Progressive Leasing is a predatory loan company

  • 4 September 2023
  • 4 replies

Badge +1

When I signed up with Cricket and purchased a new phone about 2 months ago, I assumed it would work like other cell phone companies - they add an additional amount to your monthly bill until it's paid off. I was told they use a lease-to-own program. No problem. But when I looked at my Progressive Leasing account  to check my progress, I saw that I was in a 12-month contract. What?!  I am paying about $100 per month for a phone that cost $499. That doesn't add up. Then, I saw that the total amount I would pay would be around $1,200. Insane!! That’s more than a 50% interest rate. The files I signed mentioned nothing about this. My only option is to pay off a lesser amount in 90 days. I’m trying, but I recently lost one of my part-time jobs.

I feel tricked and trapped. Cricket should NOT be using this company. Other companies such as Best Buy and Mayfair use them and they should not. Check their profile on the Better Business Bureau website and you will see many similar complaints. This company is banned in a few states and has a lawsuit filed against them.

4 replies


I'm really sorry to hear about your experience with Progressive Leasing. It's frustrating when things aren't transparent, and you end up in a tough situation. Thanks for sharing your story; it's a valuable heads-up for others who might be considering similar arrangements. I also suggest contacting professionals like Mortgage Broker in Chesterfield to make the best decision. I hope it helps!

Badge +1

It's important to carefully review the terms and conditions of any financing agreement before signing up. While it's understandable to assume that a lease-to-own program would operate similarly to other cell phone carriers, it's crucial to fully understand the details, including the total amount you'll pay, the interest rate, and the payment options.

In your case, it's concerning that the details of the 12-month contract weren't clearly explained to you upfront. It's also concerning that the total amount you'll pay, $1,200 for a phone that cost $499, indicates an interest rate significantly higher than what's typically considered reasonable.

Given the various complaints against Progressive Leasing and the lawsuit filed against them, it's evident that there are concerns about their practices. It's commendable that you're trying to pay off the lesser amount in 90 days, despite the recent loss of your part-time job.

Here are some suggestions that may help you navigate this situation:

  1. Contact Progressive Leasing: Reach out to Progressive Leasing directly and express your concerns about the contract and the high interest rate. Clearly state that you were not informed about these details upfront and inquire about options for renegotiating the terms or terminating the contract if possible.

  2. Contact Cricket: Inform Cricket about your concerns and the issues you've raised with Progressive Leasing. Explain that you feel misled by the lack of transparency regarding the contract terms. Request assistance in resolving the situation and inquire about alternative financing options through Cricket directly.

  3. Seek Legal Advice: Consider consulting with an attorney specializing in consumer protection or contract law. They can review your agreement and advise you on your rights and options for recourse.

  4. File a Complaint: You can file a complaint with the Better Business Bureau (BBB) and the Consumer Financial Protection Bureau (CFPB). These organizations can help you document your experience and may investigate Progressive Leasing's practices.

  5. Raise Awareness: Share your experience on social media platforms or online forums to raise awareness about Progressive Leasing's practices and encourage other consumers to be cautious when dealing with them.

Remember, you have the right to understand the terms and conditions of any financial agreement before you enter into it. Don't hesitate to seek clarification or assistance if you have any concerns.


Badge +1

Thank you for your advice and sympathy. I have done some of the things you suggested. I talked to Progressive Leasing and complained and they had little to say about this interest rate policy and wouldn't offer any solutions except to skip a payment or do the 90-day payoff. Ridiculous. Cricket is hard to get a hold off,  but I did file a complaint on the website and posted a review. I did file with the BBB and the FTC. I should post on social media too. Thanks again! 

Badge +1

Here are some recommendations for addressing the situation:

  1. Contact Progressive Leasing: Reach out to Progressive Leasing directly and express your concerns about the unexpected 12-month contract and the high overall cost. Explain your financial situation and inquire about any options for renegotiating the terms or early payoff.

  2. Contact Cricket: Communicate your concerns to Cricket as well. Let them know that you were not adequately informed about the details of Progressive Leasing's lease-to-own program and that the unexpected costs are causing financial hardship.

  3. Seek Legal Advice: Consider consulting with a consumer protection attorney to understand your legal options and explore potential remedies. An attorney can advise you on whether there are grounds for a claim against Progressive Leasing or Cricket.

  4. File Complaints with Regulatory Agencies: File complaints with the Better Business Bureau (BBB) and the Consumer Financial Protection Bureau (CFPB). Your complaints will add to the growing body of evidence against Progressive Leasing and may prompt further investigations or actions.

  5. Explore Alternative Payment Options: If early payoff is not immediately feasible, consider alternative payment options, such as a side hustle or budgeting adjustments, to reduce the overall cost of the phone.

Remember, you have the right to transparent koows and fair financial transactions. Don't hesitate to advocate for yourself and seek assistance when necessary.