Acima Credit offers point-of-sale financing with instant approval. Capital lease financing requests are made online or in-store through participating merchants. Acima can be used for almost anything including cars, furniture, mattresses, electronics, and appliances.

When applying, Acima draws a soft credit, which does not affect your credit score. However, approval is based primarily on your income and checking account history rather than your credit history, so borrowers with bad or no credit can apply.

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

While Acima doesn’t charge interest, you’ll pay a premium price and the cost of the rental, which the company says typically doubles the item’s original price. This can make Acima a more expensive option than credit cards and personal loans.

Acima Credit payment options

Acima offers a rental model where you can own the merchandise after 12, 18 or 24 months. Customers can request one of two advance purchase options to reduce costs:

Refund within 90 days: You pay the Acima spot price, which includes a markup over the original price, plus a purchase fee. Purchase fees may vary by state, but are typically $ 25.

Refund after 90 days, but before 12 months: You pay an amount less than the remaining payments due. The percentage may vary from state to state, but is usually 65% ​​of what you still owe.

You can set up the early purchase option through Acima’s online customer portal or by contacting Acima customer service.

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

Customer complaints: Acima Credit has received over 300 complaints from the Better Business Bureau in the past year. The majority focus on invoicing and collections.

Is Acima Credit right for you?

Acima Credit may be a good option if you:

You have to buy something immediately and you have no savings or a credit card: Considering the high costs, Acima makes the most sense if you need to make a purchase that you can’t otherwise cover.

Have bad credit: Acima does not have a minimum credit score requirement and approval is based primarily on your income. Acima also reports payment activity to the Experian credit bureau, so timely payments can help grow your credit.

Acima Credit is not a good idea if you:

I cannot pay earlier: Acima technically owns the item until you have paid off the lease in full. If you choose the 12 month term, you will pay double the purchase price. Read the terms and conditions carefully before renting.

Have unstable income: Missed payments can hurt your credit score and incur charges, which increases the overall cost of your rental.

Have fair or good credit: Better financing options may be available to you. For example, credit card may offer cash backs, rewards and promotions at 0% interest, and personal loans generally cost less and have longer repayment terms than Acima. You will also own the items immediately after purchase.

How Acima Credit Stacks Up

NerdWallet recommends comparing borrowing options to find the one that’s right for you. To compare personal loan options, click the button below to view estimated rates from several lenders on NerdWallet.

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