PERSONAL FINANCE BLOG

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Progressa Loans
6 May 2019

Could Progressa Loans Help You Clear Away Your Debt?

Canadians are no strangers to debt, but if your personal debt load grows past a certain point, it might start to become a burden on your life. Progressa is a lender that specializes primarily in debt consolidation loans, although they do offer regular installment loans to consumers as well. Their commitment to responsible lending is reflected in how they do business, and that sort of resolve makes them a great choice when you’re in a vulnerable situation.

What These Loans Are

Progressa offers medium-sized loans between $1,000 to $15,000 that you must repay over some time between 6 and 60 months depending on the nature of your loan offer. The interest on those loans ranges from 19% to 46.95% depending on what your credit profile looks like when you apply. This doesn’t just mean having a good credit history – you’ll also have to have fewer total obligations and preferably no past bankruptcies in order to get the best rates. If you have a current bankruptcy in the works, you will not be approved at all.

You can apply for these loans entirely online, but there’s one extra step to go through before you can be approved. While many lenders will let you borrow from them as long as you meet their requirements and are willing to pay what they ask, Progressa is somewhat pickier about their customers. They require that you speak to one of their agents first so they can get a clearer understanding of your financial history and what you expect from these loans. This level of individual attention is uncommon in the lending market, but it has benefits for both the lender and the consumer. Progressa is able to more accurately gauge whether you’re a good risk for them to take on, and you have less of a chance of ending up with a loan you can’t manage. It’ll take up a little extra time, but it will be well worth it in the end.

Understanding How They Will Help You

In order to get the most out of what Progressa has to offer, you’ll need to understand how they mean to help you. A big part of that is understanding what a debt consolidation loan is supposed to do. Debt consolidation loans do not get you out of debt immediately. None of the money you owe is written off, the need to collect it is simply transferred to another institution. They are not intended to provide you with a quick fix to your problems, but instead allow you to become more organized about your debt and potentially enjoy a much lower interest on the total amount as well. The extent to which Progressa can help you will depend heavily on your own debt status and the exact nature of the debts that make up that status. That’s part of why they choose to provide so much one-on-one help with their advisors during the application process. If you go into it with the right expectations, you have a much better chance of getting what you need out of the experience.

Get a Head Start on Your Loans With Giveaways

One great thing about Progressa that you won’t find with all lenders like this is that they run many giveaway contests over the course of the year that could help you pay down your debt at zero cost to you. The current contest they are running is called the Financial Freedom giveaway (summer edition), and all entrants to it have the chance to win $1,500 in credits toward any loans they have taken out at the moment. It is open to all Canadian residents except people living in Quebec, which makes sense since they do not currently serve that province at all anyway.

All you have to do to enter is either follow Progressa on Facebook and ‘Like’ the post they made about the contest, or follow them on Twitter and Tweet the specific phrase that you can also find in that same Facebook post. Each method gets you one entry, and you’re able to use both for two entries for yourself if you want. The current contest only lasts until the end of September 2019, but when it ends, another one will begin almost immediately. This rotation of giveaways allows the lender to crown more winners over time and gets the word out there about the great work that they do, so it’s a win-win for everyone.

Learn From the Experiences of Others

When you’re considering buying any product, it’s always a good idea to find out what other people think of it. All reviews you can find online for Progressa loans are not unanimously positive, but they certainly trend strongly in that direction. Even on the website for the Better Business Bureau, where you would expect to see more complaints than usual as a result of the nature of the site, there is remarkably little negative commentary compared to the number of positive reviews and people expressing their satisfaction with this company. Part of this may have to do with the limited nature of what they offer, since they won’t deal with people who are not financially stable enough to take out a loan. They also tend not to deal with people who do not have a specific debt problem to solve and a plan with which to accomplish that goal. Still, the high ratings are very impressive and a good sign that you will be happy with what you get if you choose to work with this lender.

Will You Enjoy Borrowing From Progressa?

While no one can say for sure what your individual reaction will be, all the evidence suggests that you will have a good experience borrowing from Progressa. Their ethos is admirable, their rates are decent, their one-on-one talks can be extremely helpful and they even offer you the chance to win some money from them. Their debt consolidation niche means that many potential borrowers will have to write them off because they simply do not need the products they offer, but that’s not a bad thing; those people are just a poor fit. For those who do need that type of debt recovery service, Progressa is sure to be at the top of their list of lenders who could really help them out.