Progressive Leasing

Founded in 1999, Progressive Leasing has grown into one of the largest lease-to-own providers in the United States, offering a financing alternative for consumers who may not qualify for traditional credit or who prefer a lease-purchase arrangement. Operating as a virtual lease-to-own company, Progressive partners with thousands of retail locations across the country, allowing customers to obtain items like furniture, electronics, appliances, jewelry, and mobile devices through lease agreements rather than immediate full payment or traditional financing. This business model serves a critical niche in the financing landscape, providing options for the significant portion of Americans who are underbanked, have limited credit history, or have experienced credit challenges that make traditional financing difficult to obtain.

What distinguishes Progressive Leasing in the financing landscape is their focus on accessibility and flexibility. Unlike many financing options that rely heavily on credit scores for approval decisions, Progressive Leasing's application process considers multiple factors beyond just credit history, making their services available to a broader range of consumers. Their approval process is remarkably swift, often providing instant decisions, which allows customers to take their merchandise home the same day they apply. Additionally, Progressive offers considerable flexibility in payment structures, with customers able to choose between 12-month lease terms with early buyout options or early purchase options that can significantly reduce the total cost. This flexibility allows customers to adapt their payment strategy based on their changing financial circumstances, potentially saving money by exercising early purchase options when their financial situation improves.

Progressive Leasing's lease-purchase agreements typically involve a term of 12 months with payments made on a biweekly or monthly basis, depending on the customer's pay schedule. The initial payment generally includes the first and last lease payments, with merchandise values typically ranging from a few hundred dollars up to approximately $10,000, though most transactions fall in the lower to middle portion of this range. The application process is streamlined and can be completed either in-store at participating retailers or online through Progressive's platform, requiring basic information like name, address, income details, and banking information. For consumers seeking alternatives to traditional financing, particularly those with limited or challenged credit, Progressive Leasing offers a path to obtain necessary items with payment terms that can be more manageable than upfront cash purchases, credit cards with high interest rates, or payday loans with extremely short repayment terms.