well.

If a customer wants to, the customer can cancel their lease-to-own agreement at any time and has the right to return the items either to the store, if it’s within the return policy, or to Progressive Leasing without additional charge or penalty. They just need to call Progressive Leasing to discuss their options.

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