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Lowe’s Progressive Leasing Review and How It Works

Lowe’s Progressive Leasing financing option, also called Lowe’s LTO applies to several of its products and you can use it to defer payments up to 12 months.

From allowing short-term rentals, to enabling buy now pay later for washers and dryers, lease to own option to enable more people to finance items from its vast home goods inventory, there are several reasons Lowe’s is a favorite for many.

Of all of these, only the Synchrony-powered Advantage credit card and the Progressive Leasing option can be used to make purchases towards full ownership but you need to understand the latter comes with a contract you need to carefully review before proceeding.

Progressive Leasing

Progressive Leasing

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Tip: Opting for the Lowe’s Progressive Leasing option means entering into a lease-to-own agreement, granting you full ownership of the product after successfully making 12 monthly payments.

While you can enjoy zero interest by settling the total within 90 days, extending beyond this period may result in doubled costs, necessitating payment of more than twice the initial product price.

Review the terms and contemplate before considering it only if you are certain about completing the full payment within the initial 90-day timeframe to avoid the high lease cost.


Lowe’s is one of the few stores that accept Progressive Leasing where you can get almost any home good you need both on financing and short-term rental basis.

Its branded Lowe’s LTO relies on its integration with Progressive to enable you and other customers to access lease-to-own options for varying products in its inventory.


Read more about Lowe’s Progressive Leasing

The advantage this option has over other financing methods you can use when shopping at Lowe’s is its interest-free financing for up to three months, termed the 90-day early purchase option.

While there are the amazing three months where you have the opportunity to complete the full payment for the product to become fully yours, the rule will change once you are unable to make the complete payment after the first 90 days.

The Lowe’s Progressive Leasing contract will detail this and as needed, you should try to review what every part of it entails.

If you have not seen the contract yet, take a look at the below to have an understanding of the different aspects that make up the document.

Key Terms of Lowe’s Progressive Leasing Contract

As you commence the application process, the contract will outline crucial aspects that require your attention and will influence the payment structure throughout the plan period.

Operating on a lease-to-own model signifies that ownership of the property is not transferred until the full payment, as outlined in the contract, is successfully completed.

Lowe's Progressive Leasing Home Banner

Below are essential components of the agreement that need your clear understanding before proceeding to sign the contract.


Cash Price (Original Product Cost)

In the context of Lowe’s Progressive Leasing, the cash price refers to the entire sum you would pay if you were to buy the item outright with cash, rather than opting for a lease agreement.

This includes the total retail cost of the product, including any applicable taxes, fees, and interest associated with a direct purchase.

For instance, if the desired item has an upfront cost of $600, that figure represents the cash price, factoring in any additional taxes and fees that might apply.


Lease Repayment Period

The repayment period outlined in your agreement with Progressive Leasing defines the duration during which you are committed to making regular payments.

These payments, commonly referred to as lease payments, constitute a vital component of the contractual arrangement.

The specified period is determined based on your selected frequency from a given set, outlining the timeframe in which you undertake to fulfill these recurring payments, whether on a weekly, bi-weekly, or monthly basis.


Your State of Residence

In your Lowe’s Progressive Leasing contract, the concept of “residence state” typically refers to your legal domicile or primary place of residence.

The inclusion of the residence state in the lease agreement holds significance as it determines which state’s laws will govern the terms set forth in the lease.

This becomes particularly crucial in legal matters and jurisdiction, especially in the event of disputes or legal actions arising from the lease.

Clearly indicating the residence state helps establish the applicable legal framework for the lease agreement.

Additionally, it is important to ascertain what your grace period payment will be and whether it should exactly be the same as the original cost price of the product or not.


90-Day Early Purchase Option (3 Months in CA)

Your lease agreement includes a “90-Day Early Purchase Option,” granting you the ability to gain ownership of the leased item before the scheduled end of the lease term, specifically within the first 90 days of the contract.

During this period, you have the right to inform Progressive Leasing if you decide to exercise the early purchase option.

The lease agreement will specify the purchase price, indicating the amount required for you to achieve complete ownership before the original lease term concludes.

This 90-day window presents an ideal opportunity to settle the costs, allowing you to maximize savings when opting for Lowe’s Progressive Leasing financing for home goods purchases.

It is worth noting that residents of California enjoy the ‘same as cash’ advantage, with an additional two days, totaling three months for CA residents.

The ‘same as cash’ provision in the contract signifies a financing option that enables you to make a purchase and pay for it without incurring interest or extra charges during a specified period.

Essentially, it offers a way to defer payments without facing finance charges for the designated duration.

For California lessee who made the initial deposit during contract signing, the 90-day Early Purchase Option is calculated as the cost price of the item minus the initial deposit.

