I see so many complaints on here and every one makes it abundantly clear that you guys didn't read the *** contract. You have no-one to blame but yourself.
My experience: I needed some gear for my music studio. The website altomusic.com offered progressive leasing. Since I'm also a student, I don't have money sitting around, but I do have a dayjob and do have steady income. I was approved for $1,400 but only needed $800 for the gear I was picking up. Before I checked out, I READ THE ENTIRE CONTRACT which made it VERY CLEAR that if I paid off the balance in 90 days that it would be ~$950 total (which means roughly %20 interest). HOWEVER if I didn't pay it off in 90 days, it converts to a 2 year loan. It was spelled out in plain text that if it went for 2 years, I'd end up playing almost $2,200!
All of this is available to you IN THE CONTRACT. You all should be READING THE *** CONTRACT BEFORE YOU SIGN IT. Jesus people. We're all obviously using Progressive Leasing because we have bad credit, haven't any of you learned to read contracts yet?
Anyway I digress. Knowing full well that if I paid it off in 90 days it would be a mere $150 in finance charges, I signed the contract, then immediately went into my progressive account on their website and looked around to make sure it was set up to have me paid off in 90 days. It wasn't. By default when you get a loan with them, they set you up for the 2 year plan. This means cheaper payments, but you'd be paying for 2 years which means nearly 100% in finance charges. Seeing this I dug around and found in the statements section you can tick a box to have it plan your payments in a 90 day plan.
The other thing I'm seeing many of you complain about is their deductions. They set themselves up to pull from your account on every payday. For me, those are static days (5th and 20th of each month), but if you're paid bi-weekly or weekly, there's options for that too. By default they deduct each payday. This was also obvious when I was looking at the account.
Lastly they also make it very clear that they will charge an initial charge which is around ~$49 upon signing the contract, then they'll take the first payment when your first payday hits. So for those who are complaining about them double-dipping, they said very clearly how the charges would lay out.
I paid it off in 90 days and my account was closed immediately after the last payment processed. I'm now going back to altomusic to get another piece of gear and will happily repeat this process because it's convenient and because I READ THE *** CONTRACT AND UNDERSTAND HOW THIS WORKS.
Reason of review: Fair pricing.
I liked: Affordable, Easy.