No credit, no problem.
We have partnered with Acima to provide our clients with a lease-to-own option. A popular alternative to credit cards. Great for those with no (or less than stellar) credit scores. Also perfect for clients that share concerns with traditional financing options.
Acima is an alternative way to shop for items without paying cash or relying on credit. After completing an easy online application, the client receives notice instantly. If approved, a lease agreement will begin - allowing you to get the merchandise immediately and then make rental payments until you obtain ownership.
Can clients with bad credit or no credit history qualify?
Yes! The Acima process does not require a specific credit score or established credit history. While they may factor in information from a credit report, they evaluate several other factors, from data furnishers and income, to make approval decisions for qualifying customers.
Is a good credit score required?
While Acima may receive the consumer report and credit score, they look at multiple data points to make a final decision. They regularly approve customers who have less than perfect credit history. To get started, Acima will ask for some personal information and banking account numbers and meet some basic income requirements.
How is leasing different from credit card transactions?
In a traditional credit transaction, a financial institution extends funds for the purchase. The money borrowed gets paid back to the creditor, including finance charges such as interest. In a lease agreement, Acima purchases the product, and the client leases it from them. Acima purchases the merchandise selected from participating merchants like Macs4U. Lease payments are made while using the merchandise. The purchase option can be used to own the property, or the lease can be terminated at any time without penalty. There is no interest. The lease payments are based on the value of the merchandise and the cost of lease services. Therefore, ownership is acquired by leasing costs that are more than the retailer's cash price.
How is the total lease amount calculated?
The total lease amount is calculated based on the Acima Cash Price of the merchandise and the cost of the lease services. Most states require sales tax to be paid on rental payments, meaning sales tax will be applied to all charges. Therefore, if you make all lease renewal payments, you will spend approximately double the original invoice price of the property.
In what states are lease-to-own options currently NOT available?
Leasing is available in 46 of 50 states. Exceptions: New Jersey (NJ), Minnesota (MN), Wisconsin (WI) & Wyoming (WY)
When can I own my product?
When preferring predictable payments and the flexibility of the lease, the product is owned after all lease renewal payments have been made. The merchandise can be purchased early if ready sooner, as described in the Acima agreement. This will save over the total cost of the lease. If wishing to stop making renewal payments before obtaining ownership, the merchandise can be returned at any time. If in a lease agreement with Acima, please contact them directly for any lease-related activities.
Who owns the merchandise leased?
Acima owns the merchandise until it is ready to own. After the lease agreement is signed, Acima purchases the merchandise and leases it to you until ownership is obtained or the lease is terminated.
What do I need to apply?
- Be 18 years old or older
- Have an active checking account with at least $1,000 of income per month
- Have at least three months of income history with your current source of income
- Have a government-issued photo ID, and a social security number or Individual Taxpayer Identification Number (ITIN)
Are any application fees due?
Nope! It's free to apply.
Will the application process impact my credit?
The credit score from national credit reporting agencies (TransUnion, Experian, and Equifax) should not be impacted by applying for a lease. The application process, however, does include a review of the consumer report. Depending on the consumer reporting agency, the inquiry may appear on your consumer report. Acima uses a soft pull when it accesses a consumer report from national credit reporting agencies (TransUnion, Experian, and Equifax).
What is the difference between a "soft" and a "hard" pull on consumer reports?
A "soft" pull of your consumer report is an option available from the national consumer reporting agencies (TransUnion, Experian, and Equifax). On a "soft" pull, the inquiry from Acima is only visible to you personally and only if you request a copy of the consumer report from one of the national consumer reporting agencies. This is important because other users of your consumer report may consider inquiries as a negative factor in creating a credit score or deciding based on your consumer report. Secondary consumer reporting agencies do not provide this same "soft" pull option. Our review of your consumer report from these agencies may be shown as an inquiry. However, these inquiries should not negatively impact your consumer report or credit score at the national consumer reporting agencies.
Does Acima receive my credit score?
Acima may receive your credit score as part of the review process of your consumer report. However, they do not base the approval decision on the credit score in isolation. Instead, they use proprietary technology to look at the bigger picture and approve many customers with less than perfect credit history.
How long is the lease agreement?
The period of ownership varies based on the item(s) chosen. If you elect to make all renewal payments, you will own the merchandise in 12, 18, or 24 months, based on the lease agreement. You also have the option to obtain ownership early. When ready, you can end the lease with early purchase options described in the contract. These options allow significant savings compared to the total cost of the lease. When you choose to own it is up to you!
What are the purchase options for my lease?
You can purchase the merchandise at any time after you receive it. Acima offers a 90-day early purchase option (three-month purchase option in California), which begins on the date the merchandise is received and expires 90-days (three months in California) later. This option lets you purchase the merchandise for the Acima Cash Price and a small purchase fee, which varies state-to-state, but is typically $25. The Acima Cash Price includes a markup over the merchant invoice price. After 90 days (three months), the merchandise can be purchased by paying a lump sum percentage of whatever is the remaining total lease amount. The percentage varies by state but is generally 65% of your remaining total lease amount. This allows the purchase of the property before the end of the 12, 18, or 24 months of lease renewal payments at a discount. You can also elect to make all lease renewal payments for your merchandise, and you will own the merchandise! Failed or late payments may accrue fees, so see your lease agreement for a full breakdown of costs. Suppose you elect not to purchase the merchandise through one of these options. In that case, you may terminate the lease at any time without penalty. You are not automatically enrolled in an early purchase option at lease inception. To purchase early or schedule payments to exercise a 90-day purchase option, call or chat with our Acima customer service department.
What is the initial payment?
The initial payment is your first payment towards your lease! It is deducted from the total lease amount and must be made before merchandise is received. This amount varies by participating merchant location and category but is generally between $0 to $70.