Companies Like Acima: Alternatives for Lease-to-Own Financing

Acima is a Utah-based fintech platform that provides solutions including point-of-sale leasing and retail lending for consumers and merchants. It offers a no-credit-needed lease purchase option to customers who have been turned down by traditional lenders.

Companies Like Acima

In a Hurry? Here is Our Top Companies Like Acima

CompanyBrief Description
Progressive LeasingSimilar to Acima, offers lease purchase options with no credit check required.
West CreekProvides lease purchase options for customers who have been turned down by traditional lenders.
WhyNotLeaseItOffers lease purchase options with easy eligibility guidelines.
ZibbyLease-to-own financing company that does not require a credit check.
KafeneProvides lease-to-own financing options with longer repayment terms and lower fees.
KlarnaOffers installment loans at the point of sale with varying interest rates based on creditworthiness.
AfterpaySimilar to Klarna, allows customers to split purchases into monthly payments.
BreadFinancing option that provides installment plans for online purchases.
CredovaOffers lease-to-own options without a credit check, although it may have higher fees compared to other options.
KatapultProvides lease-to-own financing options with flexible payment plans.

Understanding Acima

Acima is a lease-to-own financing company that offers point-of-sale financing with instant approval. It was founded in 2013 and is headquartered in Draper, Utah.

The company offers lease-purchase plans for items valued between $500 and $5,000, with term lengths of 12, 18, or 24 months.

Acima’s lease-to-own financing is made available t ough participating merchants, both online and in-store. Customers can apply for financing online or in-store and receive instant approval.

Acima also offers early purchase options, allowing customers to purchase the merchandise before the end of the lease term.

Acima has been successful in the lease-to-own financing industry and has grown significantly since its inception.

According to Owler, Acima’s top 16 competitors include companies such as West Creek, Affirm, and Klarna. Together, they have raised over $9.5B between their estimated 10.8K employees.

Acima is a technology company that uses multiple data points to make lending decisions. The company claims to regularly approve customers who have little or no consumer report history or credit score.

Acima has not disclosed its revenue figures publicly, so it is difficult to say how much revenue the company generates. Also see: Companies Like Progressive Leasing

Acima’s Unique Features

Acima is a virtual lease-to-own fintech business that offers unique features that set it apart from other companies in the industry.

The company’s services are designed to empower underserved consumers and remove transaction barriers. Here are some of Acima’s unique features:

Mobile App

Acima offers a mobile app that allows customers to manage their accounts from anywhere, at any time.

The app is available for both iOS and Android devices and provides a convenient way for customers to view their account balance, payment history, and upcoming payments.

Additionally, customers can use the app to make payments, update their contact information, and request early buyout options.

Early Buyout Options

Acima offers early buyout options that allow customers to pay off their lease early and own the product outright.

Customers can choose to buy out their lease at any time during the lease term, and the cost to buy out the lease decreases over time. This option provides customers with flexibility and allows them to save money in the long run.

Acima’s early buyout options are also safe and fast. Customers can complete the process online or t ough the mobile app, and there are no penalties or fees for early buyouts.

Additionally, customers can choose to pay off their lease in full or make a partial payment to reduce the remaining balance.

Credit Requirements for Acima

Acima Credit offers lease-to-own financing options for people with bad credit or no credit history. Acima’s eligibility guidelines are easy to meet and require the following:

  • An active checking account with monthly deposits of at least $1,000, with no excessive overdrafts or negative balances
  • At least t ee months of income history with your current employer (or other income source)
  • A government-issued photo ID

Acima Credit does not require a good credit score or credit card to qualify for its financing options. Instead, the company considers more than credit scores when you apply for a loan.

This means that even if you have bad credit or no credit history, you can still apply for Acima financing and get approved.

To get approved for Acima financing, you need to fill out an application that is fast and easy to complete. The application won’t harm your credit, and you could get approved for $300 to $4,000 of shopping power by meeting these basic requirements.

Acima Credit also offers a soft credit check, which means that the company will not perform a hard inquiry on your credit report. This is beneficial because hard inquiries can negatively impact your credit score.

With Acima’s soft credit check, you can apply for financing without worrying about damaging your credit score.

Product Categories with Acima

Acima Credit offers lease-to-own financing for a variety of product categories, including:

Tires

Acima partners with a network of tire retailers to offer lease-to-own financing for new tires. Customers can choose from a wide selection of brands and styles, and enjoy flexible payment options that fit their budget.

