What Acima is and how the rent-to-own process works
Acima is a lease-to-own company that lets you rent furniture, appliances, electronics, and other goods with the option to buy them at the end. You don't need a credit check or a down payment to start renting. Instead, you make weekly or bi-weekly payments, and after a set number of payments (usually 12 to 24 months, depending on the item), you own the product outright.
The way it works in practice: you visit a participating retailer — Best Buy, Aaron's, Rent-A-Center, Conn's, or many local furniture and appliance stores — select an item, and Acima handles the lease agreement. You sign the contract, make your first payment, and take the item home the same day in most cases. Each payment you make builds toward ownership. Once you've paid enough, the item is yours.
Acima makes money by charging you more over time than the item's retail price. The total amount you pay includes the retailer's cost, Acima's fee, and interest-like charges. This is why rent-to-own costs significantly more than buying outright or financing through a traditional lender.
Key Takeaways
- Acima requires no credit check, no down payment, and no proof of income, making it available to people who cannot get traditional financing.
- You make weekly or bi-weekly payments and own the item after completing the lease term, which typically runs 12 to 24 months.
- The total cost of renting-to-own through Acima is substantially higher than buying the same item outright or financing it through a bank or store credit card.
- You can return the item at any time without penalty, though you forfeit all payments made and do not own the product.
- Acima reports payment history to credit bureaus, so on-time payments can help build credit, but missed payments can harm it.
Who can use Acima and what you need to provide
Acima does not run a hard credit check, so you do not need a high credit score or a perfect payment history to be considered. You do need to be at least 18 years old and a U.S. resident. Most people are approved within minutes using a mobile app or online form.
To start, Acima asks for your name, address, phone number, email, and employment information. They verify your income by checking your bank account or recent pay stubs, but the income threshold is low — many people with part-time or gig work are approved. You will also need a valid ID and a way to make payments (a bank account or debit card).
The retailer where you shop may ask for additional information, such as your driver's license or proof of residence. Requirements vary by store and by state.
How much you actually pay and what affects the total cost
The total amount you pay for an item through Acima is always higher than its retail price. A $500 television might cost $700 to $900 by the time you own it, depending on the lease term and the retailer's markup. The longer the lease, the more you pay in total, but your individual payments are smaller.
Several factors change the final cost. The retailer sets the initial price and markup. Acima's fees vary based on your payment frequency and lease length. Your payment schedule — weekly, bi-weekly, or monthly — affects how many payments you make and thus the total interest-like charges. Some retailers offer promotions that lower the total cost, and Acima sometimes runs limited-time deals.
Before you sign, ask the retailer or Acima for the total amount you will pay if you complete the lease. This number should be in your contract. Compare it to the item's price at other stores and to financing options like a store credit card or personal loan, which often cost less overall.
What happens if you miss a payment or want to return the item
If you miss a payment, Acima will contact you by phone, email, or text. A single missed payment does not when ready end your lease, but repeated missed payments can result in the item being repossessed. Acima reports payment history to credit bureaus, so missed payments will lower your credit score.
You can return the item at any time without penalty. When you return it, your lease ends, you stop making payments, and you do not own the product. All the money you paid up to that point is forfeited — you do not get a refund. This is different from a traditional loan, where paying early saves you interest.
If you want to own the item before the lease term ends, you can pay off the remaining balance in full. The amount owed is listed in your contract and your online account. Paying early does not reduce the total cost; you straightforward stop making future payments.
How Acima affects your credit score and financial record
Acima reports your payment activity to the three major credit bureaus — Equifax, Experian, and TransUnion. This means on-time payments can help build your credit history if you have little or no credit. Each on-time payment shows lenders that you meet your obligations.
However, missed payments are also reported and will lower your credit score. A single late payment can drop your score by 50 to 100 points depending on your current score and credit history. Multiple missed payments or a repossession will damage your credit for years.
Acima also performs a soft inquiry into your credit, which does not affect your score. However, if you explore with multiple rent-to-own companies in a short time, those inquiries can add up and slightly lower your score.
Comparing Acima to other rent-to-own and financing options
Acima is one of several rent-to-own companies. Aaron's, Rent-A-Center, and Aarons Furniture offer similar services. The main differences are which retailers they partner with, their fee structures, and their lease terms. Shop around and compare the total cost for the same item across companies before deciding.
Traditional financing is usually cheaper. A store credit card, a personal loan from a bank or credit union, or a buy-now-pay-later service like Affirm or Klarna often cost less overall than rent-to-own. However, these options require a credit check and proof of income, which Acima does not. If you cannot get approved for traditional financing, Acima may be your only option.
Buying used or waiting to save money are also worth considering. A used appliance or furniture item from a local seller, Facebook Marketplace, or Craigslist costs far less than renting-to-own. If you can delay the purchase by a few months and save, that is almost always cheaper than any lease-to-own plan.
Common mistakes to avoid when using Acima
The biggest mistake is not comparing the total cost to other options before signing. Many people focus on the weekly payment amount — which looks affordable — and ignore the final total. By the time they realize how much they paid, the contract is signed.
Another common error is not reading the contract carefully. The terms, fees, and what happens if you miss a payment should all be spelled out. If something is unclear, ask the retailer or Acima to explain it before you agree.
Overextending yourself is also risky. Just because Acima approves you for multiple items does not mean you can afford them all. If you miss payments, your credit score drops and items can be repossessed. Budget carefully and only rent items you truly need.
Finally, do not assume you can return an item and get money back. Returns are free, but you lose all payments made. If you rent a $500 item for six months and then return it, that money is gone.
Frequently Asked Questions
Do I need good credit to use Acima?
No. Acima does not require a credit check and approves people with no credit history, bad credit, or no credit score. You need a bank account, proof of income, and a valid ID. Most approvals happen within minutes.
Can I own the item before the lease ends?
Yes. You can pay off the remaining balance at any time and own the item when ready. The amount owed is shown in your contract and online account. Paying early does not reduce the total cost; you straightforward stop making future payments.
What happens if I can't make a payment?
Contact Acima as soon as you know you will miss a payment. A single missed payment does not end your lease, but repeated missed payments can result in repossession. Missed payments are reported to credit bureaus and will lower your credit score.
Is rent-to-own cheaper than buying with a credit card or loan?
Almost never. A store credit card, personal loan, or buy-now-pay-later service usually costs less overall. Rent-to-own is most useful when you cannot get approved for traditional financing. Always compare the total cost before deciding.
Can I return the item and get my money back?
You can return the item at any time without penalty, but you do not get a refund. All payments you made are forfeited, and you do not own the product. Returning stops your lease and your payment obligation.