Conversely, for users outside California, Progressive Leasing typically employs the formula ‘cost price of the item + the initial deposit.’

To illustrate with an example of a $550  KitchenAid cooktop and an initial deposit of $59:

  • 90-Day Early Purchase Option in CA: $491 (that is $550 – $59)
  • 90-Day Early Purchase Option Outside CA: $609 (that is $550 + $59)

It is important to note that all your repayments will contribute to the total amount.

If, for instance, you have already made two installments, those will be subtracted from the final amount required for full ownership.


Early Purchase (Post 90-day) Option

This represents a second opportunity for you to minimize rental fees by covering the associated costs. It is applicable after missing the 90-day EPO.

In contrast to the 90-day Early Purchase Option (EPO), you will need to handle both the “lease-to-own cost” and the cash price at this juncture.

The timing of your decision within the contract duration can result in paying over 65% extra compared to the original cost of the product.

For example, take a riding lawnmower with a $950 price tag; choosing the early purchase option after the initial three months could potentially increase the cost to $1,489.38 or more based on the result from the Progressive Leasing calculator.


Cost of Lease-to-own

In the Lowe’s Progressive Leasing contract, the term “lease-to-own cost” denotes the total amount that, as the lessee, you will be responsible for paying as costs for renting the product throughout the lease term.

If you decide to buy the item in the 12th month, this will be added to the cash price at the end of the lease to give you the total cost of ownership.

In essence, you can interpret this as the combined rental fee for the entire duration of your lease agreement.


12-month Lease-to-own Total

This section provides an estimate of the total amount required to own the product if you proceed until the final (12th) month.

It is essentially the sum of the lease-to-own costs and the cash price.

For instance, with a refrigerator priced at $900 and a lease cost of $1,125.00, the total amount you would pay to own it at the end of the lease term is $900 + $1,125.00, equating to $2,025.00.

To estimate the potential costs for a device of your preference, you can utilize the Progressive Leasing calculator.

How Lowe’s Progressive Leasing Works

In straightforward terms, upon approval of your Progressive Leasing application, you have the opportunity to obtain the desired product from Lowe’s.

The arrangement entails making installment payments through a lease. You can choose either to exercise the early purchase option or continue with payments for 12 months, ultimately achieving complete ownership of the product.


Lowe's Progressive Leasing Flow

Here is a more detailed view of the process when you choose to utilize Progressive Leasing for financing a product purchase at Lowe’s:


Lease Contract Application

In this stage, you will need to provide Progressive Leasing with specific information through an online form.

If you are going through this process on the Lowe’s website during checkout, the form will guide you through the necessary steps.

Alternatively, if you are opting for this financing option in-store, an attendant will typically assist you in completing this section.

To streamline this process, ensure your smartphone is active, especially if you are completing the procedure in-store.

The form will require details such as:

  • Name
  • Employer details
  • Valid photo ID
  • Bank details
  • Social Security Number
  • Address
  • Contact details

Once all the required information is provided, click the submit button to send the details to Progressive Leasing.

After submission, you will receive a One-Time Password (OTP) for authentication.

Enter this OTP on the validation page to proceed with the process.


The Auto Decision Phase

In this stage, the process is automated and relies on the information provided in the first stage.

Typically, it takes just a few minutes for a decision to be made regarding your application.

Here is what happens during this automated process:

  • Soft Credit Inquiry: Progressive Leasing performs a soft credit check, also known as a soft pull or soft inquiry. This is conducted for informational purposes and does not have an impact on your credit score.
  • Decision on Purchasing Power: The outcome of the soft inquiry is utilized to evaluate your spending limit, determining whether you can feasibly repay the lease costs over the contracted period.
  • Decision on Contract: Based on various determining factors, a decision is reached. You either receive approval to acquire the product, or your application is declined.

It is crucial to note that Lowe’s Progressive Leasing option does not solely rely on your credit score for approval.

Even with a less-than-ideal credit standing, you may still qualify based on other factors considered by Progressive Leasing.

They utilize data from credit agencies like Clarity Services to assess eligibility.


Product Pick-up

Upon the approval of your application, you will receive the product, though ownership is not yet transferred to you, once the initial payment is successfully processed.

During this phase, Progressive Leasing acquired the item from Lowe’s on your behalf and opted to lease it to you.

It is crucial to recognize that, much like the arrangement of driving a rented car, Progressive Leasing, as the lessor, maintains the authority to reclaim the product from you at any point during the contract period.

Similar to a vehicle owner’s ability to request the return of a rented car, the lessor in this context has the capacity to take back the product during the lease agreement’s duration.


Lease Payment Stage

Once the contract is activated, the responsibility shifts to you to continue the repayment of the lease costs.

It is crucial to understand that the payment for this repayment is directed straight to Progressive Leasing, not Lowe’s.

