PERSONAL FINANCE BLOG

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Progressa Personal Loans Review
4 Sep 2018

Progressa Personal Loans

Times are tough, and many Canadians are struggling with troublesome debt. Progressa personal loans are tailored specifically for people in your situation.

Take out a loan that will help you on the road to a better future.

You are interested if

You are in a rough spot financially and need some money to tide you over, but also want to work toward a more prosperous situation over time.

 

Key Points

Brief Description Progressa personal loans are medium-sized, medium-term loans that the client can customize to suit their needs. These loans are given with the primary aim of helping people pay off outstanding bills and rebuild their credit.
Limits and Deadlines Progressa uses a flexible installment loan system; you can borrow up to $15,000 and have up to 60 months to pay it back. Progressa personal loans are not available in Nova Scotia or Quebec.
Urgency The entire lending process should be completed in under 48 hours.
APR Range Between 19% and 46.95% depending on your level of creditworthiness (including but not limited to your credit score). Some clients may see their rate fall over the course of their repayment period (see below for details).
Closing/Origination Fees None – the total cost of the loan is packaged into the stated APR.
Early Payment Fees None.
How to Contract the Product Just fill out the appropriate forms on Progressa’s website and wait for someone in the company to contact you. After they’ve spoken to you, they will let you know if you’ve been approved and get your money to you as soon as possible (after the necessary verification processes).
Main requirements You must be a Canadian citizen aged 18 and up with no active bankruptcies or consumer proposals, with a job you have held for at least 6 months and which pays at least $1,500 every month. You’ll also need to provide proof of residency and income, 3 bank statements, 2 pieces of government photo ID and a blank cheque or pre-authorized debit form.

About Progressa Personal Loans

Main Features

Progressa’s commitment to serving people who lack the solid credit history needed to get ahead in life clearly influences the way they handle things in their operations. They do include a credit check as part of their lending process, but they emphasize that they do not assign it much importance when considering an application. Instead, their three key metrics are the stability of your income, your ratio of income to expenses, and your current debt load. The fact that they speak to applicants directly to obtain this information is

They strive to ensure that customers are only approved for loans that they can reasonably afford and that will ideally help them get to a better financial place in the future by building credit. Their direct pay loan option is helpful for people in dire debt situations whose greatest need is to satisfy the collections agencies; this way, there is no possibility of temptation to use the funds for anything else. Progressa even employs a unique sliding scale for their APR rates that lets customers who consistently make their loan payments in full and on time – since repayment installments are automatically debited from borrowers’ bank accounts, this should be extremely easy to achieve.

How Does It Work?

To start your application, you’ll need to answer a few quick questions about your income, how much money you would like to borrow and how long a repayment period you need; supporting documentation will need to be provided as well. All of this can be done online.

After submitting the necessary paperwork, you will be contacted by a company representative to discuss further specifics and make sure the loan is indeed affordable for you and will not cause financial hardship. You can ask any questions you may have at this time before any formal agreement has been made. At the end, you will be told whether or not you have been accepted for a loan.

You can opt to receive the money via direct deposit, cheque, or Direct Pay (having Progressa pay off your debt directly without passing the money to you first). Once you’ve done this and everything has been properly substantiated, your money will be on its way. Repayment happens automatically through direct debits to your bank account every month.

Conclusions

Progressa offers many of the same loan parameters as its competitors, but they use little distinctions to set themselves apart from the crowd. Few lenders still have the option of getting your funds by cheque, and some borrowers may have a strong preference for that funding method. They also offer several other uncommon options and complementary services, such as their adjustable APR program and their free credit report provision through their partnership with TransUnion. Customers looking for little extras like this won’t find them at just any lender.

Progressa also takes longer to deliver funds to their clients than many of their competitors do, and this can be a deal breaker for those who have no time to waste. However, 48 hours isn’t an exceptionally long time to wait, though, and those who aren’t under extreme time pressure won’t find themselves terribly inconvenienced by the delay. The APR on their loans can also be a bit high in spite of their potential to fall over time.

Progressa: Lending a Helping Hand

Since opening from their Vancouver office in 2013, Progressa has loaned millions of dollars to thousands of satisfied customers all over Canada. Their focus is on assisting Canadians troubled by debt to overcome their financial difficulties through smart borrowing. All of their additional services are geared toward identifying credit problems, patching them up, and rewarding positive financial behaviours that help people get back on track.

What We Think

Progressa’s ideal customer is someone who will appreciate the careful financial guidance they offer; if you’re not in the best place financially, they may be your best chance at both acquiring funds and improving your long-term economic well-being. That said, their help does not come cheap, and their high APR on most loans makes it hard to justify recommending them as a first choice. Most customers do qualify for lower rates after a few months of repayment, but it’s best not to count on that when it isn’t a sure thing. Consider Progressa if you feel your situation warrants it, but don’t be afraid to look elsewhere if you’re worried about the total cost.