Who is Progressive Finance?

With over 17 years of experience in difficult credit solutions, Progressive has developed a hybrid lease/purchase supplemental program that approves 9 out of 10 applications regardless of your credit history. In over 9 years, their lease/purchase program and company reputation has spread to over 1,400 stores in 43 states. Instead of using a customer's credit history, their approvals are based on three factors:

This is a Lease/Purchase Agreement through Progressive Finance.

1. The customer must be employed by the same company for at least SIX months.
2. Must have a gross income of $1,000 per month and deposit at least $500 per month into checking account.
3. The customer must have an open, active bank account established for at least 3 months with NO returned checks or NSF fees within the last 30 days, and a mimimun of $500 deposited per month.

NOTE: There is a $40 Application Fee.

1. What is the interest rate/customer payment?

   This is a lease/purchase program - there is no interest rate. Progressive purchases the merchandise from Schultz Furniture Superstore, the customer then leases if from Progressive with monthly payments. Lease payments are 15% of the invoice per month. Example: $1000 invoice = $150/mo payment for 12 months.

2. Buyout options

   We offer buyout options to customers who wish to own the merchandise outright before the 12 month term is up. They have two options:

   • 90 days same as cash - The customer pays only the invoice amount and a $40.00 processing fee within 90 days of the delivery date.
   • 65% buyout option - If the customer wishes to own the merchandise outright after 90 days, they may purchase it at 65% of the balance left on their account.

     Example of 65% buyout: After six months, customer wishes to purchase the agreement outright, and their balance is: $900. They will be given the buyout price of $585 to own the merchandise outright.

1. To Verify INCOME REQUIREMENTS of $1,000 a month for at least 6 months, bring:
• Current paystub with YTD; (In the months of January through June, previous years W2 form is required) or
• S.S. or Disability Benefit Letter stating how long they have received benefits, and how much they receive; or
• Letter from employer (on company letterhead) stating length of employment and gross YTD;
• If self-employed - Provide a 1099 and 30 day bank statement OR a business license and 3 months of bank statements;
• If you apply between January and June, you must submit your December paystub or W-2 from previous year.
2. To Verify CHECKING ACCOUNT REQUIREMENTS bring a 30 day bank statement that shows:
• No NSFs & no overdrafts;
• Account open for 3 months;
• At least $500 in deposits monthly;
• Does not end with a negative balance.
3. VOIDED CHECK (Or a Bank Account Verification Form)
4. PHOTO I.D.