Key takeaways
- Acima offers a lease-to-own financing option for individuals with poor or no credit history.
- Early purchase options, including a 90-day plan, allow consumers to save money by paying off their lease early.
- The total cost of leasing can be high if payments are stretched over the full term.
Acima is a lease-to-own provider that allows customers to finance purchases up to $5,000 instantly. It can be used for a variety of items, including furniture, electronics, and household appliances, all without a hard credit check. The no minimum credit score requirement makes Acima accessible to customers who do not qualify for traditional loans or lines of credit. The flexible payment options and ability to own the item early without any penalties means leasing through Acima can fit any budget. Read on to see how Acima works and if it’s a good fit for you.
What is Acima leasing?
Acima offers lease-to-own financing that allows you to acquire products without relying on traditional credit or paying cash. You apply online, in-store, or via Acima’s app with a participating retailer and receive an instant decision for amounts ranging from $300 up to $5,000. The amount you’re approved for is based on your monthly income and checking account history rather than your credit score.
After approval, you select the item you want, sign a lease agreement, and take the product home. Acima owns the product until you make all the lease renewal payments. The process offers an accessible way to finance necessary purchases without needing a personal loan.
What you can use Acima for
You can lease various products, including:
- Furniture
- Electronics, including computers, laptops, tablets, smartphones
- Appliances like washers, dryers, dishwashers, and freezers
- Tires
- Mattresses
- Jewelry
- Handbags
- Camera equipment
Products that you cannot lease include items meant to be permanently attached to your home or vehicle, high-risk items like chainsaws or trampolines, firearms, weapons, ammunition, clothing and apparel, and consumables.
Lease terms
The lease term can be for 12, 18, or 24 months, with the option to own the item by completing all payments. Customers can purchase items early without any penalties.
Fees
Acima does not charge application fees or interest as it is not a loan. It does include fees as part of its lease agreement and sales tax on all payments. The total amount you’ll pay depends on the item’s Acima Cash Price and the cost of the lease services. If paid over the full term, the total cost will be approximately double the item’s original price.
Other fees include:
Late payment fee: Set up autopay and make timely payments to avoid late fees.
Purchase fee: If you choose to purchase the item after 90 days, they will charge a small purchase fee, typically $25.
Early purchase options
You can get a discount for early buyouts.
Pay within 90 days: You will only pay the original cash price plus the purchase fee.
Pay after 90 days but before the end of your lease term: You will pay a lump sum that is typically 65% of what you still owe.
Early buyouts can significantly reduce the overall cost of leasing.
Lease repayment assistance
Acima provides flexible repayment assistance options. After your first payment, you can adjust the date and frequency of your payments to align with your paycheck.
If you no longer require the leased item, you can return it in good condition without owing any further payments. There are no penalties for canceling the lease agreement, but you will not get the money you’ve already paid back.
Accessible customer service
You can reach customer support via phone at (801) 297-1982 Monday through Friday from 6 a.m. to 7 p.m. MT and Saturday from 7 a.m. to 4 p.m. MT.
The online chat option is available Monday through Friday from 7 am to 9 pm MT and on Saturday from 7 a.m. to 7 p.m. MT.
Acima is known for being responsive and helpful in addressing concerns, answering questions, or adjusting payment plans when needed.
Anyone can get an instant loan!
How to qualify for an Acima lease agreement
To be eligible, you must meet the following basic criteria:
- Be 18 years old or older
- Have an active checking account and receive at least $750 in monthly income
- Have at least three months of consistent income from your current source of income
- Provide a government-issued photo ID and a social security number (SSN) or Individual Taxpayer identification number(ITIN)
Acima does not have a minimum credit score requirement as they put more emphasis on your income history and checking account. They will check your score through a soft credit pull. A soft credit check has no effect on your score.
No job but need cash?
Acima may be a good choice
Acima’s lease-to-own product is the perfect fit for certain consumers:
Less-than-perfect credit: If you have limited or poor credit and need a flexible financing solution, Acima can be a good choice. It doesn’t rely on your credit score for approval, so it is more accessible than credit cards or personal loans.
Flexible payment terms: You can adjust your due date and frequency, stop paying, and return the item with no penalties.
Avoid high-interest loans: Many personal loans for people with bad credit come with sky-high interest rates. Acima does not charge interest and so may be the more affordable option.
Quick purchases: Acima approves applications instantly and lets you receive items immediately.
Dealing with bad credit?
Acima is not a good fit
Acima is a good option for many, but not everyone. Those who may want to consider other options include:
Access cheaper credit: You will pay more for the leased item than the retail price. If you qualify for traditional financing – a low-interest loan or credit card with better terms – you will likely save money and receive longer repayment terms.