This is because Progressive Leasing has already settled the entire product cost with Lowe’s before you took possession of the item.

Your obligation is to make periodic payments based on your chosen frequency during the application stage. These payments typically occur weekly, bi-weekly, or monthly.


Interest-free Early Purchase Stage

This phase presents a distinct advantage wherein, if you decide to settle all payments, you will not incur more than the original product cost, similar to the ‘same as cash’ benefit in California.

This choice is accessible at any point within the initial 90 days; you are not required to wait until the third month.

Choosing this option allows for significant savings on ongoing rental fee payments.

If you have the required funds, this is an optimal time to take full ownership of the device.

You can initiate this process by logging into the Progressive Leasing app or by reaching out to their support team for guidance on the necessary steps.


Interest-tied EPO Stage

If you missed the 90-day option, the second optimal opportunity to finalize your Lowe’s Progressive Leasing contract is immediately after that.

While the savings might not match the first option, there are still significant benefits to be gained by paying the full cost of ownership at this stage.

Depending on the timing of your decision, you could potentially save anywhere between 13% to 35% on rental costs.

This provides a valuable chance to retain more of your funds while securing complete ownership of the product.


Final Ownership Stage

The final phase of the contract typically unfolds in the 12th month.

When you tally all payments made since the lease initiation at this point, you will notice that the total exceeds double the original price of the product hence why you should strive to use the early purchase option.

While the modest monthly payments might not immediately reveal this, the comprehensive picture becomes clearer when considering all payments collectively.

If you have maintained a record of consistent and timely payments, you now have the choice to retain the product as the contract automatically concludes at this stage.

This marks the end of the lease agreement, rewarding your commitment with the opportunity to keep the product.


Alternatives to Lowe’s Progressive Leasing Option


While Lowe’s Progressive Leasing financing is a good option, especially if you have the means to settle the entire cost of the item within the initial 90 days, enjoying a period free of interest charges, it could be very expensive if you continue until the end of the contract.

However, if you find yourself unsure about closing the contract within the initial three-month window, it is recommended to explore the following alternatives first:


Lowe’s Pay


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Tip: Lowe’s Pay is its branded version of the Synchrony Pay Later service which can grant you up to $12,000 in product financing.


Among the direct-to-use financing methods on the website, this is possibly the best option and better than Lowe’s Progressive Leasing financing.

With only a soft credit check required for its three-month plan, it means more people can qualify for this payment plan method.


Read more about Lowe’s Pay

Interestingly, you can enjoy interest-free financing in the first three months when using this option, similar to the 90-day early purchase offered by Lowe’s Progressive Leasing option.

Before you can use this at checkout, your cart value must be up to $50 but limited to a maximum of $12,000 with options to spread the costs for up to 24 months.

However after the three months, there is an APR of up to 24.99% that will apply but when compared to the offering by Lowe’s Progressive Leasing, it is still far better.

The only downside with this option is that a hard credit check is required for more than three months plan hence, a good credit score will be required.

Advantage Card


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Tip: The other alternative to Lowe’s Progressive Leasing accessible when shopping on the website is the Synchrony-powered Advantage Card with up to 18 months of financing.


The Lowe’s Advantage credit card is an option to explore if you have a good credit standing as it requires a hard credit check before you can use it for financing.

Using this payment plan option, you can also enjoy a zero-interest purchase for its 6-month plan with an alternative for a reduced APR for the 84-month option.


Read more about Advantage Card

While its 6 months plan requires a minimum cart value of $299, you will need at least $2,000 before you can defer payments up to 84 months.

As a new user, you can enjoy several perks of owning the Lowe’s Advantage credit card like discounts on purchases, and special long-term financing, among others.



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Tip: Sezzle is not directly available for financing on the Lowe’s website. However, you can utilize Sezzle by employing its virtual card or by making purchases through the app.

Sezzle stands out as a leading buy now, pay later service, particularly favored by individuals aiming to improve their credit scores. It reports repayments to major credit bureaus, including Experian, Equifax, and TransUnion.

While you can use Sezzle to purchase your desired products at Lowe’s, it is important to note that direct usage on the checkout page is not supported.


Read more about Sezzle

There are three ways to leverage the Sezzle platform to manage the cost of your purchases at Lowe’s.

Sezzle offers two buy now, pay later virtual cards, both compatible with Lowe’s, as the store is among its selected retailers, allowing the use of the service for pay-in-4 transactions.

However, the Anywhere card, which comes with its subscription plan, provides additional flexibility.

With this card, you can make purchases at Lowe’s both online and at its physical stores, paying with your Sezzle purchasing power by connecting it to a top digital payment wallet.