Furniture

Acima works with furniture retailers to provide customers with lease-to-own financing for home furnishings. From sofas and chairs to beds and dressers, customers can find the perfect pieces to complete their home decor.

Electronics

Acima partners with electronics retailers to offer lease-to-own financing for a range of products, from smartphones and laptops to TVs and gaming consoles. Customers can enjoy the latest technology without breaking the bank.

Appliances

Acima works with appliance retailers to provide lease-to-own financing for a variety of home appliances, including refrigerators, washers and dryers, and dishwashers. Customers can upgrade their home appliances with affordable monthly payments.

Music Instruments

Acima Credit offers lease-to-own financing for music instruments. Customers can choose from a variety of instruments such as guitars, drums, and keyboards, and enjoy flexible payment options that fit their budget.

Acima Credit’s lease-to-own financing options provide customers with an affordable way to purchase the products they need and want.

With flexible payment options and a wide range of product categories, Acima Credit is a great option for customers looking to finance their purchases.

Payment Methods with Acima

Acima Credit is a lease-to-own financing company that offers flexible payment options for customers. Here are some of the payment methods that you can use with Acima:

Pay Later

Acima Credit allows you to pay for your purchases later. You can choose to pay weekly, bi-weekly, or monthly depending on your needs. This payment method is great for those who want to spread out their payments over a longer period of time.

Credit Card

Acima Credit does not accept credit cards as a payment method. However, you can use a debit card or a bank account to make payments.

Bank Accounts

You can link your checking or savings account to your Acima Credit account and make payments directly from your bank account. This payment method is convenient and secure.

PayPal

Acima Credit does not accept PayPal as a payment method. However, you can use a debit card or a bank account to make payments.

Venmo

Acima Credit does not accept Venmo as a payment method. However, you can use a debit card or a bank account to make payments.

Similar Companies to Acima

Acima is a fintech platform that provides point-of-sale leasing and retail lending solutions for consumers and merchants. If you’re looking for companies like Acima, here are some similar options worth considering:

Progressive Leasing

Progressive Leasing is a provider of lease-to-own programs for retailers. It offers a no-credit-needed option for customers who want to lease items like furniture, electronics, and appliances.

Progressive Leasing has been around since 1999 and has partnerships with over 30,000 retail locations across the US. The company is a subsidiary of Aaron’s Inc., a rent-to-own retailer.

Affirm

Affirm is a financial technology company that provides installment loans to consumers at the point of sale. Customers can use Affirm to split their purchases into monthly payments with interest rates that vary based on their creditworthiness.

Affirm partners with over 6,000 merchants, including Walmart, Peloton, and Expedia. The company was founded in 2012 and is headquartered in San Francisco.

Snap Finance

Snap Finance is a provider of lease-to-own financing for customers who don’t qualify for traditional credit options. The company partners with over 200,000 merchants in the US and Canada, including furniture stores, tire shops, and jewelry retailers.

Snap Finance offers a 100-day cash payoff option and reports payment activity to credit bureaus to help customers build credit. The company was founded in 2012 and is based in Salt Lake City.

Good Buy

Good Buy is a multinational retailer of consumer electronics, appliances, and services. The company offers financing options for its products, including a store credit card and a lease-to-own program called Progressive Leasing.

Good Buy’s financing options are provided in partnership with Citibank and Progressive Leasing, respectively. Good Buy was founded in 1966 and is headquartered in Richfield, Minnesota.

These companies are just a few examples of the many options available for consumers and merchants looking for point-of-sale leasing and retail lending solutions.

Each company has its own unique features and benefits, so it’s important to do your research and compare options before making a decision.

How to Manage Acima Accounts

Managing your Acima account is easy and straightforward. Here are a few tips to help you manage your account effectively:

1. Log in to Your Account

The first step to managing your Acima account is to log in. You can do this by visiting the Acima website and clicking on the “Log In” button. Once you have logged in, you will be able to view your account information, including your current balance, payment history, and due dates.

2. Make Payments on Time

One of the most important aspects of managing your Acima account is making payments on time. Late payments can result in additional fees and penalties, which can make it more difficult to pay off your balance. To avoid late payments, set up automatic payments or reminders to ensure that you never miss a due date.

