Transparent pricing — no hidden fees
Answers to the most common questions about Progressive Leasing financing — before and after you apply.
Progressive Leasing (a subsidiary of PROG Holdings, Inc.) is a lease-to-own financing company founded in 1999. It allows consumers to lease durable goods from partner retailers and pay over a 12-month term. Progressive purchases the item upfront and you lease it, with the option to buy early or at lease end.
Progressive uses a soft credit inquiry — which has zero impact on your FICO score. Approval is weighted heavily toward your bank account history, income consistency, and employment — not your credit score. People with scores under 580 are regularly approved.
Progressive Leasing offers approval amounts up to $5,000 for qualifying customers. The minimum purchase is $200. Your approved amount depends on your income, banking history, and other factors evaluated during the application.
You need: (1) to be 18 years or older, (2) a valid Social Security number or ITIN, (3) an active checking account at least a few months old, (4) a debit or credit card, and (5) verifiable income. The application takes about 60 seconds.
Progressive is accepted at 30,000+ locations including Best Buy, Walmart, Ashley Furniture, Lowe's, Mattress Firm, Zales, Kay Jewelers, Samsung.com, Home Depot, Target, IKEA, GameStop, Discount Tire, and Amazon via the app.
Progressive Leasing is not available in Minnesota, New Jersey, Vermont, Wisconsin, Wyoming, or Puerto Rico. In California, the standard 90-day option becomes a 3-month option with slightly different terms.
The 90-day Early Purchase Option lets you pay off the retail cost of your item within the first 90 days, plus a small leasing fee. This saves significantly compared to the full 12-month lease. You MUST call Progressive Leasing to set this up — it is not automatic.
Progressive Leasing offers weekly, biweekly, and monthly payment schedules — designed to align with when you receive your paycheck. Payments are automatically deducted from your bank account or charged to your card.
Over the full 12-month term, the total cost can be approximately 60% or more above the retail price. For example, a $1,000 item could cost $1,600+ if you complete the full term. Use our payment calculator on the homepage to see estimates for your specific amount.
No. Unlike Koalafi, Progressive Leasing does not currently report payments to the major credit bureaus (Equifax, Experian, TransUnion). On-time payments will not directly improve your credit score.
Missing a payment can result in late fees and may affect your ability to exercise the 90-day purchase option. Consistent missed payments can lead to lease termination and return of the merchandise. Contact Progressive Leasing proactively if you anticipate payment issues.
The 7 most common denial reasons: (1) checking account less than 3 months old or insufficient transaction history, (2) an active open lease already exists, (3) prior default or unpaid balance on a previous lease, (4) identity verification failure — name/SSN/address mismatch, (5) insufficient or inconsistent income deposit pattern, (6) debit card at checkout not linked to the bank account on the application, (7) applying to multiple lease-to-own companies simultaneously.
Yes. Address the denial reason first — most commonly by building up more banking history, resolving any prior balance, or ensuring your card matches your bank account. You can reapply once the underlying issue is resolved.
Yes. Progressive Leasing is a legitimate company, a subsidiary of PROG Holdings, Inc. (NYSE: PRG), a publicly traded company. It holds an A+ BBB rating and has served millions of customers since 1999. Always read your lease agreement carefully before signing.
Yes. You can return the leased merchandise to the retailer and cancel the lease at any time. Once the item is returned, your payment obligation ends. This flexibility is a key advantage over a traditional loan.
