Acima Credit Review and Payment Option 2020 Updates

Acima Credit Review and Payment Options 2020

Acima offers financing on a variety of merchandise, including furniture, auto parts, appliances, and electronics, but it doesn’t just happen like magic, there are few things you need to do and some process you need to follow. In this article, we’ll be showing you all of these processes and  things you need to do

Acima Credit Review and Payment Options 2020

To help reading easy and enjoyable, we’ve highlighted the topics we’ll be tackling, they are as 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 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 acimacredit.com. 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.

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

Acima Credit Is Not a Good Idea If 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 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 cash back, 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 Question

Q1: Who is Acima Credit?

A: 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.

Q2: What is Acima’s Lease-Purchase Option?

A: Acima’s lease-purchase program (sometimes called rental-purchase) offers an option for you to pick out the merchandise you need and take it home today. And you don’t have to make a big upfront payment or a long-term commitment.

Upon lease approval, you pick out the merchandise you want, and Acima purchases the merchandise from the participating merchant location. The property is owned by Acima and rented to you until you elect to complete all of the lease renewal payments, or use an early purchase option. After that, you own the merchandise! Alternatively, you may also terminate the lease at any time, without penalty.

Q3: What types of items can be leased through Acima? 

A: Acima’s lease-purchase program (sometimes called rental-purchase) offers an option for you to pick out the merchandise you need and take it home today. And you don’t have to make a big upfront payment or a long-term commitment.

Upon lease approval, you pick out the merchandise you want, and Acima purchases the merchandise from the participating merchant location. The property is owned by Acima and rented to you until you elect to complete all of the lease renewal payments, or use an early purchase option. After that, you own the merchandise! Alternatively, you may also terminate the lease at any time, without penalty.

Q:4 What do I need to apply? 

A: Be 18 years old or older.

Have an active checking account with at least $1,000 of income per month.

Have at least three months of income history with your current source of income.

Have a government-issued photo ID and a social security number or ITIN.

If you’ve got all those things, great! Fill out the application and we’ll let you know within seconds if you’re approved!

Upon lease approval, you pick out the merchandise you want, and Acima purchases the merchandise from the participating merchant location. The property is owned by Acima and rented to you until you elect to complete all of the lease renewal payments, or use an early purchase option. After that, you own the merchandise! Alternatively, you may also terminate the lease at any time, without penalty.

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