Alternatively, you have the option to shop through the Sezzle app by locating Lowe’s within its list of retailers.



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Tip: For making purchases at Lowe’s and spreading payments across installments, Klarna stands out as another excellent alternative with various methods at your disposal.

While Lowe’s may not directly accept Klarna on its website, you can still utilize the option to shop for home goods and access payment plans.

Klarna also offers the option for long-term financing, potentially providing a more favorable APR compared to the higher rental costs associated with Lowe’s Progressive Leasing financing.


Read more about Klarna

Klarna provides a flexible approach to payments, offering both a single-use virtual card for instant transactions and an enhanced version of the Klarna card suitable for in-store purchases.

Similar to other split payment providers, Klarna’s Pay-in-4 option, featuring a six-week financing term, incurs no interest.

If the intended purchase exceeds this timeframe, a long-term financing alternative is available.

For a seamless experience at Lowe’s, choosing the physical version of Klarna’s payment card provides flexibility and convenience, eliminating the need for pre-planning purchases.

However, the one-time virtual card also functions well and can be linked to any digital wallet for in-store transactions.

Moreover, Klarna offers an in-app feature allowing you to shop directly at Lowe’s when logged into your Klarna dashboard.

This option streamlines the checkout process, requiring you to click the ‘Pay with Klarna’ button on your app to finalize the purchase.

Additionally, there is a browser extension available for the Chrome browser, enhancing convenience when visiting the website.


PayPal Pay in 4

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Tip: PayPal is another good financing alternative compared to Lowe’s Progressive Leasing as you may be eligible for its interest-free monthly payment plan for up to four months.


While purchasing a Lowe’s buy now pay later gift card at a merchant that accepts PayPal could be a smart move, there is a quicker method within your PayPal app.

You can simply generate a payment plan virtual card which you can use to checkout on the Lowe’s website.


Read more about PayPal

This card is a prepaid type hence, you will need to ensure that you add the values of every item together (inclusive of any applicable tax and fees) before you create one.

Due to its prepaid nature, the transaction will fail if the value you set up is not enough to cover your order at Lowe’s.

Lowe’s Progressive Leasing Frequently Asked Questions


Below are some frequently asked questions about using Lowe’s Progressive Leasing option for home goods shopping:


What can I buy at Lowe’s with Progressive Leasing?

Lowe’s Progressive Leasing offers a variety of products that you can finance through its lease-to-own program.

This includes but is not limited to:
1. Appliances: Refrigerators, washers, dryers, dishwashers, ovens, microwaves, etc.
2. Furniture: Sofas, chairs, tables, bedroom sets, mattresses, etc.
3. Electronics: Televisions, audio systems, home theater equipment, etc.
4. Outdoor Equipment: Lawnmowers, grills, patio furniture, etc.
5. Tools: Power tools, hand tools, tool storage, etc.
6. Home Improvement: Flooring, cabinets, lighting fixtures, etc.
7. Smart Home Devices: Thermostats, security cameras, smart doorbells, etc.

Is it expensive to use Progressive Leasing for product purchases at Lowe’s?

Using Progressive Leasing for product purchases at Lowe’s can be more expensive compared to traditional financing or making an outright purchase.

Progressive Leasing operates as a lease-to-own program, and while it provides flexibility for those who may not qualify for traditional financing, it comes with certain cost considerations:

1. Lease Costs: Progressive Leasing charges lease payments, which can accumulate over time. The total amount paid at the end of the lease term may be higher than the original purchase price.

2. Interest and Fees: While Progressive Leasing does not charge traditional interest, the lease costs can be higher than the cash price of the item. This is a way for the leasing company to make a profit.

3. Total Cost: The total cost of ownership, including all lease payments, can be significantly higher than purchasing the item outright. This is important to consider when evaluating the affordability of using Progressive Leasing.

Before deciding to use Progressive Leasing, it is crucial to review the terms of the lease agreement, including the total cost, payment schedule, and any fees associated with the program.

Compare these costs with other financing options or the option to save and make an outright purchase, especially if you have the means to do so without incurring additional expenses.

Does Lowe’s Progressive Leasing affect credit score?

Typically, when you apply for a lease through Progressive Leasing, they perform a soft credit check to assess your eligibility.

A soft credit check is a preliminary inquiry that does not impact your credit score.

It provides the leasing company with basic information about your creditworthiness without leaving a mark on your credit bureau profile.

How can I contact Progressive Leasing?

To reach out to the Progressive Leasing team regarding your Lowe’s purchases, go to the support page and select your preferred channel for contacting them.


Opting for Lowe’s Progressive Leasing financing is a good decision, particularly if you can benefit from the 90-day early purchase option.

However, if you see uncertainties about repaying in full within this timeframe, it will be smart to first explore alternative options.

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