Acima Credit Review and Payment Option 2023 Updates

Acima Credit Review, Acima offers financing on a variety of merchandise, including furniture, auto parts, appliances, and electronics, but it doesn’t just happen like magic.

Acima Credit Review

There are few things you need to do and some processes you need to follow. In this article, we’ll be showing you these processes and things you need to do to help read easily and enjoyably.

We’ve highlighted the topics we’ll be tackling, which are thus:

Acima Credit 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 is most commonly used for cars, furniture, and appliances.

Upon applying, Acima does a soft credit pull, which does not impact your credit score. However, approval is based mainly on your income and checking account history instead of credit history.

To qualify, you’ll need a monthly income of at least $1,000 over the past three months, deposited into a checking account in good standing, with no bounced checks, overdrafts, or negative balances.

Acima Credit Payment Options

Acima Credit 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:

1. Repay within 90 Days

You pay the price of the item, plus a $10 payment processing fee and a $40 rental agreement fee. More than a third of Acima’s customers use this option, according to the company.

2. Repay after 90 Days, but before 12 Months

You pay an amount that’s less than the remaining payments owed. You can save 25% or more on outstanding payments, depending on the payoff date and your state’s lease laws, according to Acima.

You can set up either an early-purchase option through Acima’s online customer portal or by contacting Acima’s customer service department.

3. Lease Example

You purchase furniture that costs $1,000 and signs a lease agreeing to pay $2,000 over 12 months.

If you pay off the lease in the sixth month, the total cost would be approximately $1,500, according to the company.

4. Returns

n You are responsible for making payments during the time you have the leased item, but you can return it at any time without penalty, according to Acima.

4. Customer complaints

Acima Credit has more than 380 complaints with the Better Business Bureau, the majority on billing and collections.

Several customers have reported issues exercising Acima’s 90-day, early-payoff option.

Applying for Acima Credit

Applying for Acima financing is a fairly straightforward process, but you need to meet some criteria to be qualified. You will need the following:

  • U.S. government-issued photo ID
  • Social Security number or ITIN number (for certain nonresident and resident aliens)
  • Three months’ salary history with present employer Deposits of at least $1,000 per month into a checking account open for at least 90 days No negative balances, excessive overdrafts, or non-sufficient funds on your checking account

You can apply online, from your mobile device, or at a participating seller’s showroom.

The application and a list of Acima merchants can be found on They filter merchants into the following categories:

  • Furniture and mattress
  • Appliances
  • Home electronics
  • Mobile electronics
  • Car audio electronics
  • Auto wheel and tire
  • Outdoor goods
  • Eyewear
  • Power tools
  • Jewelry

Loan Terms and Requirements

With Acima, you can take up to 12 months to repay your lease-to-own agreement, but then, borrowers should evade taking the full 12 months if possible.

If you extend payments over the full 12-month period, you will pay about twice the invoice amount of your item.

Which generally doesn’t equate to a good borrowing decision. However, that is not your only option.

Read Also:

Acima Credit May Be a Good Option If You:

1. Must buy something immediately and you don’t have savings or a credit card: Acima offers to finance items typically made with a credit card.

Given the high costs, it makes sense only if you pay off the lease within 90 days. Paying it off over 12 months doubles the cost of your purchase.

2. Have bad credit: Acima has no minimum credit score requirement and approval is based mainly on your income. Acima also reports payment activity

When is Acima Credit  Not a Good Idea?

When is Acima Credit  Not a Good Idea?

When you can’t take care of it early: Acima technically claims the thing until you’ve reimbursed the lease in full.

In the event that you pick the year term, you’ll follow through on practically twofold the buy cost. Peruse the terms and conditions cautiously before renting.

Have an unsteady salary: Missing installments can hurt your FICO rating and increment the expense of your lease. Have great credit: Better financing choices might be accessible to you.

For instance, charge cards can offer cashback, rewards, and 0% premium advancements, and individual loans typically cost less and have longer reimbursement terms than Acima.

Click the catch underneath to look at rates and terms on close-to-home advances from banks that band together with NerdWallet.

Comparing Acima to Others

 Credit cards and personal loans are two less expensive alternatives to Acima Credit, and you’ll own the items immediately upon purchase.


NerdWallet recommends comparing borrowing options to find what works best for you. To compare personal loan options, click the button below to see estimated rates from multiple lenders on NerdWallet.

Frequently Asked Questions

Acima Credit provides a flexible and creative alternative to traditional consumer lending. Our No-Credit-Needed lease program provides a lease option where eligibility is not based solely on credit, so you can take home what you need today.

Lease-to-own financing company Acima has an A+ rating from BBB. It lets you lease merchandise without interest and then own it at the end of the term without a specific credit requirement. Customers can shop at 15,000+ retailers across the country and make scheduled payments until completing the lease term.

Credit reporting — Your payments will be reported to Experian, one of the three major consumer credit bureaus, so you can build your credit — if you’re approved for financing with Acima — if you repay it on time and according to the terms.

With Acima, after an easy application process, you can receive instant approval to begin your shopping experience, all without credit*. After you choose your item and make a low initial payment, you’ll simply make monthly or biweekly renewal payments.

This company purposefully makes their agreement and consumer account dashboards confusing, misleading, and hides the important information. I wish I would have just put the repair on a credit card. These are disgusting, predatory business practices. Avoid acima at all costs for your financial health.

What happens if I don’t pay Acima? Acima is a leasing company, so you can return your purchase to the company at any time without owing any additional money; however, you will be responsible for any unpaid lease charges or fees

The obligor under the terms of the card agreement with Sutton Bank (the “Issuing Bank”) is Acima. That means that Acima is required to pay the issuing bank for authorized charges made on the Acima LeasePay Card ™.

Acima doesn’t take your credit score into account when determining your eligibility for credit. Instead, it’ll consider factors like your income and checking account activity. That makes this company a decent option for bad credit borrowers.

Each approval lasts for 90 days and expires automatically if you don’t sign a lease agreement within that timeframe. Note that each approval is only good at the store with which you originally applied.

You make lease renewal payments to Acima while using the merchandise, and you can use a purchase option to own the property, or terminate the lease at any time, without penalty. There is no interest, but you make lease payments based on the value of the merchandise and the cost of lease services.

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