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Progressa Review

Progressa started in 2013 with a vision to create a consumer finance company that is socially responsible by encouraging Canadians to borrow for the right reasons. Their goal is to help people turn their financial situation around by offering loans to pay off outstanding bills and collections. Their company mission is to help borrowers get their finances back on track by providing better solutions, excellent customer service and excellent products.

Progressa was named by CB Insights to the 2018 Fintech 250 which is a list of the top fintech startups in the world. Progessa also has an A+ rating with the Better Business Bureau of Canada. Progressa is different from the typical payday loan solutions, offering borrowers a chance to break free from the usual payday loans.

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Written by: Piggyy

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progressa- logo

Loan Amount

$1,000 - $15,000
3.8/5
3.8/5

Piggyy Rating

Apply Now
Progressa

Loan Term

6 - 60 months

Est. APR

% 19.99 - 46.95

Loan Amount

$1,000 - $15,000
Pros
  • Easy application process
  • They do not use only the credit score, but the whole profile for approvals
  • They are well known and trusted
Cons
  • APR is high if you don’t get the low end
  • Harder application process than others
  • Longer wait times
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Contact information

Mail:

2288-1177 West Hastings,

Vancouver, BC V6E 2K3

Call toll free at 1-855-723-5626

Email the office at [email protected]

 

Personal Loan Options Offered 

 

Progressa offers loan options to suit your circumstances. Their loan  experts work with you to find the loan that fits your needs and budget. Since they are customizing the loan to you, this could be anything from an installment loan to a quick payday loan. 

Not all payday loans or payday loan companies are created equally. Progressa is one of the more sought-after personal loan companies because of the solutions they offer and their focus on customer service. Have a personalized private loan made up just for you, your needs, and your budget. 

 

Pre-Qualifying for Short-Term Loans 

To obtain a loan, you must pre-qualify with an online application.  You will have to meet a series of requirements before you can qualify for a loan from Progressa. These are some of the stipulations for pre-qualifying:

  • Canadian resident or permanent resident
  • Must be at least 18 years of age
  • Have to reside in one of the provinces Progressa works with
  • Have a chequing account
  • Have a regular, steady job for at least 6 months 
  • Have a monthly net income of $1500 or more

 

That is all you need to qualify. The most important thing is having a job. If you haven’t been employed for at least 6 months it will be much more difficult to qualify for a loan. 

 

Documents required

 Progressa requires the following documents in order to approve you for a loan:

  • 2 pieces of photo identification that is government issued
  • Proof of income
  • Proof of address to confirm you reside in Canada
  • 3 months of your bank account statements
  • A void cheque or pre-authorized debit for

 

APR Rates Offered on the Loans Available 

The APR rates vary from person to person. The rate you qualify for depends on your financial situation. The specific interest rate of your loan will be in the contract or agreement. Read this to find out all of your loan terms. 

 

The amount you can borrow from Progressa ranges from $1,000-$15,000. The APR (annual percentage rate) is generally between 19% and 46.95%. The loans have flexible payback terms, allowing you to pay back the loan between 6 and 60 months. 

 

Progressa loans are designed specifically for each borrower. Progressa takes into account the financial situation of their clients, the amount they can afford to borrow and the length of time they need to repay the loan. This helps you find a loan that is custom-tailored to your  needs. 

 

Why choose Progressa

 

Progressa has a unique approach because of its goal to be a socially responsible lender. As a result, Progressa’s approval process and loans are designed with you as a borrower in mind.

 

Progessa has a thorough process when you apply for a loan. They gather all the necessary information to make sure you can afford the payments before they approve you for a loan. They work with you to determine an interest rate and repayment schedule based on your financial history.

 

Progressa directly pays any overdue bills, debts that need to be consolidated, collections or judgments that are to be paid with the loan. This way, you can be certain your payments have been made and you don’t have the hassle of making the payments yourself.

 

Their team of experts offer excellent customer service. If you have any questions, concerns, or issues that need to be resolved, you will get the help you need from their customer service team. 

 

How to Sign Up with Progressa

 

If you’re ready to get a loan and pay off everything, then now is the time to apply. If you want to sign up with Progressa, you can do so following these quick and easy steps

1
Progressa 1

Sign up through the website by clicking the “apply now” button.

2
Progressa 2

You want to input all the information they request from you when you are filling out the loan application.

