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Need a personal loan to pay off bills, debts, or something else?  

What is a personal loan? 

A personal loan is a fixed-rate installment loan. With a personal loan, you borrow money to use for anything you’d like. Many borrowers use personal loans for debt consolidation, unexpected expenses, repairs and more. When it comes to borrowing, a personal loan provides you with many opportunities to cover expenses or take care of financial issues. Applying for a personal loan online with AimFinance is an easy way to get the funds you need.

How personal loans work 

An unsecured personal loan can be an loan allows you to borrow for an agreed amount of time with a set interest rate and terms. 

Generally, the longer the terms of the loan, the more likely you are to be offered lower payments, but it costs more in interest to borrow for a longer period. A personal loan that is repaid in 12 months will have higher monthly payments than a loan of the same amount with a longer term. If you are approved you are free to use the funds for however you choose.

How to qualify for a personal loan 

Personal loans are offered by traditional banks as well as online lenders. With traditional banks typically having more difficult requirements, choosing an online loan tends to be easier to qualify for.

AimFinance can often approve applications for personal loans in a matter of hours, if not minutes, when the details are properly submitted. 

A personal loan can range from a $1,000 – $5,000, and help borrowers in need to borrow based on evidence of a steady income and being credit worthy. 

You will need the following details to qualify for a personal loan: 

  • Evidence of being a Canadian resident 
  • To be 18 years or older 
  • An open active bank account 
  • Evidence of a steady income
  • Details about your monthly expenses 
  • Fair to good credit score 

Once you have provided the required information, we will review your application.

If your personal loan request is approved, the funds will be deposited into your bank account within a few days. If you choose the e-transfer option it could be minutes to a few hours and typically funded the same day.

What can I use a personal loan for? 

Personal loans are a popular way for people trying to take care of financial matters. You can use a personal loan to pay off debts, or use the funds for any number of other reasons. Some common uses for personal loans include:

  • Unexpected expenses or bills
  • Debt consolidation 
  • Emergency car or home repairs 
  • Medical emergencies 
  • Wedding or funeral expenses 
  • Vacations or special events 

Since there are unlimited uses for personal loans, it is important to establish your needs and plan for the funds before borrowing. Borrowing extra money through a personal loan should ease your financial burdens, not create new ones.  Borrowing responsibly is encouraged.

How to improve your odds of being approved 

It’s only natural to want to be as confident of your odds as possible. If you are considering applying for a personal loan, you can take a couple steps to be sure that you are prepared and more likely to have your personal loan approved.

  • Ensure that you complete the application accurately
  • Provide all requested details of the application form

Gather documentation ahead of time. 

You’ll need evidence of being an adult Canadian resident with a steady income. You should have documents to support having your own residence in Canada, evidence of  employment, and take the time to be sure you’ve met the criteria for the loan and the paperwork required.

Ready to apply? Start your application and follow the steps provided.

Loan availability and loan amounts vary by location. Available in Ontario only.

Installment Loans: Loan minimum of $100 to a maximum of $1,000, based on a completed application, net pay and other qualification requirements, and customer verification including a credit check. Installment loan terms are based on the amount borrowed. Payments are due on scheduled income deposits. AimFinance offers personal loans and is not a credit repair service. APR/Annual Interest Rate 46%. Lending decisions and funding times subject to bank processing and system limitations. 

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