PRG
- PROG Holdings, Inc.
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Overview
Company Summary
PROG Holdings, Inc., commonly known as PRG, is a company that primarily operates in the rent-to-own industry. The company specializes in providing consumers with a flexible and affordable option to purchase various products such as furniture, appliances, electronics, and other household goods, without the need for credit financing or upfront payments.
PRG facilitates the rent-to-own process by entering into agreements with customers, allowing them to acquire merchandise on a lease basis. The customers typically make regular rental payments over a specified period of time until they either choose to return the item, continue renting it, or exercise the option to purchase it outright.
The company operates its business through two main segments: Progressive Leasing and Vive Financial. Progressive Leasing primarily serves customers who have limited access to traditional credit options and partners with retailers to offer lease-to-own payment solutions in-store and online. Vive Financial, on the other hand, provides financing options directly to customers via its online platform.
PRG combines innovative technology and data analytics to evaluate the creditworthiness of customers efficiently. This allows the company to provide convenient and accessible financing options to a broader customer base, including those with little or no credit history.
Moreover, PRG also offers additional services such as marketing support, training, and customer service to its retail partners, helping them boost sales and drive customer satisfaction.
Overall, PROG Holdings, Inc. is a leading player in the rent-to-own industry, offering consumers an alternative payment option for purchasing household goods and enabling retailers to expand their customer reach and sales opportunities.