Updated: February 14, 2024
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Acima is a lease-to-own provider that lets you get items like electronics or furniture without credit. You can lease up to $5,000, with flexible payment options to fit your budget. The process is quick, and you can manage your lease with its mobile app. However, it might cost more than buying outright in the long run. Ultimately, Acima i
Acima introduces a unique leasing agreement for acquiring various merchandise, distinguishing itself from traditional credit, loan or financing transactions. This approach is especially advantageous for those who may not meet the criteria for conventional financing or who seek an alternative purchasing method.
When you choose Acima, you're entering into a lease agreement that's user-friendly and straightforward, bypassing the usual credit requirements and complexities associated with loans or credit purchases. This simplicity in the agreement process makes understanding your commitments and responsibilities easier.
A significant feature of Acima's service is its range of shopping power. You can get approved for amounts ranging from $300 to $5,000, providing considerable flexibility in selecting merchandise that suits your needs and budget.
Moreover, the flexibility inherent in Acima's lease agreements stands out. Instead of being locked into long-term commitments or inflexible payment schedules, Acima's approach allows for adaptable financial management, fitting into your unique budgetary and lifestyle requirements.
Pros
Cons
Acima offers a unique way to get things you need now with a lease agreement, not a loan. You can use it for items like furniture, electronics and more, with lease amounts up to $5,000. It's important to understand the fees and the lease renewal payment terms.
Additionally, look into Acima’s customer service and online features that can help you manage your lease agreement smoothly. Knowing these details helps you decide if Acima fits your financial needs and lifestyle, ensuring you make a smart choice for your purchases.
When considering a lease-to-own option like Acima, knowing what items you can and cannot lease is important. Different providers have their own rules about what they offer, so understanding this helps you plan your shopping accordingly.
Items you can lease with Acima include:
However, there are items you're prohibited from leasing with Acima, like those meant to be permanently attached to a home or vehicle. You also can’t lease services, high-risk items like chainsaws or drones, firearms, clothing, consumables and gift cards.
Ultimately, Acima provides a flexible way to acquire various goods, from home essentials to personal luxuries. Knowing what you can and can't lease ensures you use Acima effectively, aligning with your needs and avoiding any surprises.
Understanding the terms of your lease with Acima, like lease amounts, renewal payment terms and APR ranges is key to making an informed decision. Knowing these details helps you plan your finances and ensures you're comfortable with your agreement.
Here are the terms you can expect with Acima:
Lease Amounts: You can lease items worth between $300 to $5,000. This range gives you the flexibility to choose items that fit your needs and budget.
Lease Renewal Payment Terms: This refers to how often you need to make payments. With Acima, if you opt to make all renewal payments, you will own the merchandise in 12, 18 or 24 months, based on your lease agreement.
APR Ranges: Although Acima doesn’t charge interest, you still have to make lease payments based on the value of the merchandise and the cost of its lease services.
By knowing these terms, you can better understand how leasing with Acima fits into your financial plans, ensuring you're making the right choice.
Knowing the fees involved in a lease agreement with Acima is crucial. It helps you budget effectively and avoid surprises. Unlike some providers, Acima does not charge an application fee, which is a plus. But it's important to be aware of the fees it does charge, such as:
Late Fees: If you miss a payment, you'll be charged a fee. It's important to pay on time to avoid this.
Purchase Fees: There might be an additional purchase fee when you decide to buy the leased item. This varies per state but typically costs $25.
By understanding these fees, you can better manage your lease agreement with Acima, ensuring a smooth and financially sound experience. Remember, staying informed helps you make smarter financial decisions.
Choosing Acima for your leasing needs comes with a reassuring level of support, especially if you encounter financial ups and downs. Acima's approach is centered on flexibility and understanding, providing options to adapt to your changing financial circumstances.
With Acima, you can change your payment frequency after making your first renewal payment. This means you can align your payments more closely with your financial flow. Additionally, changing the date of your payment process is a lifeline when you need to synchronize your payments with your paycheck.
