The financial services company offers payday loans and installment loans, according to Progressive's website. Furniture loans and title loans are also available. A payday loan has a maximum amount of $1,000. Installment loans have a maximum amount of $2,500, and borrowers have up to six months to repay them. Furniture loans provide funds specifically for covering home furnishing purchases. Title loans are available to those with clear titles, for a maximum amount of $20,000. Borrowers can repay these loans over a six- to 12-month time period.
A car title loan is a loan in which the lender evaluates the price of a borrower's car and lends a borrower funds based on that value, according to Investopedia. If the borrower does not repay the loan, the lender retains ownership of the borrower's car.
Payday loans are usually short-term loans that the borrower pays by his next payday, the Consumer Financial Protection Bureau explains. Typically the borrower gives the lender access to his checking account or writes a check for the full loan amount which the lender cashes when the loan is due.
Installment loans are loans for a specific amount for purposes such as educational or living expenses, including paying college tuition or buying a vehicle. Borrowers agree to pay the loan back with interest in monthly installments, reports Credit.com.Learn more about Personal Loans