AAR Financial personal loans review

What is AAR Financial?

AAR Financial is an alternative lender founded in 2003 offering loans to Manitoba and Alberta residents. AAR Financial provides both unsecured personal loans up to $25,000 and secured personal loans up to $50,000. You can apply completely online within minutes or you can visit your local branch to speak with a loan specialist.

Is AAR Financial legitimate?

Yes, it is. AAR Financial has been in service for over 15 years, with its headquarters in Winnipeg, Manitoba. It has physical branches customers can visit across Manitoba and in Edmonton, Alberta. It has been Better Business Bureau accredited since 2014 and has a rating of A-. It also has a dedicated customer service line, which is staffed Monday to Saturday from 9am to 6pm.

AAR Financial Personal Loan features

Feature	Details
Loan amount	$1,000 – $50,000
Loan term	24 - 120 months
Interest rate	14.90% - 46.70%
Fees	Fees may include insurance fees, administration fees and NSF/late payment fees.
Serviced provinces	MB, SK, AB, ON, BC
Basic eligibility criteria	Must be the age of majority in your province, with an active bank account, proof of employment and 3 pieces of ID.

What are the benefits of an AAR Financial Personal Loan?

• Flexible loan amounts. AAR Financial offers loans starting at $1,000 and up to $25,000 for an unsecured loan and up to $50,000 for secured loans.
• Flexible loan terms. Loan terms range from as short as 24 months up to 10 years.
• Completely online application. AAR Financial has a quick and easy online application for both its secured and unsecured loans. Simply fill out your details, verify your income, sign your loan documents electronically and receive your funds via electronic bank transfer.
• Anyone can apply. AAR Financial doesn’t have a minimum credit score or income threshold you’ll need to meet. Whether you have bad credit or no credit history at all, you can apply as long as you have proof of enough employment income to make your loan repayments.
• Use the funds for any purpose. Once you’re approved for a loan, you have the freedom to use the money for any of your financial needs, including debt consolidation, home improvements, car repairs or emergency costs.
• In-person customer service. Unlike most online lenders, AAR Financial takes a hybrid approach and has bricks and mortar locations in Manitoba and Alberta to provide in-person assistance with loan specialists.

What to watch out for

• High interest rates. If you have less-than-perfect credit, you may receive an interest rate as high as 46.7%.
• Unclear fees. AAR Financial doesn’t disclose its fees and charges online but warns that they may include insurance fees, administration fees and other applicable fees.
• Not available across Canada. You can only apply for an AAR Financial loan in Manitoba and Alberta.

Summary of AAR Financial reviews

Feature	Details
BBB accredited	Yes
BBB rating	A-
BBB customer reviews	2.94 out of 5 stars, based on 16 AAR Financial reviews
Facebook recommendations & reviews	4.4 out of 5 stars, based on 61 AAR Financial reviews
Customer reviews verified as of	June 18, 2022

Alternatives similar to an AAR Financial Personal Loan

Am I eligible for an AAR Financial Personal Loan?

To qualify for an AAR Financial loan, you’ll need to meet the following requirements:

• Be the age of majority in your province. You’ll need 3 pieces of ID.
• Have proof of residency, for example, a utility bill.
• Have proof of an active source of employment income. You’ll need 2 most recent pay stubs.
• Have an active chequing or savings account. You’ll need 3 most recent bank statements and a void cheque or pre-authorized debit form.
• Home equity. If you’re applying for a secured loan, you’ll need proof of your homeownership and mortgage payments.

How to apply for an AAR Financial Personal Loan

AAR Financial prides itself on its “contactless loan” application, which can be done completely online. Here’s how:

1. Head to aarfinancial.ca and click on “Apply Now” on the homepage.
2. On the next page, provide your full name, email address, phone number and date of birth.
3. Provide your full address, city, province and postal code. Indicate whether you rent or own your property, and how long you’ve lived at the residence.
4. Choose what kind of loan you’re looking for (personal loan, debt consolidation, car repairs, etc) and how much you’re looking to borrow.
5. Provide your employment information, including your employer, your position, whether you’re part time or full time, your gross income and your Social Insurance Number.
6. Finally, consent to submitting your online application. You’ll hear from a loan specialist who will call you to go over your loan options.

You can also contact a loan specialist by visiting an AAR Financial branch near you.

How much will an AAR Financial Personal Loan cost?

The biggest cost you’ll pay on your loan is the interest, which could range anywhere from 14.90% - 46.70%. So let’s say you take out $3,000 on a 2 year loan term. In that example, your monthly payment would be $194.97. You would end up paying back $4,679.24 in total, which includes $1,679.24 paid towards interest alone.

Bottom line

If you’re shopping for a personal loan in Manitoba or Alberta, AAR Financial is a great option to include in your shortlist. Although it welcomes people with all credit types, you may be charged a high interest rate if you have bad credit, so it’s important to shop around before signing on the dotted line. If you have good or excellent credit, you may get better rates from more traditional lenders like banks or credit unions.

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Frequently asked questions about AAR Financial Personal Loans

• How much money can I borrow with AAR Financial?

  You can borrow between $1,000 and $25,000 for an unsecured loan and between $1,000 and $50,000 for an unsecured loan.

• How will I know my interest rate?

  After applying, AAR Financial will tell you the interest rate you’ve qualified for, depending on factors such as your credit score, employment income and existing debts. AAR Financial‘s interest rate ranges from 14.9% to 46.7%.

• I got the AAR Financial personal loan. Now what?

  With the easy online application and quick release of funding upon approval, you should have your cash within 24 hours of signing off on your loan contract. You’ll work with a loan specialist who will help you determine how much you can feasibly borrow and how much you can afford to pay back each month. You can even choose if you’d like to pay back your loan in weekly, fortnightly or monthly payments. Whatever option you choose, make sure you mark your loan due dates on your calendar.

  If you can’t make your next loan payment, find the branch nearest to you for assistance.

• What's the difference between an unsecured and secured loan?

  A secured loan is a loan that’s guaranteed against an asset you own, such as your home equity. You’ll qualify for a lower interest rate with a secured loan but you risk losing your asset if you default on your loan repayments. With an unsecured loan, you’ll get a higher interest rate but you won’t have any assets on the line.