AAR Financial review

What is AAR Financial?

AAR Financial is an alternative lender that offers various loans in several Canadian provinces. You can apply for a loan entirely online, or you can visit one of the lender’s eight store locations in Manitoba, Alberta and BC.

AAR Financial offers three types of loans:

• Personal loans. Borrow up to $50,000, and repay over a term ranging from 24 - 120 months. Learn more about the best personal loans.
• Home equity loans. Use your home equity as collateral for a loan of up to $100,000 with terms ranging from 130 to 240 months.
• Small business loans. If you've been in business for at least 6 months and have monthly revenue of at least $10,000, apply for a business loan of up to $100,000. Learn more about the best business loans in Canada.

Is AAR Financial legit?

Founded in 2013, AAR Financial is the business name of AAR-Auto List of Canada (1999) Inc. It is licensed as a high cost credit grantor in British Columbia (licence number: 84231) and a high cost credit business operator in Alberta (licence number: 349447). It also has store locations in Winnipeg and Brandon, MB; Edmonton, AB and Surrey, BC.

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	Manitoba, Saskatchewan, Alberta, Ontario and British Columbia
Basic eligibility criteria	Must be the age of majority in your province, have an active bank account and provide proof of employment as well as three pieces of ID.

What we like about AAR Financial personal loans

• Borrow up to $50,000. Personal loan amounts range from $1,000 to $50,000.
• Flexible loan terms. Loan terms range from 2 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 funds via electronic bank transfer. Learn more about the best online loans.
• 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 enough employment income to make loan repayments.
• Use funds for any purpose. Once you’re approved for a loan, you have the freedom to use the money for any financial need, including debt consolidation, home improvements, car repairs or emergency costs.
• Prepayment allowed. You can pay off your AAR Financial personal loan early without penalty.
• In-person customer service. AAR Financial has brick-and-mortar locations in Manitoba, Alberta and BC to provide in-person assistance from loan specialists.

What to watch out for

• Not available in all provinces. You can only apply for an AAR Financial loan in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia.
• High cost of borrowing. If you have less-than-perfect credit, you may receive an interest rate as high as 46.7%.
• Inconsistent information. While AAR Financial’s website says it provides personal loans of up to $50,000 and terms of up to 10 years, its terms and conditions say the maximum loan amount is $10,000 and the maximum term is 8 years.
• High NSF fee. According to the terms and conditions, loan payments that don’t complete due to insufficient funds will incur a $90 NSF fee.
• Credit score is a factor. Though AAR Financial has flexible eligibility requirements, your credit score is one of the factors the lender considers when assessing your application.

Alternatives to AAR Financial personal loans

Must read: Best bad credit loans in Canada

What are the interest rates of AAR Financial loans?

AAR Financial offers loan APRs from 14.90% - 46.70%. The cost of borrowing varies greatly depending on the rate you get. Let’s say you take out a $3,000 loan with a two-year term. Compare repayment costs with the lender’s minimum and maximum APR amounts in the table below.

	Loan A	Loan B
Loan amount	$3,000	$3,000
Loan term	2 years	2 years
APR	14.90%	46.70%
Monthly repayment	$145.32	$194.58
Total cost	$3,487.62	$4,670.02

What do AAR Financial reviews have to say?

We searched for AAR Financial reviews on Reddit, Trustpilot, Google and the Better Business Bureau and found that customer reviews are generally positive, although there is some mixed feedback.

Customers who left positive feedback mentioned factors like an easy application process and helpful customer service. Those who left negative reviews mentioned factors like slow approval, the high cost of borrowing and poor customer service.

AAR-Auto List of Canada (1999) Inc., the company behind AAR Financial, is Better Business Bureau accredited with an A+ rating and an average rating of 1.46/5 based on 35 customer reviews.

Summary of AAR Financial reviews

Feature	Details
Trustpilot	1.9/5 stars based on 13 AAR Financial reviews
Google	4.3/5 stars based on 353 AAR Financial reviews
Better Business Bureau accredited	Yes (Edmonton location)
Better Business Bureau rating	N/A
Better Business Bureau reviews	N/A
Reviews as of	August 26, 2024

Am I eligible for an AAR Financial personal loan?

To qualify for an AAR Financial personal loan you will need to:

• Be the age of majority in your province
• Be a Canadian resident
• Have a valid Canadian bank account

You’ll need to provide:

• Proof of ID
• Pay stubs for the two most recent months
• Bank statements for the past 90 days
• Proof of residency, for example a utility bill with your current address
• A void cheque or pre-authorized debit form

How to apply

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

1. Head to aarfinancial.ca and select 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 your current address.
4. Choose what kind of loan you’re looking for and how much you want to borrow.
5. Provide your employment information, including your employer, your position, whether you’re part-time or full-time, your income and your Social Insurance Number.
6. Submit the online application. You’ll be contacted by a loan specialist who will discuss your loan options.

You can also apply by visiting an AAR Financial branch near you.

Bottom line

If you’re shopping for a personal loan in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia, AAR Financial is worth a look. 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.

Dive deeper: Have time? Compare 35+ personal loans