AimFinance review: Get a personal loan in 24-48 hours

What is AimFinance?

AimFinance specializes in loans for people who may not get approved by a traditional financial institution. It accepts loan applications from borrowers with bad credit and offers a quick and easy online application process.

This online lender offers loans ranging from $1,000 to $5,000, with repayment terms of up to 24 months.

Is AimFinance legitimate?

AimFinance is headquartered in Quebec and has been listed in the Quebec Enterprise Register since August 2022. Its website lists a mailing address and contact phone number, and it also features important legal documents like the site’s terms of use and a privacy policy.

AimFinance also maintains social media profiles on sites like Facebook and LinkedIn.

What we like about AimFinance

You can expect the following features when you apply for a loan with AimFinance:

• Easy application. You can apply for a loan online within minutes, with instant banking verification to speed up the process.
• Apply 24/7. You can apply for an installment loan whenever you want.
• Fast decisions. AimFinance says it offers fast loan decisions, so in some cases you can get money in as little as a few hours.
• Loans of up to $5,000 available. You can borrow as much as $5,000 to cover emergency expenses or essential purchases.
• Unsecured. You don’t need to provide any assets as collateral for your loan.
• Loan terms of up to 24 months. You have between 9 and 24 months to pay back what you borrow. This can help make it easier to budget for your repayments than if you have a short-term payday loan.
• Apply with bad credit. You can apply for a loan with AimFinance even if your credit history is less than perfect. Learn more about the best bad credit loans.
• Early repayment allowed. You can pay your AimFinance installment loan off early without incurring any extra fees.

What to watch out for

Keep the following factors in mind when deciding if an AimFinance loan is right for you:

• High APR. The APR on an AimFinance installment loan is 46%. This is not uncommon for a bad credit lender, but make sure you know exactly how much your loan will cost to repay in total before you apply.
• Credit check. You’ll need to complete a credit check when you apply for an AimFinance installment loan.
• Limited AimFinance reviews. There are minimal AimFinance customer reviews available online, so you can’t assess the experience that other borrowers have had with the lender.
• 24-48 hours to get funded. AimFinance does not currently offer Interac e-transfers and instead pays out loan amounts via direct deposit. This means it may take 24-48 hours to receive your funds.
• Ontario and British Columbia only. If you live in any province or territory other than Ontario or BC, you’ll need to consider other lenders.

Alternatives to AimFinance

What are AimFinance’s interest rates?

The APR on AimFinance installment loans is 46%. This is a common maximum APR among lenders who offer bad credit loans, but it’s still quite high.

If you have a good credit score, you might want to check if you can qualify for a lower rate from another lender.

What do AimFinance reviews say?

AimFinance appears to be a relatively new lender, so there are limited independent customer reviews available online. The single customer review we found on Trustpilot was positive, however, praising AimFinance for fast and easy loan funding.

Summary of AimFinance reviews

Site	Details
Trustpilot	3.7 out of 5 stars, based on 1 AimFinance review
Google	No AimFinance reviews available
BBB accreditation	No
BBB rating	No rating

Am I eligible for an AimFinance loan?

To qualify for an AimFinance loan you’ll need to meet the following criteria:

• Be 18 years of age or older
• Be a Canadian citizen or permanent resident
• Be employed
• Have a monthly net income of at least $1,200 deposited into your bank account
• Have a Canadian bank account that has been open for at least 90 days
• Have a Canadian address as well as a valid mobile phone number and email address
• Submit to the instant banking verification process

How to apply

You can apply for an AimFinance loan by completing the following steps:

1. Navigate to the Aim Finance website and click the “Apply now” link.
2. Enter your postal code, requested loan amount and loan term.
3. Click “Get started”.
4. Provide your name, contact details and address, and specify whether you own or rent your home.
5. Enter your Social Insurance Number (optional).
6. Provide your income, employment and bank account details.
7. Submit your application.

What to expect once you’ve received your loan

If your application is approved, your loan amount will be sent to your account by direct deposit. Loan terms range from 9 - 24 months and vary depending on the amount you borrow.

Your loan payment schedule will match your pay date. So if you get paid your salary bi-weekly, your loan payments will also be made bi-weekly.

You can check your loan balance, download your loan agreement and make additional payments by logging in to AimFinance’s online account service portal. You also have the option to pay back your loan early at any time with no penalty.

Take note that AimFinance will charge an NSF fee if there are insufficient funds in your bank account for a scheduled repayment. If you expect that you will be unable to make a payment on-time, contact the lender in advance to find out whether an alternative arrangement can be made.

Bottom line

If you’re an Ontario and British Columbia resident struggling to qualify for personal loans from traditional lenders, AimFinance is worth checking out. You can apply with bad credit, get funded fast and borrow up to $5,000. But if you don’t live in Ontario and British Columbia, or if you can’t afford the high APR, consider other options.