MoneyGeek’s Take

Acima Credit Personal Loan Review

Acima is a lease-to-own financing company that enables you to lease merchandise and then purchase it within a specified term. It enables customers to shop at thousands of retailers across the country via their mobile app, online or in stores with flexible payment terms and options.

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Last Updated: 10/18/2022
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Acima enables you to lease name-brand products from stores of your choice for a low initial down payment and with no specific credit requirements, as opposed to other leasing companies. Following the scheduled renewal payments, you will be able to take ownership of the merchandise in accordance with your agreement.

At a Glance: Acima Credit Personal Loans


  • Acima Credit

    • 7.04% to 35.89%APR Range
    • NoneMinimum Credit Score
    • $300 to $4,000Loan Amount Range
    • 12 to 24 monthsRepayment Terms
    • Same DayTime to Receive Funds

Acima Credit Personal Loan Details and Requirements

  • Description
  • APR

    There is a 7.04% to 35.89% interest charged on the items purchased using Acima Credit.

  • Credit Score Requirements

    Although Acima conducts a soft credit inquiry during your application process, there is no specific credit score requirement to be eligible.

  • Income Requirements

    You need an active checking account with a minimum monthly income of $1,000 to apply.

  • Loan Amounts

    You can get approved for loan amounts between $300 and $4,000.

  • Loan Terms

    Your lease term can be 12, 18 or 24 months.

  • Permitted Uses

    You can lease a range of items, including furniture, mattresses, appliances, electronics, jewelry, handbags, computers, tires and camera equipment.

  • Prohibited Uses

    You cannot lease the following items:

    • Items meant to be permanently attached to a home or vehicle
    • Services (extended warranties, installation, repairs)
    • High-risk items (e.g., chainsaws, trampolines, drones), firearms, weapons and ammunition
    • Clothing and apparel
    • Consumables
    • Gift cards
  • Time to Receive Funds

    If your application is approved, Acima will buy the merchandise and lease it out to you immediately.

  • Origination Fees

    There is no origination fee associated with Acima Credit.

  • Late Fees

    The lease payments come with no late fees.

  • Prepayment Penalty Fees

    There are no penalties for paying in full and owning the product early. In fact, you may qualify for some savings as a result.

  • Co-signers and Co-applicants

    You cannot apply with co-signers or co-applicants.

  • Perks

    The lender has the following perks:

    • Partners with 15,000+ retailers
    • No application fee
    • Conducts soft credit pull
    • People with less-than-perfect credit scores may get accepted
  • Mobile Application

    Acima offers a mobile app for iOS and Android users.

Is Acima Credit Right for You?
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Loan disbursement requirements vary widely among lenders. It's also important to note that not every lender is right for everyone. Use MoneyGeek's Acima personal loan review to see if they are a good fit for your needs.

Who Acima Credit Is Perfect For

Acima is the ideal alternative if you cannot otherwise afford to purchase the items you can lease through them. In addition, Acima does not require a specific credit score to be eligible and instead approves borrowers mostly on the basis of their income. Acima also works for those who can pay off their lease payments earlier than 12 months and own the product at a discounted price.

In addition, the company reports your payment activity to Experian, so making on-time payments may help you improve your credit score. This makes them ideal for those who are looking to build credit history or repair their credit.

Who Should Not Choose Acima Credit

Until you've paid off the lease payments in full, Acima owns the item. You'll pay twice the buying price if you pick the 12-month period. If you can’t pay it off within 12 months, it’s best to avoid this lender. Missed payments might also harm your credit score and result in other costs, which the company may only reveal in its lease agreement. It can eventually raise your lease's total cost, resulting in you paying too much for the merchandise. That makes it unsuitable for those who don’t have a stable income to make the lease payments.

Those who have better financing options like a rewards or a cash back credit card should avoid leasing from Acima. They may also qualify for personal loans that have longer payback periods or lower costs based on their credit scores.

How to Apply for an Acima Credit Personal Loan

To assist you with the Acima application process, we've developed a step-by-step guide that applies to all Acima's lease agreements.

1

Prequalify

To prequalify, you must be at least 18 years old and have an active checking account with a minimum monthly income of $1,000.

2

Fill Out Application Form

The application form requires you to enter your basic information like your full legal name, address and phone number. It also requires you to enter your Social Security number, government-issued photo ID details and income information. You must also submit at least three months of income history.

3

Wait for Approval

Once you have submitted all the information, your application will be approved within seconds.

4

Review Loan Agreement

Once your credit has been approved, Acima will give you a lease agreement. It specifies the lease term, renewal payments, early purchase possibilities and other pertinent information. Before accepting the agreement, make sure you read it thoroughly.

5

Sign Loan Agreement

After reading and comprehending the lease terms and conditions, you can accept the agreement and lease the product. The agreement process is completed via the Acima app or website, and you simply need to accept the agreement to proceed.

6

Direct Funds

After accepting the leasing agreement, you will be required to make an initial payment. Acima will pay the remaining amount to the store. You should expect to pay up to $70, depending on where you shop.

7

Make Payments

You can set up automatic payments from your bank account or from credit, debit or most pre-paid cards. You can make the payments using the mobile app, online or by contacting Acima customer care. Paying cash at some of the big-name retailers may be allowed as per your lease agreement.

What to Do if You Are Rejected From Acima Credit

If you are unable to demonstrate a monthly income of at least $1,000 in your checking account, you risk being rejected. Additionally, you may be denied if you are under the age of 18. The company may also reject you due to insufficient income information and statements, as well as inaccurate personal information. You may be rejected if the company is dissatisfied with your credit history, even if they do not require a specific credit score.

Find out what went wrong and how to improve your chances of getting accepted in the future by contacting Acima. You may be able to reapply for a lease with Acima after figuring out why you were turned down and rectifying the problem.

Frequently Asked Questions About Personal Loans

We've compiled a list of frequently asked questions about Acima's lease-to-own service. The best way to determine if this is the best choice for you is to weigh its benefits and drawbacks against your individual financial needs and obligations.

Read More on Personal Loans

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.