Do you qualify?
Acima offers a simple, fast application with instant decisions, so there is no waiting period. With a soft pull, it won’t harm your credit to apply, either.
To be approved, you must be 18 or older. Acima also requires the following:
- 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.
Based on Acima’s decision, you may receive anywhere from $300 to $5,000 to spend at approved retailers. For larger purchases, you may be required to complete an in-store application.
It is limited in that it only allows you to borrow between $300 and $5,000, which are specific amounts that may not work well for those looking for larger loans. Terms are flexible, lasting 12, 18, or 24 months. You simply purchase your items by making a low initial payment. You then continue those payments until the rental agreement is satisfied and ownership is yours.
What Acima doesn’t allow funds to be used for
Acima funds cannot be used to purchase the following items:
- Permanent attachments to a home or vehicle.
- Services (e.g., extended warranties, installation, repairs).
- High-risk items (e.g., chainsaws, trampolines, drones).
- Firearms, weapons, and ammunition.
- Clothing & apparel.
- Gift cards.
Items must be able to be returned and cannot cost less than $300 or more than $5,000. Acima funds are limited to retail stores, so it is not ideal if you are looking for a traditional personal loan. Many traditional reasons for a personal loan, such as debt consolidation, moving costs and emergency expenses, will not apply here.
Acima is not available to residents of Minnesota, New Jersey, Wisconsin or Wyoming.