Cannot commit to regular payments: Missing or falling behind on your lease payments can lead to additional fees, making the total cost even higher. If you are uncertain about your ability to stick to the payment schedule, it may be better to explore other financial options or save money and pay cash.
Unable to pay the lease early: If you cannot pay the lease off before the term ends, you will pay double the retail price.
Need a higher lease amount: If you need a higher amount then $5,000, you’ll have to look elsewhere.
How to apply
Applying is a simple process that can be done online or in-store.
- Choose your participating retailers: Use the store locator to find nearby stores, explore the Acima MarketPlace for online retail partners, or check the mobile app.
- Apply online or in-person: Once you’ve chosen a merchant, fill out the application online or in-person. You’ll need to provide basic personal information, including your income details, an active checking account, and a valid government-issued ID.
- Review your lease agreement: Acima will quickly review your information, and you can typically receive an approval decision within minutes. When you receive your agreement, look over the lease details to understand the total cost.
- Lease your items: Next, agree to the repayment terms, complete the transaction, and make your initial payment. You can take your item home the same day.
- Start making payments: Your first lease renewal payment will be scheduled based on the payday information you provided when applying for the lease.
Looking for a personal loan?
What reviews say about Acima Credit
Acima Credit reviews are mixed. Many customers appreciate the flexibility of their lease-to-own program and the 90-day purchase option, while others complain about paying more than the retail price. They have a 3.7 star rating on Trustpilot as of September, 2024 with 70% of reviews being five stars.
Outstanding customer service
“Acima has always been able to help when I needed it. Their customer service is outstanding. No matter the problem their here to help. I will use them again!@!” Finus, Trustpilot reviewAffordable with early purchase option!
“Super helpful customer service, with exceptional lease agreement that gives you an early purchase option. I chose the early purchase option! Now I own what I’ve been wanting to have for a long time all thanks to Acima! Thank you!!!!!✨✨✨✨✨” Nano Ruby, Trustpilot reviewSome Acima leasing reviews note that the total cost can be high if customers make all the lease renewal payments.
Worst company ever
“Please please don’t get involved with this company it just ridiculous the amount they charge for every single payment and when you pay off your total they charge you a fee just because you are paying it early I will never will use this company please stay away” Odaly ramirez, Trustpilot reviewOverall, Acima reviews praise the company for being an accessible option for those with poor or no credit. It has even earned an A+ rating on the Better Business Bureau for responding to customer complaints.
Low on funds?
Alternative financing options
Acima’s lease-to-own product is not the only way to finance larger purchases. Other options include:
Personal loans: Personal loans are flexible since you can use the money to purchase any item. If you have good credit, you are likely to receive a good interest rate. If your credit is poor, it will be harder to be approved for a personal loan with a good APR (annual percentage rate), but not impossible.
Credit cards: Credit cards allow you to buy items and pay over time. If you pay in full during the grace period, you will not be charged any interest.
Buy now pay later (BNPL): BNPL apps provide interest-free installment plans for online purchases. Most BNPL apps also only conduct a soft credit pull. They are typically for smaller amounts and are repaid over four to six weeks.
Leasing can be convenient, but it can also be expensive. Consider alternatives and weigh the costs before you settle on a financing option.
Have you heard of credit card cash advances?
Frequently asked questions
1. Is Acima a good lease-to-own provider?
It is a good leasing option for individuals with poor or limited credit history who need access to essential items through flexible payment plans. Their leasing services offer an alternative to personal loans, with no credit check. The catch is you will pay more for the item if you complete the full lease term.
2. Is it hard to be approved for Acima?
Approval is not difficult as there is no minimum credit score requirement. Instead, Acima considers applicants’ income and checking account. The lenient requirements mean approval is generally straightforward and instant.
3. Does applying for Acima impact your credit score?
No, applying will not affect your credit score. When you apply, they conduct a soft credit check, which has no impact on your score.
4. Can you pay off Acima early?
You can repay your lease early and save money. Acima offers a 90-day early payment option, allowing you to own the leased item for the cash price plus a small fee. Even after 90 days, Acima provides additional early buyout options that reduce the overall cost.
Bottom line
Acima offers a flexible and accessible alternative to personal loans and credit cards for individuals with limited or poor credit. Its lease-to-own options allow consumers to obtain essential items like furniture, appliances, and electronics without undergoing a credit check. It can be a useful solution for anyone who needs immediate access to goods but cannot secure conventional financing. The catch is that costs can significantly increase if you complete the lease agreement.
Ultimately, Acima may be a good choice for those who need quick access to products and prefer the flexibility of leasing items. Always weigh your alternatives and read the fine print before committing to any financial agreement.