3

Once you apply, you will receive confirmation that you did. The approval will come shortly thereafter.

4

Get funded once you’re approved. This is done in a matter of hours once you’ve been approved for the loan.

5

Once you go through these three steps, you’re well on your way to getting the best possible loan that you can. Since they customize the loans to you, make sure you answer all the questions they give you to the best of your knowledge. The right loan is waiting, you just have to grab it.

Frequently asked questions

How do I receive my money?

Many of those who work with Progressa use their cash advance to pay for a bill that is in collections. In these instances, Progressa can send this cash to the debtor to pay them off, so you don’t have too. This way, you don’t have to deal with any other issues that may rise. 

 

Those who are not paying a debtor or wish to do so themselves can have their amount direct deposited into their chequing account.

What territories or provinces do you serve?

Since every place is different and not all provinces are included in every financial institution, it is important to know what comes with this one. All Canadians that are residents can obtain a loan through here, except for those who are living in Quebec. 

How do I make payments?

To make this process simpler for those who borrow, they just debit the amount that is due every month from the chequing account that you gave in the beginning. The date that this happens every month is in the agreement paperwork.

What happens if I miss a payment?

If you know you’re going to miss a payment, we recommend calling us ahead of time and letting them know. This way, they can wave the fee and then set up the payment for another day.  If you miss your payment but don’t inform us ahead of time, you will pay the NSF fee. Things

Will this hurt or help my credit score?

It could do either, depending on how you treat the loan when you get it. If you don’t make payments like you are supposed to or if the money is not in the account to be taken out, then you will find that this hurts your credit score. 

 

Those who borrow responsibly can boost their credit with the use of the loan. Making payments on time and paying off the full loan amount in a timely manner can all do good for the credit report. 

What if I had a bankruptcy, can I still apply?

If you have gone through a bankruptcy and have been discharged, you can still apply.  The company may be able to provide a loan that works for you. However, those who are still going through the bankruptcy process are unable to qualify for a loan during this time. The bankruptcy must be complete and discharged.

What if I get special types of financial assistance?

If you are someone who receives disability insurance, employment insurance, or other types of financial assistance as your income you need to give us a call. You can still apply and be approved. You do have to show proof of these types of incomes though.

Do you have a loan protection plan?

Yes, they do have an optional loan protection plan that you can obtain to provide you with the peace of mind knowing your payments are covered should something happen. The protection program works like this:

 

  • Get coverage if you lose your job or are laid off, this plan will cover 6 months 
  • Get coverage up to 6 months if you’re injured or sick 
  • If you’re critically ill then your payments left are 100% covered
  • If you pass away, then your payments are 100% covered
How long is the approval process?

The approval process varies depending on your specific situation. It can range from 30 minutes to a few days depending on your credit picture and financial background. Having to put all the numbers together is something that can also delay the process. 

 

They try to get everyone approved and funded as quickly as possible, but sometimes verification can take a bit longer than some would like.

How quickly will I get funded?

Once you receive your approval, you will receive funding within 48 hours. This will be direct deposited into your account on file or sent to the debtor(s) you’ve asked us to contact and pay on your behalf with the loan amount. 

Why shouldn’t I just use a bank?

Progressa is different from a bank because they work faster, have a better application process that is simpler and quicker, and you can still qualify for a loan if your credit is less than perfect.

 

Progressa looks at everything in your financial background, not just your credit score. They make sure they know that you need the loan, but that you’re going to pay it back. Even if you don’t have ideal credit, this loan might be for you.

What are the stipulations for borrowing?

You can borrow between $1,000 and $15,000. The best part is that the pay back terms are just as flexible, allowing you to have 6 to 60 months to pay back the entire loan. This is great news for those who feel like other places do not give them enough time.

 

The specific amount of time you must pay back your loan is stated on the agreement between you and Progressa. Make sure to check it out.

Conclusion

 

Progressa can be a good choice for borrowers who want to consolidate their debt, pay off a collection or get their finances on track. Their online application process is simple to use. Progressa makes sure borrowers can afford the loan payments by doing a thorough review of the information provided. They don’t want people to borrow and then end up in a more difficult financial position. While their rates are high, they are not as high as some competitors such as payday lenders. It’s possible that you can qualify for a rate that is on their lower end. If you have debts you need to consolidate or bills to pay, Progressa might have the right solution for you.

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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