If you no longer need the leased item, Acima allows you to cancel the lease agreement without incurring additional penalties. This policy highlights Acima's commitment to providing a hassle-free and adaptable leasing experience, ensuring that its services are responsive to your individual financial needs and circumstances.
When choosing a provider like Acima, it's important to consider customer service. Good support is crucial, not just for lease concerns but for any questions you might have. Acima offers several ways to get in touch, ensuring you're never left in the dark.
You can reach Acima through:
Live Chat: Chat directly with an Acima representative for quick and convenient assistance.
Phone Support: Call (801) 297-1982 for more in-depth help or specific queries, available from Monday to Friday, 6 a.m. to 7 p.m. MT and Saturday, 7 a.m. to 4 p.m. MT.
Having accessible customer service means you can get help when you need it, making your experience smoother and more reassuring. Acima's commitment to providing multiple contact options demonstrates its dedication to supporting you throughout your leasing journey.
Choosing Acima goes beyond just a financial transaction; it's about engaging with a resource that enriches your understanding of finances and lifestyle. Acima stands out not just for its leasing services but also for the wealth of information it provides.
At the heart of Acima's resources is its blog. Customers can browse through a variety of articles that cover topics ranging from financial education to lifestyle advice. This blog is a treasure trove of information, helping you make informed decisions and enhancing your knowledge on a range of subjects.
Furthermore, Acima has made starting a lease-to-own agreement more convenient with its mobile app. This downloadable app puts control right in your hands, allowing you to manage payments, access your lease agreement and get support easily from your smartphone.
Understanding Acima's eligibility criteria is essential before applying for a lease. Knowing what it looks for helps you gauge if you’re a good fit and increases your chances of approval. Let's dive into what Acima considers:
Age
You must be 18 or older. This is a standard legal requirement for entering into contracts.
Monthly Income
You need an active checking account with at least $750 of income per month.
Credit Score
While Acima looks into your credit score, it considers multiple factors in reviewing your application and often approves customers with less than perfect credit history.
Income History
You need to show a minimum of three months of income history with your current source of income to prove your reliability in your finances.
Identification
Proofs of identification such as a government-issued photo ID and a social security number or Individual Taxpayer Identification Number (ITIN) are needed to complete your application.
It’s worth noting that Acima doesn’t allow co-signers or co-applicants. Usually, having a co-signer can help if your credit or income isn't strong, as it adds another layer of financial security for the lender.
However, Acima's model is designed to assess your individual ability to manage the lease, focusing on your personal financial situation. While this simplifies the process, it also means you are solely responsible for the lease.
Deciding if Acima is the right provider for you is an important step. This assessment is key because it helps you understand if Acima's services match your financial situation and goals. By carefully considering if Acima aligns with what you need, you can avoid any surprises down the road and ensure a smooth, beneficial experience.
Acima, like any financial service, isn't a one-size-fits-all solution. It's tailored to fit certain needs and situations. It can be an excellent option for some borrowers, depending on their specific circumstances. Those well-suited for Acima include:
Individuals With Less-than-Stellar Credit
Since Acima doesn't solely focus on creditworthiness, it's a good fit for those with less-than-perfect credit history.
Those Seeking Quick Purchases
Acima offers immediate shopping power after approval, which is ideal for urgent needs.
People Preferring Short-Term Commitments
With flexible lease agreements, Acima caters to those who don't want long-term financial obligations.
You can make an informed decision by aligning what Acima offers with your personal situation. Whether it's its approach to credit, the immediacy of the shopping power it provides or the flexibility of its lease agreements, each aspect of Acima's service plays a role in determining if it suits your unique financial scenario.
While Acima is a great option for many, it's not the perfect fit for everyone. Some borrowers might find that Acima's specific features and limitations don't align with their financial needs or goals. It's important to recognize who might need to look elsewhere for their particular circumstances.
Borrower profiles that might consider other options include:
Those Seeking Higher Lease Amounts: Acima offers leases up to $5,000, so it may not suit those needing more.
Individuals Who Can't Pay Off the Lease Early: If you're unable to settle the lease ahead of time, you might incur higher costs with Acima to own the item.
