What is the difference between Progressa and a payday loan?
We provide larger loans, for longer periods, at lower interest rates. A payday loan is a quick fix, and your loan payment doesn’t build your credit to help solve the larger problems you’re dealing with. By eliminating debt and building credit, we help you create a financial future with real promise.
How can you help improve my credit score?
When your debt is consolidated and paid off directly, your credit score can begin to improve immediately. Paying your Progressa loan monthly and borrowing responsibly will continue to help your credit rating. We have now partnered with TransUnion to give you access to your detailed credit report, making it easier to access the information that will help you take control of your financial future.
What do I need to do in order to apply?
Our minimum requirements are:
– You must be a Canadian citizen,
– At least 18 years old,
– Earn over $1,500 net pay per month,
– Have been with your employer for at least six months.
In addition, we’ll need copies of:
– Proof of income,
– Proof of Canadian residency,
– 2 pieces of government issued photo ID (such as a Passport or Drivers License),
– 3 months worth of bank statements,
– Pre-authorized Debit Form or Void Cheque.
If I am bankrupt, can I still get a loan?
Not if you are currently in bankruptcy. However, if you are discharged, we may be able to assist you.
What if I’m a recipient of Employment Insurance, Disability Insurance, or other forms of financial assistance?
You can still apply – you will, however, need to provide proof of your receipt of financial assistance. Also, keep in mind that our loan approvals are based on affordability. If you are unsure as to whether a loan may fit your budget, give us a call and we’re happy to walk through it with you!
How long will it take for me to get approval?
Our typical approval time can be anywhere between 30 minutes and a few days, depending on the complexity of your situation. Funding is typically processed 1 or 2 days after approval, and usually subject to a confidential employment verification.
Do you offer loan protection plans?
Absolutely. Many of our customers need Progressa because an unexpected event has had a negative impact on their credit. Once they get here, we want to make sure that does not happen again.
– If you are laid off, your payments are covered up to 6 months.
– If you are injured or ill, your payments are covered up to 6 months.
– If you are critically ill, your payments are covered 100%
– If you pass away, your estate’s payments are covered 100%