AAR Financial

AAR Financial, private loans based in Winnipeg

AAR Financial is a Canadian private lending entity headquartered in Winnipeg, Manitoba. The company presents itself as an intermediate alternative between traditional banking and payday loans, aimed at people whom conventional financial institutions leave out of their services, including those without access to or with limited access to banking. Its offering is structured around personal loans, debt consolidation and home equity loans, with an online application process that the company describes as quick and easy.

Financing products

The entity's catalogue includes three main lines, in addition to other credit modalities mentioned in its corporate presentation:

• Personal loans: fast-access financing, with the company stating amounts of up to $25,000 in its main presentation and up to $50,000 in its FAQ section.
• Home equity loans: the personal loan is secured using the equity accumulated in the applicant's home. The website states this modality at up to $100,000.
• Debt consolidation: combining several debts into a single loan to simplify payments. The entity pays directly to the client's creditors or outstanding accounts, who then has a single instalment with AAR Financial.
• Other modalities: the company also mentions small business loans and auto loans.

Geographic coverage

The company serves from its Winnipeg headquarters and states that it serves the surrounding regions. Personal and home equity loans are offered in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia. The entity declares it holds licences in British Columbia (number 84231) and Alberta (number 349447).

Conditions and application process

The application can be made online in a few minutes and, according to the company, without affecting the applicant's credit score. Loan terms range from 2 to 10 years. The information published on the site shows two different references to the annual percentage rate: a range from 14.9% to 35% and another from 14.9% to 46.7%. The financial example accompanying the first indicates that $1,000 borrowed over 12 months at 35% interest means a biweekly payment of $20, a total repayment of $1,210 and a loan cost of $210. The second example, at 46.67% interest, raises the biweekly payment to $48.47, the total repayment to $1,260.22 and the cost to $260.22.

The entity maintains that an excellent credit score is not a prerequisite: although credit history is a factor that is assessed, the decision to grant the loan also depends on other circumstances. The company states it maintains a transparent process and offers personalised assistance from its loan specialists to tailor financing to each profile, with flexible payments adapted to the client's lifestyle.

Entity profile and service approach

AAR Financial defines itself as a Canadian private company. Its commercial discourse is based on the idea of helping those going through financial difficulties: it cites that in Canada 48% of workers live pay-cheque to pay-cheque and that 39% feel overwhelmed by their debts, and places its role there, covering occasional cash needs. The company describes a corporate culture oriented towards relationships with clients and with the community, and states it serves people regardless of their current or past credit situation. Among its highlighted messages are a 99% approval rate, more than 10,000 customers and a process it describes as fully transparent.

In-store service and contact channels

In addition to the online application, the entity has in-store service at a physical location in Winnipeg, and its site includes a locations section, FAQs and job offers. The company also publishes a blog with promotions and offers.

823 Regent Avenue West, Winnipeg Manitoba. R2C 3A7 · Phone: (204) 224 3271 · Email: info@aarfinancial.ca