Those Who Can Access Cheaper Credit Elsewhere: If you have the option of lower-interest credit, Acima's terms might not be the most cost-effective for you.
Considering how Acima's lease amounts, renewal payment terms and overall cost structure align with your financial goals and capabilities is important.. If these aspects don't match your needs or if you have access to more favorable financial options, exploring other lenders may be a wise choice.
Securing a lease agreement with Acima is straightforward, and knowing each step beforehand can greatly benefit you. It ensures you're prepared and understand what's required at each stage. Below is a step-by-step guide to help you through it.
Start by selecting a retail store that accepts Acima. This choice is crucial because it determines where you can use your lease. Ensure the store has the items you need and that it’s eligible for leasing with Acima.
You can apply for a lease either online or directly in the store. This process involves providing some personal and financial information to determine your eligibility. It's a quick and easy step to get you closer to leasing the item you want.
After approval, you'll receive a lease agreement. This document outlines all the terms and conditions of your lease, so it's important to read it thoroughly. Understanding your lease agreement is key to knowing your obligations and rights.
Once you agree to the lease terms, you can complete your transaction. This step finalizes your lease and enables Acima to purchase the item. Whether online or in-store, this process is designed to be seamless and user-friendly.
The final step is to begin your lease renewal payments. These payments are scheduled according to the agreement you signed. Staying on top of these payments is essential for maintaining the lease and keeping your account in good standing.
Following these steps, you can efficiently secure a lease agreement with Acima, ensuring a clear and manageable leasing experience.
Getting denied for a lease with Acima can feel like a setback, but it's not the end of your journey. It's a chance to reassess and explore other paths. Here's what you can do if you find yourself in this situation:
Understand the Reasons for Denial
It's important to know why your application was denied. Acima might provide this information, which can help you identify areas for improvement in your financial profile. Understanding the reasons behind the denial is the first step towards making positive changes.
Boost Your Financial Profile
Work on improving the factors that led to your denial. This might mean building your credit score, stabilizing your income or clearing up any debts. Improving these areas enhances your chances of approval in the future, not just with Acima but with other financial services too.
Look for Alternative Financing
There are other ways to finance your purchase. For example, paying in cash using a credit card with a promotional interest rate or exploring other lease-to-own providers. Each option has its pros and cons, so consider what works best for your financial situation.
Seek Professional Financial Advice
Sometimes, getting advice from a financial advisor can be beneficial. They can provide personalized guidance on improving your financial health and suggest suitable financing options based on your unique situation.
Remember, a denial isn't a permanent roadblock. It's an opportunity to grow and find your best financial path. Stay informed, make adjustments where needed and keep exploring your options.
To help you better understand Acima and its services, MoneyGeek compiled a list of frequently asked questions. These will provide clarity how Acima works and what it offers, ensuring you have all the information you need.
With Acima, you can lease various items like furniture, electronics and appliances within its network of retail partners. However, you’re prohibited from leasing items meant to be permanently attached to a home or vehicle, services, firearms, clothing, consumables and gift cards.
Acima doesn’t have a minimum credit score requirement. It considers multiple factors during the application process, including income level and history, to determine eligibility for its leasing service.
Typically, Acima’s lease agreement approval is quick, often occurring within minutes of application, depending on the information provided.
Yes, Acima has a mobile app. This makes managing your lease agreement convenient, allowing you to view your lease details, make payments and access support.
Acima’s lease agreements are not classified as secured or unsecured loans. Instead, they are contractual agreements to lease merchandise with the option to own.
In Acima’s lease agreements, you can lease items typically between $300 and $5,000, depending on your eligibility and the specific terms of your agreement.
Since Acima doesn’t offer personal loans, there are no loan-related fees. However, in its leasing agreements, you might encounter fees such as late fees or purchase fees.
Applying for a lease agreement with Acima usually does not impact your credit score as it only performs a soft credit pull for approval.
Acima doesn’t offer autopay discounts. However, setting up autopay for your lease agreement can help ensure timely payments.
Acima does not allow co-signers or co-applicants for its lease agreements. The lease agreement is based on the individual applicant's eligibility criteria.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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. Learn more about
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