Acima Credit personal loans: 2024 Review

Written by
Hanneh Bareham
Edited by
Rhys Subitch
Updated on May 7, 2024

At a glance

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Check rate with Bankrate
4.0
Bankrate Score
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Availability
4.7
Affordability
3.3
Customer Experience
5.0
Transparency
3.0

About Bankrate Score

Full methodology

Bankrate's Take: Acima is a no-credit lease-to-own service that allows customers to finance purchases instantly. It's not a loan or a line of credit, but operates similarly to a point-of-sale loan and comes with high payments. 

Lender Details

Moneybag

Loan amount

$300-$5,000

Rates

APR from

Varies

Clock Wait

Term lengths

12-24 months

Acima is best for lease-to-own purchases

Acima allows consumers to borrow up to $5,000 for personal and household goods. Depending on the retailer, borrowers may have immediate access to the lease upon checkout and can finance their purchase over a 12 month minimum.

Acima lease uses

Acima is available at over 15,000 retail stores, and is used for personal and household goods. To best ensure your purchase is eligible for leasing through Acima, you can shop through its mobile app or through the Acima MarketPlace online.

Regardless of how you shop, make sure you're aware of the prohibited uses so you don't bank on using the product for an unapproved purchase.

Permitted uses Prohibited uses
Furniture Consumables
Mattresses High-risk tools and items, like chainsaws or trampolines
Tires Items meant to be permanently attached to a home or vehicle
Appliances Services, like repairs or installations
Electronics Firearms and weapons
Jewelry Clothing and apparel
Handbags Gift cards
Camera equipment Ammunition

Where Acima leases stands out 

  • Over 15,000 popular partners: Acima works at many popular retailers, like Best Buy, Ashley Furniture and Goodyear. You can use it to lease eligible purchases online and in-person at participating retailers. 
  • Predictable payments: Your Acima lease agreement includes a set monthly payment based on the term you select. You can choose between 12, 18 or 24 months, and can pay off the lease early depending on your lease agreement. 
  • Option to return: You can return your product in good condition to terminate your leasing agreement without penalty. 

Where Acima leases fall short 

  • Not ideal for most traditional loan purposes: Acima is not a traditional lender, offering a lease-to-own arrangement that's more restrictive than personal loans. While you can finance certain goods, you can't use the money for common services or purchases, like home improvement projects and clothing. 
  • No fee transparency: The fees are not explicitly stated, but its website does say that failed or late payments may accrue fees. 
  • Total cost: Your total lease cost factors in the value of the merchandise according to Amica, the cost of the lease service and sales tax in most states. Completing the entire lease will work out to approximately double the original cost of the item. 
  • Not available in all states: Acima is not available in Minnesota, New Jersey, Wisconsin or Wyoming.

Acima customer experience 

Customer support

Acima Credit's customer service department can be reached by phone Monday through Friday, from 6:30 a.m. to 7 p.m. MT and on Saturday from 7:30 a.m to 3:30 p.m. MT. 

It also has an online chat option on its website that's available on Monday through Friday from 7 a.m. to 9 p.m. MT and on Saturday from 7 a.m. to 7 p.m. MT. According to Trustpilot, Acima's response time is fast — it has replied to 99 percent of negative reviews, typically in 24 hours or less. 

Digital experience

Compared to similar lease-to-own companies, Amica has a fairly comprehensive digital experience, offering both an online marketplace and a free mobile app. Because it isn't a loan and doesn't require a hard check, the process of applying is simple and much faster than if you were to apply for a traditional personal loan. 

The mobile app, Amica Leasing, is free for both Apple and Android users, earning a 4.6 out of 5 stars on the Apple store and a 4.2 out of 5 on the Google Play store. 

What people are saying about Acima Credit 

Acima's reviews are mixed, with most negative reviews regarding the high leasing fees. Specifically the fact that the leased item will double or more than the original price if paid off after the initial 90 days.

However, the positive reviews outweigh the negative, with 70 percent of the over 19,400 Trustpilot reviews coming in at 5 out of 5 stars. Many positive reviews call out the 90-day option as being beneficial for their personal situation, while others highlight good customer service interactions.

How this lender compares

logo
4.0
Bankrate Score
APR from
Varies
Loan Amount
$300-$5,000
Term Length
12-24 months
Min Credit Score
Not disclosed
logo
4.6
Bankrate Score
APR from
8.99%-35.99%
Loan Amount
$2,000-$50,000
Term Length
24-60 months
Min Credit Score
Not disclosed
Read our reviewArrow Right
on Bankrate
logo
4.7
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
680
Read our reviewArrow Right
on Bankrate

Acima Credit vs. Prosper

Prosper is a peer-to-peer lending institution that extends personal loans based on credit, while Acima skips the hard credit check and uses your banking information for verification. Prosper interest rates that go up 36 percent, while Acima skips the APR and instead charges flat fees for leasing services, which are also costly. 

However, with Acima, you have a ridgid set payment schedule with the longest term spanning up to 24 months. Prosper spreads its payments out over a term of up to 60 months, giving you more time to pay off that large purchase.

Read a full review about Prosper

Acima Credit vs. Possible Finance

Possible Finance offers small loans to those with little or no credit. You can borrow a maximum of $500, just a fraction of what Acima can offer, and it must be paid off within eight weeks. Meanwhile, Acima focuses on larger amounts of up to $5,000. 

In terms of costs, Possible has finance charges that when calculated alone won't make the amount paid back twice the original amount borrowed. This makes it more affordable than a lease from Acima that's renewed. However, the fees and interest charged by Possible Finance have triple-digit APRs, which makes its loans more expensive than other personal loans.

Read a full review about Possible Finance

Do you qualify for a lease with Acima? 

To be approved for an Amica lease, you must be 18 or older. It also requires that applicants meet the following requirements:

  • An active checking account with $750 or more in monthly income.
  • Three months of consistent income history with the same source of income.
  • Government-issued photo identification. 
  • Social Security number or taxpayer identification number. 

Keep in mind that the company will consider multiple financial factors and will look at your credit for approval including reviewing your credit report, but applying alone won't impact your credit. This is because Acima uses a soft credit check to view your report.

How to apply for a lease with Acima 

Shop in person or look online for the “Pay with Acima” button at the bottom of the screen to use the funds. Your approval is valid for 45 days. 

  1. Shop with an approved store: Choose your retailer using the store locator or the online Acima MarketPlace. Make sure the item you want to finance is under $5,000, partners with Amica and is eligible for financing.
  2. Add information and finalize your application: Apply online or in person. You can apply for financing at checkout and will need to input a few personal details. If approved, you'll receive instant financing. 
  3. Review the lease details: Once approved, the lease agreement will be available for review via the mobile app or by signing in to your online account. A physical copy can be provided to you if you are shopping in person.

How Bankrate rates Acima

Overall Score 4.0 Explanation
Availability 4.7 Acima is easily accessible at many popular retailers and makes it easy to gain approval with basic banking requirements.
Affordability 3.3 It is hard to evaluate Acima’s pricing structure because its fees vary by agreement based on individual approval. However, because you are buying items at a markup, it does not rank high on the overall affordability scale.
Customer Experience 5.0 Acima offers both phone and online support for its leaseholders. However, days and times are limited, with no support on Sundays.
Transparency 3.0 Acima does not disclose its fees upfront; instead, you must apply in order to receive a fee schedule specific to your leasing agreement.

Methodology

Bankrate's trusted personal loans industry expertise

Read our full methodology

57

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.