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Acima Credit personal loans: 2023 Review

Updated on Nov. 14, 2023
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down
Availability
Rating: 4.7 stars out of 5
4.7
Affordability
Rating: 3.3 stars out of 5
3.3
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 3 stars out of 5
3.0

About Bankrate Score

Acima is a lease-to-own lender that enables customers to shop at thousands of retailers across the nation. Applying for a lease is a quick and easy process that doesn’t require a hard credit pull, but terms and conditions apply for all leases, so ready the fine print before signing on the dotted line. 

Moneybag
Loan amount $300-$5,000
Rates
APR from $25 for 3 months, 65% of your remaining lease for 12,18 or 24 months
Clock Wait
Term lengths 3+ months

Borrowers who are looking for lease-to-own financing.

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Best for Lease-to-Own Financing

Acima brings a new way to shop with easy in-store and online financing for tons of personal items, including family and household products. It is not a loan or credit card; instead, it provides a leasing agreement of everyday items. It is best used when purchasing things for around the house, like furniture, appliances, mattresses and auto accessories. You can also purchase personal items like jewelry and eyewear.

Acima pros and cons

Green circle with a checkmark inside

Pros

  • Requires only a soft credit check.
  • 15,000+ retail partners.
  • Fast turnaround.
Red circle with an X inside

Cons

  • High financing rates.
  • $5,000 maximum limit.
  • Must apply for full costs.

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.
  • Consumables.
  • 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.  

How this lender compares

logo
Rating: 4 stars out of 5
4.0
Bankrate Score
APR from
$25 for 3 months, 65% of your remaining lease for 12,18 or 24 months
Loan Amount
$300-$5,000
Term Length
3+ months
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
6.99% – 35.99%
Loan Amount
$2,000 - $50,000
Term Length
24 to 60 months
Min Credit Score
600
logo
Rating: 4.8 stars out of 5
4.8
Bankrate Score
APR from
8.99%–25.81%
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
680

Acima versus 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 is also very high on interest with rates reaching as high as 36% while Acima skips the APR and instead charges a flat fee for leasing services. However, with Acima, you have a set payment schedule of just a few payments. 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 versus 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 loans of up to $5,000. It also offers flat fees, which can be considerably more affordable than the maximum 150% APR that Possible Finance offers.

Read a full review about Possible Finance

Acima: in the details

What we like and what we don’t like

While Acima is attractive for its instant financing, there are some factors to consider before you sign up.

What we like 

  • Over 15,000 popular partners: Acima works at many popular retailers, like Best Buy, Ashley Furniture and Goodyear. 
  • Predictable payments: Your Acima leasing agreement includes a set monthly payment based on the term you select.
  • Option to return: You can return your product in good condition to terminate your leasing agreement.

What we don’t like

  • Not ideal for most traditional loan purposes: Acima is not a traditional lender, offering a lease-to-own arrangement that will not take the place of more traditional needs, like a personal loan or a student loan.
  • No fee transparency: Fees are not disclosed until after Acima creates your leasing agreement.
  • Not available in all states: Acima is not available in Minnesota, New Jersey, Wisconsin or Wyoming.

How to contact Acima

You can access your Acima account via the website or its mobile app, available on both the App Store and Google Play. 

Acima Credit also offers phone support for its customers. However, it is not a toll-free number, and hours are restricted. If you require help with your account, you can call (801) 297-1982, Monday through Friday from 6:30 a.m. to 7:00 p.m. MT and Saturday from 7:30 a.m. to 3:30 p.m. MT. If you prefer online support, an online chat option is available. Simply visit the website during service hours, which run from Monday through Friday, 7:00 a.m. to 9:00 p.m. MT, and Saturday from 7:00 a.m. to 7:00 p.m. MT. 

How to apply for a lease with Acima

It is simple to apply for financing with Acima. 

  1. Choose your retailer using the store locator or the online Acima MarketPlace
  2. Apply online or in person.
  3. 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.
  4. Shop in person or look online for the “Pay with Acima” button at the bottom of the screen.

Your approval is valid for 45 days. 

Acima features and additional perks

You can use the website at any time to search retailers for both online and in-person purchases.  The convenient mobile app is an added bonus when you are away from your computer. Acima partners with top retailers like Ashley Furniture, Best Buy, Frigidaire, Goodyear, Guitar Center and Liori Diamond. 

Acima buys for you when you cannot buy on your own; it helps you get what you want today with the ability to pay tomorrow. There are predictable monthly payments, so you know exactly what to expect each month until your purchase is entirely paid off. 

Fees and penalties

Acima charges no interest, and there is no fee to apply, but leasing fees do apply and are based on the item’s value and Acima’s leasing costs. Acima charges a total lease amount that consists of two things: the Acima Cash Price plus the cost of leasing services. Sales tax will also apply if you live in a state where sales tax is required for rental payments. Should you choose to make all lease renewal payments, the total cost will be approximately twice the original invoice price of the item. The initial payment generally ranges from $0 to $70 based on the merchant’s location and category.

You can also choose to pay your lease agreement off early. The exact instructions and parameters are disclosed in your individual leasing agreement. Acima offers a 90-day early purchase option that allows you to purchase at the Acima Cash Price, which has a markup over the original merchant price. Also included is a small purchase fee. This fee varies by state but typically costs $25 and is added to your bill. Should you choose to purchase your item early after the 90-day period, you can make a lump sum payment that includes a discount off the original leasing term price. 

Acima frequently asked questions

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

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.