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Progreso Financiero provides unsecured, closed-end loans with small, fixed payments. Loan amounts range between $500-$4,000; a typical new loan is around $1,000.

Progreso’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.

Progreso 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

APR varies according to many factors. The target APR for our loan portfolio is approximately 36% APR, consistent with guidelines set by the Federal Reserve and consumer advocates for small-dollar lending to underserved communities.