Acima provides financing options with quick approval at the moment of sale. Online or in-store applications for its lease-to-own finance may be done via partnering retailers. Acima may be used for a wide variety of products, including but not limited to furniture, mattresses, tires, electronics, and home appliances.

How Does Acima Work?

During the application process, Acima does a "soft pull" on your credit, which does not affect your credit score. However, eligibility is determined primarily not by your credit history but rather by your income and checking account history, so borrowers with poor credit or no credit at all may be accepted.

To be eligible, you will need a monthly income that has averaged at least $1,000 over the preceding three months and has been deposited into a checking account. In addition, you will need a picture identification card issued by the government, as well as your Social Security number or your Taxpayer Identification Number.

Although Acima will not charge you interest, you will be required to pay a markup price in addition to the cost of leasing, which, according to the firm, often increases equal to or more than the item's initial cost. Because of this, Acima may be a more expensive choice than other payment options such as credit cards, personal loans, or purchase now, pay later payment plans.

Acima Payment Options

Acima provides a leasing model where customers can purchase the product after 12, 18, or 24 months of payments. Customers have the option of requesting any of the following early-purchase reduction strategies to save money:

You are responsible for paying the Acima Cash Price, a markup over the initial price, and a purchase charge if you do not repay the loan within 90 days. The charge to make the purchase might vary from state to state, but it is normally $25.

Payable in full after 90 days, but by 12 months: You make a payment that is an amount that is lower than the total amount of payments still owing to you. The proportion may vary from state to state, but it normally equals 65% of the total amount you still owe.

You must get in touch with Acima's customer care department to participate in any of the early-purchase options.

Returns

During the period that you have possession of the leased item, you are responsible for making payments; however, Acima states that you are free to return the item at any time without incurring any fees as long as it is in satisfactory shape. The payments you paid before the return will not be returned, according to the personnel working in customer support.

Customer Complaints

In the previous year, the Better Business Bureau was made aware of over 400 separate complaints against Acima. The vast majority of complaints concern either billing and collection issues or issues with the product or service itself.

Is Acima The Ideal Choice For You?

Acima can be a suitable choice for you if you want:

You are in desperate need of money right now. Still, there is nowhere else you can acquire it: Given the exorbitant expenses, the only time it makes sense to acquire Acima is if you need to make a purchase that you cannot pay for in any other manner, such as via savings. However, alternative forms of funding may be more cost-effective.

Do not have satisfactory credit: Acima does not need a minimum credit score, and acceptance mostly depends on your income rather than your credit history.

Acima is not a good idea if you:

You won't be able to pay it off early: In a legal sense, Acima will retain ownership of the item until the whole lease payment has been paid. You will be required to pay twice as much for the item if you go with the 12-month payment plan. Before leasing the lease, make sure you give the terms and conditions a thorough reading.

Have an unpredictable income: Missing payments might affect your credit score and result in fines, increasing the cost of your lease. If you have an uncertain income, you should avoid missing payments.

You could be eligible for better financing choices elsewhere and have access to cheaper finance. On the other hand, personal loans often cost less and have longer payback periods than Acima. Credit cards, for instance, may come with promotional offers such as cashback, incentives, and 0% interest.

Buy now, pay later provides payment plans with no interest on comparable products, and having excellent credit is not a requirement to apply for these plans.