Frequently Asked Questions

We provide loans between $1,000 and $15,000.

Our flexible payment terms range from 12 to 60 months and are paid back in equal instalments.

Our annual percentage rate (APR) is between 19% and 46.95% and is typically determined by your prior borrowing history.

We proudly serve Canadians in all provinces and territories with the exception of Quebec.

Our minimum requirements are:

• You must be a Canadian citizen or Permanent Resident

• At least 18 years old

• Earn over $1,000 net pay per month

• Have been with your employer for at least 31 days

In addition, we may 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

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.

We make this as simple as possible by setting up automatic payment withdrawals from your bank account on your regular pay date. We also offer additional payment methods if you wish to make extra payments to pay your loan off faster or to catch up on a missed payment. You can find more payment information and options on our Make a Payment page.

While you should do your best to avoid missing payments, we understand that they can happen. If you are a Progress Plus subscriber, you will have the ability to skip a payment if you need to and you will not get charged an NSF fee for a missed payment. If you are not a Progressa Plus subscriber, we charge an NSF fee of between $25 and $50 for each missed payment depending on which province you live in.

Not if you are currently in bankruptcy. However, if you are discharged, we may be able to assist you.

In order to qualify for a loan, you must be actively employed. If you are collecting a secondary source of income then this will be considered when we are evaluating your application, but it cannot be your only source of income. In all cases, there are a number of factors that go into our credit decisions and loan affordability is an important piece. If you are unsure if a Progressa loan may fit your budget, give us a call and we would be happy to walk through it with you.

Yes. Many of our customers turn to 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.

Our optional Loan Protection Plan coverage includes:

• If you are laid off, your payments may be covered for up to 6 months

• If you are injured or ill, your payments may be covered for up to 6 months

• If you are critically ill, 100% of your payments may be covered

• If you pass away, 100% of your estate’s payments may be covered

• In the event of a Lifetime Milestone such as Marriage, Purchase of a Home, Birth, Adoption or Retirement, your payments may be covered for 3 months, up to the maximum benefit

• In the event of an unpaid family leave, your payments may be covered for 3 months, up to the maximum benefit

The optional Loan Protection Plan is a Credit Group Insurance Plan underwritten by Canadian Premier Life Insurance Company and Canadian Premier General.