3. Review Your Account Statements

It is essential to review your account statements regularly to ensure that all charges and payments are accurate. If you notice any discrepancies, contact Acima customer support immediately to resolve the issue.

4. Update Your Account Information

If your contact information or payment methods change, make sure to update your account information promptly. This will ensure that you receive important account notifications and that your payments are processed correctly.

5. Contact Customer Support

If you have any questions or concerns about your Acima account, don’t hesitate to contact customer support. The Acima support team is available to assist you with any issues you may have, including payment arrangements, account disputes, and more.

Benefits of Choosing Acima

Acima is a lease-to-own financing company that offers a range of benefits to its customers. Here are some of the key benefits of choosing Acima:

Shop with Confidence

Acima allows you to shop for the things you need with confidence, even if you don’t have the cash on hand to pay for them upfront.

With Acima, you can get the things you need now and pay for them over time, without having to worry about high interest rates or hidden fees.

Save Money

Acima offers flexible payment options that make it easy to manage your finances. You can choose to pay off your lease in as little as 90 days, or you can spread your payments out over a longer period of time.

Plus, with Acima’s early purchase option, you can save money by paying off your lease early and avoiding additional fees.

Invest in Your Future

Acima can help you invest in your future by giving you access to the things you need to improve your life. Whether you need a new appliance, a new computer, or a new set of tires, Acima can help you get the things you need to succeed.

Race to the Top

Acima gives you the tools you need to race to the top and achieve your goals. With Acima, you can get the things you need to compete in today’s fast-paced world, without having to worry about high interest rates or hidden fees.

Whether you’re starting a new business, pursuing a new career, or just trying to get ahead, Acima can help you get there faster.

Acima in Ecommerce

Acima is a leasing company that provides a unique approach to financing for customers with low or no credit. They offer flexible payment plans and an easy application process.

Acima has expanded its services to include e-commerce, allowing customers to lease products from online stores.

Acima’s e-commerce platform is designed to integrate seamlessly with online stores, providing customers with a frictionless leasing experience.

The platform offers a robust API and pre-built shopping cart plugins, making it easy for online stores to integrate Acima’s leasing options into their checkout process.

With Acima’s e-commerce platform, customers can find stores that offer leasing options t ough a simple search feature.

This feature allows customers to find stores that offer leasing options for the products they want to purchase. They can then apply for a lease and receive a decision within minutes.

Acima’s e-commerce platform also offers a mobile application that allows customers to shop and lease products on the go. The mobile app provides a convenient way for customers to browse products, apply for a lease, and manage their account.

Overall, Acima’s e-commerce platform provides a unique and flexible financing option for customers who may not have access to traditional credit options.

With its easy integration and robust features, it’s no wonder why Acima is becoming a popular choice for online stores looking to offer leasing options to their customers.

Frequently Asked Questions

What are some alternative leasing companies?

There are several alternative leasing companies available. Some of the popular ones include West Creek, Zibby, and Progressive Leasing. Each of these companies has its own unique features and benefits that may appeal to different customers.

How does Acima compare to other leasing options?

Acima offers lease-to-own financing options for customers with no credit check required. While this can be a convenient option for those who may not qualify for traditional financing, it can also be costly if the lease is not repaid quickly. Other leasing options may offer lower fees or longer repayment terms, so it’s important to compare different options before making a decision.

What is Kafene and how does it compare to Acima?

Kafene is another leasing company that offers lease-to-own financing options. Like Acima, Kafene does not require a credit check for approval. However, Kafene may offer longer repayment terms and lower fees than Acima, depending on the specific lease agreement.

Are there other financing options similar to Snap Finance?

Yes, there are other financing options similar to Snap Finance. Some of these include Bread, Klarna, and Afterpay. These companies offer financing options for customers with no credit or bad credit, and they may offer more flexible repayment terms than traditional financing options.

How does Credova differ from Affirm and other financing apps?

Credova is a financing app that offers lease-to-own options for customers. Unlike Affirm and other financing apps, Credova does not require a credit check for approval. However, Credova may charge higher fees than other financing apps, so it’s important to compare different options before making a decision.

Which is better for leasing, Katapult or Acima?

Both Katapult and Acima offer lease-to-own financing options for customers. The best option for leasing will depend on the specific needs and preferences of the customer. Katapult may offer longer repayment terms and lower fees than Acima, while Acima may offer more flexible payment options. It’s important to compare different options and choose the one that best fits your needs.