AAR Credit Services
Introduction;AAR Credit services is a financial lending firm which deals with loans and insurance premium to its clients, the services being offered are only credit finance and it is a non-deposit institution, the company is a subsidiary of one of the largest medical services in East Africa with a presence in five countries. The core financial banking partners with AAR Credit service is Equity Bank, Commercial Bank of Africa and Citi Bank, this is an indication of how stable and secure the funds borrowed and an indication of the compliance in terms of regulation with Kenyan financial market.
The loans being offered by AAR Credit Services can be channeled through account holders of the banks that have a partnership with the AAR Credit in order to facilitate access of the funds being made available. Some of the services being offered by the company include, asset financing the aim of this service is to provide access to facilities and equipment’s that would make operation of the business much easier and enhances the growth of the business. The key requirements for one to apply for the loan being made is a copy of an ID or a valid passport, a certified copy of a bank statement for the last six months to ascertain the financial worthiness of the borrower and a certified copy of the last 3 months pay slip. The firm has made partnership agreements with various companies and firms in the IT sector and also motor vehicle to cut cost of borrowing and also to ensure that there is transparency.On the other hand there is unsecured loans, are riskier to the business and also tend to have a higher interest rate due to the high risk of defaulting, some of the requirements for unsecured loans include a copy of certificate of incorporation and a copy of business registration certificate to ascertain the legality of the company, bank statements of the companies and pay slips of the borrower to show their financial soundness.In the case of insurance premiums and financing, AAR Credit Services has partnered with some of the best insurance providers they include AIG, Real Insurance, Jubilee to provide the best services to their clients and also to ensure that they enjoy the economies of scale.Due to the high rates of fraudsters and inefficiency of the police in investigating accidents.
Advantages of taking a loan with AAR Credit Services include;Availability of funds from the company due to the credible partners who have collaborated with the firm.Wide variety of loans being offered by the firm, this ensures that all members are catered for without any form of discrimination.Ease in access of the loans as one can apply for the loans through the online platform from the company’s website.Disadvantages of taking loans with AAR Credit Services;Many requirements by the firm to ascertain the genuineness and ability to pay back the money borrowed this discourage those with no records and also business startups.High interest rate charged on the money borrowed limits the ability of those who can borrow the funds .