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Find A LenderAimFinance: Overview
AimFinance is a personal loan lender that strives to make affordable credit accessible to all types of consumers, including those with bad credit. The company also provides customized solutions and useful guides to help borrowers improve their financial profiles.
The loan application process only takes a few minutes and can be done online. Personal loans are available to Ontario and British Columbia residents for up to $1,000.
If you need a quick loan and are struggling to get approved by other lenders because of poor credit, AimFinance may be able to help.
Our Verdict
| Who Is AimFinance Best For? | – Consumers who live in Ontario and have bad credit. – Consumers who want a quick & convenient way to apply for a loan. – Consumers who are in urgent need of cash. |
| What We Like About AimFinance | – Quick & easy online application process. – Bad credit is accepted. – Funding in as little as 24 hours. – Instant bank verification is available to speed up the application process. |
| What We Don’t Like About AimFinance | – Interest rates can be high, especially for bad credit borrowers. – Only available in ON and BC. |
What Does AimFinance Offer?
AimFinance offers personal installment loans that can be used for various purposes, including paying for various expenses and consolidating debt. Loans range from $100 to $1,000.
Bad credit personal loans are also offered to those with lower credit scores, though a credit check will be performed. In this case, AimFinance uses alternative data when considering your loan application to get the full picture of your creditworthiness, such as the following:
- Rent payment history
- Utility bill payments
- Other loans
- Other debt
Once approved for a loan, the funds will be deposited into your account via e-Transfer within 24 to 48 hours after loan approval. You’ll also have access to an online account service portal to manage your loan.
Payments are typically debited from your bank account, though you may have the option to pay by debit or credit card, as long as your card provider allows it.
AimFinance currently only serves Ontario residents.
AimFinance: Snapshot
| Loan Amounts | $100 – $1,000 |
| Interest Rates | 46% |
| Fees | None |
| Loan Terms | 9, 12, 18 & 24 months |
| Credit Score Required | 580 – 600 |
| Income Required | $1,200/month |
| Provinces Available | ON and BC |
Qualifying With AimFinance
To be eligible for a personal loan with AimFinance, you must meet the following loan criteria:
- Be at least 18 years old
- Be a Canadian citizen or a permanent resident
- Be employed
- Earn a monthly net income of at least $1,200
- Have an active Canadian bank account with access to online banking
- Have a valid telephone number, email address, and physical address in Canada
What Documents Are Needed To Qualify For A Loan From AimFinance?
The application process is mostly automated. Applicants must have a Canadian bank account that has been open for at least 3 months and have access to their online banking. Typically no additional documents are required.
How To Apply With AimFinance
Applying for a personal loan with AimFinance is quick and easy. To start the process, follow these steps:
1. Enter your postal code, requested loan amount, and preferred loan term.
2. Enter your personal information, including the following:
- Full name
- Phone number
- Email address
- Home address
- Date of birth
- Whether you rent or own
3. Enter your ID document number, such as your social insurance number, to verify your identity. If you’re uncomfortable with sharing your social insurance number you can skip it as it’s optional.
From there, AimFinance will ask you a variety of questions about your income and other qualification requirements. A credit check will also be performed, for which you’ll need to give your consent.
If approved, you should receive your funds within 24 to 48 hours, though it’s possible to get the money the same day.
Bank Verification
Part of the loan application process also includes an instant bank verification (IBV). AimFinance uses a third-party provider for this. While this may seem invasive, IBV simply lets AimFinance verify that your bank account is active and valid before they transfer the loan to you. This is a safe and secure process that saves a lot of time, both for you and the lender.
What We Like About AimFinance
- Apply Anytime – At AimFinance, applications are accepted 24/7, meaning you can complete your application anytime during the day.
- Fast Funding – Funds are deposited via Electronic Funds Transfer (EFT) which can take 24 to 48 hours.
- Free Quote – If you’re wondering whether you’ll qualify for an AimFinance loan, you get pre-approved in just a few minutes.
- No Penalties For Prepayments – If you want to pay off your loan early, you can do so without penalty at AimFinance.
- Account Service Portal – Whether you want to check your loan agreement, loan balance, or payment schedule, you can do so with your AimFinance account service portal. There you can also make payments or pay off your loan.
- Bad Credit Is Accepted – While bad credit borrowers can qualify for a loan with AimFinance, credit checks are still required.
- Instant Bank Verification – Instead of uploading various documents, you can simply use instant bank verification to provide them with the necessary information to process your application.
What We Think You Should Watch Out For
- Availability – AimFinance personal loans are currently only available to residents of Ontario and British Columbia.
- NSF Fees – If your payment fails, you will be charged an NSF fee.
- High-Interest Rate – Depending on your overall financial profile, you can be charged Interest rates as high as 46%.
Is AimFinance Safe?
AimFinance uses industry-standard security measures to protect the confidentiality of your personal information, as per the company’s Terms of Use.
How Does AimFinance Compare To Cash Money?
| AimFinance Personal Loans | Cash Money Payday Loans | |
| Loan Amounts | $100 – $1,000 | Up to $1,500 |
| Interest Rates | 46% | Varies by province |
| Loan Terms | 9 to 24 months | Up to 60 days |
| Funding Time | 24 – 48 hours | Within 24 hours |
| Provinces Available | ON, BC | BC, MB, SK, ON, NS, NL |
Final Thoughts
As an alternative to a payday loan, a quick personal loan from AimFinance can be a more affordable way to get the money needed to cover a variety of expenses. You can get the process started online, and as long as your credit and financial profile check out, you can get funded in as little as 24 hours after approval.
