Cortland, New York
38.4K views 69 comments

Big Lots told me that the interest would be minimal and that there would be zero interest as long as I payed off my debt for a couch in 90 days.The progressive finance company will purposely set you up to make payment throughout the course of a year instead of the 90 day period, hoping for you to default and set you up for the BANG w/ no lube.

I made an initial deposit of 300 dollars and made steady payments (which they led me to believe were to cover me for the 90 day period) so I would not acrue interest. I even spoke with a Progressive agent 2 weeks before the 90 day period was up and he was totally dismissive and misleading. He did not mention that I was on the Brink of an 80 percent markup. I know owe more than a thousand dollars on top of the one sofa I purchased which was listed for 800, now is costing me $2000 They are misleading unhelpful and screwed me!

Shame on Big Lots and Progressive Finance for their misleading behavior.

This will surely put me in debt and I begged for them to help me but they won't Their plan worked perfectly and I urge everyone to use caution.This is corporate robbery!!!!

Review about: High Interest Rate.

Review #521452 is a subjective opinion of a user.

PRODUCT OR SERVICE Not specified
Reason of Review / Monetary Loss Not specified / $1000
Preferred solution Not specified

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LadyScot

This is a pretty standard credit contract for nearly any furniture business who offers any type of financing.They will ALWAYS set the payment out 6-12 or more due to the fact that MOST people will NOT pay the account off within the 90 day period.

This allows customers to have an option if they are unable to do so. You can always ignore the payment terms and pay off in 90 days. However, they have to show you, up front, what the interest will be if you do not. This is the law.

This is the exact scenario they attempt to avoid:

90 day no interest payoff.

90 day term @ $XX for 3 months, with the payoff being before the 90th day.

Customer does not pay off in 90 days. (Contract is now past due because had the customer paid the 3 payments and paid it off, there would be no residual balance owed.)

Now that contract is past due, the balance becomes bad debt collectible and you have one option: pay it off and take the hit on your credit for not fulfilling your legal contract. With the 6-12 month payment set in writing, if you choose to forgo the 90 day interest free terms, you have no consequences as long as you make the monthly payment set in the contract.

No one ripped you off.You did not follow the terms of your contract and you certainly did not read the credit terms.

Anonymous
#1129617

My story exactly.Either their same associates don't explain the program right, their great sales people, or Big Lots Corp teach them to say these things to purposely trap people in an agreement.

I would have went to RAC if I wanted to pay double for furniture.At least I would have known up front.

Megan
#1128092

Okay I have leased from whynotleaseit (sears) and progressive (biglots) their contract is both the same.When you first purchase Your stuff they automatically set up payments according to your pay check.

You have to call after you buy them to set up of you want to pay it off within the 30 60 or 90 days.They dont automatically do it.

Luckily I asked the sales associate about the early payout options and they told me what to.do I happened to look it state's in the contract you need to call to set up the arrangements.Its just like buying a car or a house read read read before you agree to anything that way if you aren't happy with the arrangment you aren't stuck with it.

I love it I have bought 2 tvs stove and fridge from sears and bought a whole living room set and kitchen table from biglots.

It works for me.:) hope this helps.

Anonymous
#1122494

Thank you for people posting reviews, my family will not apply with big lots finance company either.

Anonymous
to Anonymous Enola, Pennsylvania, United States #1229846

Sad cause its a great oppurtunity

LadyScot
to Anonymous Naples, Florida, United States #1269755

It is for people who actually read what they are signing.Big Lots is not your financier.

People asking Big Lots the contract terms instead of the lender is crazy.

More crazy for not reading their contract before they sign so that they understand how a XX period no interest term works.It is fairly simple.

Anonymous
#1113008

I've leased through other companies and I have never had a problem.For me I add the following:

1.

Add the purchase item

2. Add the leasing fee

3.

Add the sales tax

4.Divide the entire total by 12 (for the 90 days)

Anonymous
#1098858

Thanks for letting me know, now I won't apply!!!!

Anonymous
#1098753

They won't come after you hard if you call and set up payments with them.They are helpful if you speak to the right agent.

Trust me they don't want to take your furniture or whatever you purchased back because they lose money.Call and try to set up payments maybe once a month kinda thing.

Doug
#1098752

It's all in the contract!If you would *** read it then you'll see it!

Also mentions that you have to call to set up the 90 days! It won't automatically set you up with it.

People always whining for no good reason!READ YOUR CONTRACT!!!!

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