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Progress Financial provides unsecured, closed-end loans with small, fixed payments. Loan amounts range between $500-$2,500; a typical loan size is $1,000. The loan is disbursed by issuing a check to our borrower or on a Purchase card accepted at any Progresso’s retail partners.

Progresso’s program is designed to meet the borrowing needs of under-banked Hispanics who do not have:

  • An established credit history in the US and/or a FICO score
  • Valid US driver’s license or ID card.

Progresso accepts most photo identification issued by foreign governments.

Loan Characteristics

Easy to Understand

  • Fixed payments (“cuotas”), fixed APR
  • Match payments to paychecks and budgets
  • Every payment works to reduce the balance to $0.

Easy to Apply

3 easy and simple requirements:

  • Proof of address
  • Proof of income
  • Valid photo ID

Additional documentation such as a tax return can help in the approval process but are not necessary for the application.

APR

In exchange for granting loans Progress charges an annual interest rate that varies between 25% and 28%.

Future Products

By starting with a credit-building loan, PF hopes to graduate customers up the financial mainstream (better checking, savings, 401Ks, etc.).