Customer service
Diversity of Products or Services
Price Affordability

Update by user Apr 29, 2016

I was able to completely pay off the entire purchase BEFORE the 90 days, after which I would have had to pay more. I was not charged any more after I made all the payments online.

Remember, with every single payment I made, there was an additional 7.50% tax I had to pay.

That was what I hated the most. I would not use them again.

Original review posted by user Oct 12, 2015

I purchased furniture at Big Lots. Total cash price = $807.98.

I decided to go with their leasing through Progessive for 2 reasons: (1) I didn't want to incur that much debt onto any of my credit cards. (2) Theoretically, if you don't default, this won't go on your credit report as a hard inquiry nor as a new line of credit. I have good credit and because I plan to buy a house in the near future, didn't want to have a hard inquiry on my credit report nor wanted to add to my debt. This option seemed to help me have my cake & eat it too.

Unfortunately they charge so much extra, that spreading the payments out literally doubles the cost. The balance at the end of 12 months is $1,600+. For some people, they can't afford to pay it all off soon, so they have no choice but to pay double for their products. I'm not gonna do that.

On one hand, if I purchased my items with a credit card, I'd be charged a purchase charge interest. I spoke to them on the phone today and spoke to a very friendly young lady, who helped me understand the Early Buyout Option & 90 Payment Option. She even remained on the phone with me while I did the math and realized "*** they charge so much extra!" She told me Progressive charges a mark up, sales tax (7.50% for me), and Lease Multiple (some sort of fee) that for me is 1.8% (a fee to use their service apparently). Overall, I'm not sure if using them was the smartest move on my part- only b/c I feel like I'm going to be paying more than $807.98.

As it is, they charged 10% on the balance so in reality, the total became $888.78 and from there, they charged the fees and determined a year balance of double the amount, each time charging 7.50% sales tax for every single payment. They will be deducting twice a month, a small amount of $72.62. So how much extra will I be paying between Progressive versus Interest charges on my credit card? Progressive allows for payments online- YAY!

Because I am going to be paying way more than the minimum. By doing so, the Rep said that by the time 90 days is over, the balance I pay to buy it out is 60% (and the more money I pay before the 90 days, the less the buyout price becomes). So, that's my game plan. It hasn't even been 24hrs since I purchased the furniture.

But for me, the Pros to this is that I didn't put it on a credit card (No debt) and no new credit line was opened.

This is almost like lay-away except you're paying for the service, so you end up paying more. I have yet to see if going this route is better than using my credit card.

Reason of review: Good customer service.

I liked: Rep was very helpful.

I didn't like: Fees doubled your purchase price.

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This is an option for people with bad credit. If you have good credit then choose another option.

to Anonymous #1151881

OR for people who don't want to accrue any more debt.

South Jordan, Utah, United States #1109111

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