Pros & Cons
- Soft credit check.
- Do not need good credit to qualify.
- Fast funding.
- High-cost financing option.
- Customer complaints.
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Full Review of Acima
Acima offers point-of-sale financing with instant approval. Applications for its lease-to-own financing are made online or in-store through participating merchants. Acima can be used for almost anything, including furniture, mattresses, tires, electronics and appliances.
How does Acima work?
Upon applying, Acima does a soft credit pull, which doesn't impact your credit score. However, approval is based mainly on your income and checking account history instead of credit history, so borrowers with bad or no credit may be approved.
To qualify, you’ll need monthly income of at least $1,000 over the past three months, deposited into a checking account. You’ll also need a government-issued photo ID and Social Security number or Taxpayer Identification Number.
Though Acima won’t charge interest, you’ll pay a markup price and the cost of leasing, which according to the company, usually doubles the original price of the item. This can make Acima a costlier option compared with credit cards, personal loans or buy now, pay later payment plans.
» MORE: The best ways to borrow money
Acima payment options
Acima offers a lease model where you can own the merchandise at the end of 12, 18 or 24 months. Customers can request one of two early-purchase options to lower costs:
Repay within 90 days: You pay the Acima Cash Price, which includes a markup over the original price, plus a purchase fee. The purchase fee can vary by state but is typically $25.
Repay after 90 days, but before 12 months: You pay an amount that’s less than the remaining payments owed. The percentage can vary by state but is typically 65% of whatever you still owe.
To opt in to either early-purchase option, you must contact Acima’s customer service department.
Returns: You're responsible for making payments during the time you have the leased item, but you can return it anytime without penalty, according to Acima, as long as the item is in good condition. Payments you made before the return won't be refunded, according to customer service representatives.
Customer complaints: Acima has had over 400 complaints with the Better Business Bureau in the past year. The majority are focused on billing and collections or a problem with the product or service.
Is Acima right for you?
Acima may be a good option if you:
Need something immediately, and there’s nowhere else to get the money: Given the high costs, Acima makes the most sense if you need to make a purchase you can’t cover any other way, like through savings. However, other types of financing may be cheaper.
Don’t have good credit: Acima has no minimum credit score requirement, and approval is based mainly on your income. Acima also reports payment activity to the credit bureaus, so timely payments may help build your credit.
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Acima is not a good idea if you:
Can’t pay it off early: Acima technically owns the item until you’ve repaid the lease in full. If you choose the 12-month term, you’ll pay double the purchase price. Read the terms and conditions carefully before leasing.
Have unstable income: Missing payments can hurt your credit score and result in fees, increasing the overall cost of your lease.
Can access cheaper credit elsewhere: Better financing options may be available to you. For example, credit cards can offer cash back, rewards and 0% interest promotions, and personal loans typically cost less and have longer repayment terms than Acima.
Buy now, pay later also offers zero-interest payment plans on similar items, and you don’t need good credit to qualify.
How Acima compares
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Frequently asked questions
Acima provides lease-to-own financing for items up to $4,000. You don't need good credit to qualify.
Acima partners with over 15,000 retail stores. Customers can purchase items like tires, furniture, electronics, jewelry and appliances.
Acima checks your credit with a soft credit pull, which won’t hurt your credit score.
Acima reports your payment history to the credit bureaus.