• Powell Slaughter

Simple Finance is now Acima Credit

SALT LAKE CITY – Lease-to-purchase specialist Simple Finance is changing its name to Acima Credit.

Acima will continue to provide lease-purchase financing and service and support to retail merchants and their customers who come from a variety of credit positions. The name change is driven by a trademark issue between the Utah company, and Simple Bank, located in Oregon. 

“Simple Bank was awarded the trademark for ‘Simple’ in July 2016,” said Aaron Allred, founder and CEO of Acima Credit. “When our company was founded, we didn’t realize we would grow as quickly as we have grown. So we didn’t trademark the name. As a result, we are now Acima Credit. We are doing everything we can to cooperate with Simple Bank to make the name transition as smooth as possible, and to respect their trademark.”

Allred, AaronAaron Allred
Over the past three years, as lease-purchase financing has grown in popularity, Acima says it has experienced extraordinary growth allowing it to employ nearly 300 people and underwrite hundreds of thousands of consumers nationwide. Acima believes retail merchants who offer its point-of-sale service will experience an increase in revenue from a customer base that typically may not have been able to get financing otherwise based on their credit scores.

“Acima” means “Rise Above,” and reflects the company’s core mission to provide point-of-sale finance products through retail merchants to help people rise above their financial constraints.

Acima uses a proprietary technology platform to analyze non-traditional data points to accurately determining credit risk without accessing the traditional credit reporting system, allowing it to provide customers (through their retail merchant of choice) with a simple ‘no credit needed’ lease-to-own financing option.

The new name officially becomes effective Jan 27.

Powell SlaughterPowell Slaughter | Senior Editor
PSlaughter@furnituretoday.com

I'm Powell Slaughter, senior editor at Furniture/Today. I returned to the publication in January 2015 after nine years of writing about furniture retail strategies and best practices at a monthly magazine focusing on home furnishings retail operations. Prior to that, I spent 10 years with F/T covering wood furniture, the last five of those as case goods editor. While I cover occasional, home entertainment and home office here, a major responsibility is expanding our attention to the logistics side of the industry. I hope my articles will encourage a dialogue with retailers, vendors, third-party logistics specialists and carriers. I’d love to hear your ideas, concerns and suggestions for smoother flow of material and goods.

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