What is Acima Leasing?
Acima Leasing is a lease-to-own financing option that allows consumers to purchase essential items without requiring strong credit. With soft credit checks and income-based approvals, Acima provides quick financing for individuals who may not qualify for traditional loans or credit cards.
Pros and Cons of Acima Leasing
Pros
✔ Soft credit check – Applying for Acima Leasing does not impact your credit score.
✔ No strong credit required – Approval is based on income and banking history, making it accessible for those with low or no credit.
✔ Quick approval process – Get financing instantly at participating retailers, both online and in-store.
Cons
❌ High-cost financing – Acima Leasing applies leasing fees and markup prices that can double the original cost.
❌ Customer complaints – Many users report billing issues and service-related grievances.
How Works
Acima Leasing offers point-of-sale financing ranging from $300 to $5,000 for various products, including:
- Furniture
- Mattresses
- Tires
- Electronics
- Appliances
Application and Approval Process
- Soft credit pull: Acima Leasing performs a gentle credit check that won’t impact your score.
- Income-based approval: You can qualify based on your banking history rather than your credit score.
- Requirements:
- Minimum $750 deposited into an active checking account over the past three months.
- Government-issued Social Security number or Taxpayer Identification Number.
- A valid photo ID.
Costs and Lease Terms
Unlike traditional loans, Acima Leasing does not charge interest. Instead, it applies a leasing fee and markup price, which can double the original cost of the item. This makes it a more expensive financing option compared to:
- Credit cards
- Personal loans
- “Buy now, pay later” plans
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Early Purchase Options
Acima Leasing allows consumers to own leased items after 12, 18, or 24 months. However, you can reduce costs with early purchase options:
- Within 90 Days: Pay the Acima Cash Price, which includes a markup, plus a buying fee (usually around $25, depending on state regulations).
- After 90 Days but Before Lease Ends: Pay a lump sum lower than the remaining balance—typically 65% of the amount still due, varying by state.
To use an early purchase option, you must contact Acima Leasing’s customer support directly.
If you decide to return an item, you can do so without penalty, but previous payments are non-refundable.
Customer Reviews and Complaints
Acima Leasing has a 1.11-star rating (out of 5) on the Better Business Bureau (BBB), with over 300 complaints in the last year. Common complaints include:
- Issues with product or service quality.
- Billing and collection disputes.
Despite this, holds an A+ rating with the BBB.
Is Acima Leasing Right for You?
May Be a Good Choice If You:
✔ Need immediate financing and have no other options.
✔ Have poor credit and require a credit-friendly financing alternative.
May Not Be a Good Choice If You:
❌ Want early repayment flexibility – Acima owns the item until full payment, making early payoff difficult.
❌ Have an unstable income – Late payments result in extra fees, increasing total costs.
❌ Can qualify for cheaper financing options – Credit cards, personal loans, and “buy now, pay later” plans often offer better terms.
Alternatives to Acima Leasing
Before committing consider comparing other financing options. Platforms like NerdWallet allow you to check estimated personal loan rates from multiple lenders—without impacting your credit score.
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Acima Leasing uses income-based approval to provide lease-to–own finance free of high credit criteria. Although it offers fast access to necessities, lease fees and mark-ups can cause expenses to be excessive. Although early purchase choices might help lower costs, full repayment usually doubles the original price. Perhaps more reasonably priced are options include credit cards or personal loans.