Frequently Asked Questions About Progressive Financing

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WHAT ARE THE GENERAL REQUIREMENTS?

Our general requirements are that you must be at least 18 years old, have a source of income, reside outside of New Jersey, Minnesota, Vermont and Wisconsin

We have three requirements:

Income: Earn at least $1,000/Month. We accept self-employment, SS/VA/Retirement/Long Term Disability. 

Employment: You must be employed with the same employer or self-employed for at least the last 6 months (no temp service).

Checking Account: You must have an open and active checking account for at least 3 months and it must meet the following conditions:

  1. No NSF’s (Non-Sufficient Funds) or excessive overdrafts within the last 30 days

  2. At least $500.00 of deposits per month and 5 transactions per month

  3. No prepaid debit cards.

DO I NEED TO HAVE GOOD CREDIT?

No credit? Bad credit? No problem. As long as you meet the approval requirement listed above, you can be approved.

HOW QUICK IS YOUR APPROVAL PROCESS?

You will receive the approval decision within 60 seconds after you submit your application. The decision includes approved, pre-approved or declined. Additional documents may be required to complete the approval process.

DO YOU ACCEPT A CO-APPLICANT?

Yes, we accept co-applicants. You can combine your income with your co-applicants to get a higher lease limit. Co-applicants must meet the same requirements.

CAN I GET MORE THAN ONE PRODUCT?

Yes, you may lease any number of products up to your approved spending limit.

WHAT IS A LEASE?

A lease is a contract between a lessor (the property owner) i.e. the finance company and a lessee (the property user) i.e. you the customer for the use of property subject to stated terms and limitations for a specified period and at a specified payment.

HOW DOES THE LEASE WORK?

With a lease, you are agreeing to make scheldued  payments for a specific amount of time (the initial lease term) which may vary by state notice, then the lease typically rolls over for the same period as the initial lease term; please be sure to read your lease before electronically signing for the exact terms. You can also buy the item at any time by using the Early Payment Option. if you don’t choose the  Early Payment Option, just make your scheldued payments and you own the product.

HOW LONG IS THE LEASE?

The length of the lease is 12 months unless you decide to take advantage of our early payoff options.

Buyout Options

  • Various buyout options are available at any time. Including:
  • 90 Day Early Buyout - During the first 90 Days, customers are welcome to pay off the financed amount (cash price or the "Unclaimed" price plus application fee) as if they had paid for the merchandise upfront.
  • 35% Discount Option - The second buyout option allows customers to fully own the merchandise early at a 35% discount off the remaining balance.
  • The sooner you pay off the lease, the more money you would save.

WHAT IS THE INTEREST RATE?

Because this is a "lease to own" rental agreement you are not charge interest rates. Leasing fees are included in the scheldued payments. Minimum payments are a factor of 1.8 or 2.0 of the total amount financed for 12 months.  Remember you can use a 90 day buy-out option and save money!

WHAT IS THE CASH PRICE?

The cash price is the amount you would have paid online or at a store to buy the item(s) or the "Unclaimed" price of the product.

PAYMENT SCHEDULE

Payment schedules are automatically set up according to the customer's pay date. These automatically deducted payment schedules include: weekly, bi-weekly, semi-monthly, and monthly payments.

ACCOUNT PROCESSING FEE

Upon signing your lease agreement a fee up to $50.+ local tax account processing fee will be charged to the  debit or credit card provided on application the exact fee is determined by which finance company approves you.

WHEN IS MY FIRST PAYMENT DUE?

You will receive a 10 day grace period upon signing your lease agreement Your first payment will be due at your next indicated pay period.

CAN I RETURN THE MERCHANDISE?

Through our financing option, jewelry delivered is “Lease to own,” where by the leasing company buys it from us and leases to you, the customer, with low payments and a 90 day buy out option. If you have determined that you no longer want the merchandise and want to terminate your contract you must contact the financing provider and make arrangements with them for its return in accordance with the terms in their Lease Agreement.

CAN I CANCEL MY ORDER?

You can cancel your order any time before the shipment of your order. After delivery, if you are not satisfied with your item, you may return it within 7 days of receiving it. You may be responsible for any shipping/re-stocking fees if you decide to return your merchandise. Please see details for returning merchandise.

WHY AM I GETTING "DENIED FOR FINANCING" EMAILS?

By law the denying loan bidder must send you notification in writing of your denial.

CAN I OWN THE PRODUCT?

Yes, just make your payments in accordance with your pay scheldue and you own the product. You can buy the item at any time by using the Early Payment Option.