Acima Leasing: 2022 Evaluation

Acima Financial is a POS system for lease-to-own purchases. By paying off the lease early, borrowers can reduce their exorbitant financing charges.

Acima provides point-of-sale finance with immediate approval. Lease-to-own finance applications are accepted online or in-store at selected stores. Acima is suitable for practically any application, including furniture, mattresses, tires, electronics, and appliances.

HOW DOES ACIMA FINANCIAL WORK

Acima performs a soft credit pull when you apply, which has no effect on your credit score. However, because approval is mostly dependent on your income and checking account history rather than your credit history, borrowers with bad or no credit may be authorized.

To qualify, you must have earned at least $1,000 in the previous three months and deposited it into a bank account. A government-issued photo ID and your Social Security number or Taxpayer Identification Number are also required.

Though Acima does not charge interest, you will be charged a markup price plus the cost of leasing, which the business claims frequently doubles the original price of the device. Acima may be a more expensive alternative when compared to credit cards, personal loans, or buy now, pay later payment plans.

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ACIMA FINANCIAL PAYMENT OPTIONS

Acima provides a lease arrangement in which you can own the products after 12, 18, or 24 months. Customers can choose between two early-purchase alternatives to save money:

Repay within 90 days

You pay the Acima Cash Price, which includes a markup over the original price as well as a fee for the purchase. The buying fee varies by state but is usually $25.

Repay after 90 days, but before 12 months

You make a payment that is less than the whole amount owed. The percentage varies per state, but it is usually 65% of what you still owe.

To opt in to either early-purchase option, you must contact Acima’s customer service department.

Returns

You are responsible for making payments while you have the leased item, but you can return it at any moment without penalty as long as it is in acceptable shape, according to Acima. According to customer support employees, payments paid prior to the return will not be returned.

ADVANTAGES AND DISADVANTAGES

Pros

• Soft credit check.
• Do not need good credit to qualify.
• Fast funding.

Cons

• High-cost financing option.
• Customer complaints.

FREQUENTLY ASKED QUESTIONS

What is Acima?

Acima offers lease-to-own finance on purchases up to $4,000. You do not need to have good credit to qualify.

What stores accept Acima?

Acima has nearly 15,000 retail partners. Customers can buy tires, furniture, gadgets, jewelry, and appliances.

Does Acima check credit?

Acima uses a mild credit draw to examine your credit, which will not harm your credit score.

Does Acima report to credit bureaus?

Acima does not transmit your payment history to credit reporting agencies.

CONCLUSION

Acima provides lease-to-own finance, but it might be pricey if you do not repay the lease in full as soon as possible.

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