Between easyfinancial and Fairstone, the best option depends on factors like how much you need to borrow, your unique financial circumstances and your credit history. To make the decision easier, we’ve broken down the differences between easyfinancial vs Fairstone across key categories.
easyfinancial vs Fairstone loans
easyfinancial
Fairstone
Perks
Easy, secure online application with a quick approvals process to the tune of 1 business day.
Anyone can apply, including newcomers to Canada, students and people with bad credit or no credit history at all.
You have the option for help via online, in-person interactions or telephone assistance.
High approval rate. As many as 60% of easyfinancial customers who qualify for a personal loan have been turned down by a bank due to bad credit.
Applying is free and won’t hurt your credit score.
Available across Canada, including all 10 provinces and territories.
Range of loan options, including secured, unsecured and debt consolidation loans.
Flexible loan terms ranging from just 6 months up to a decade.
Get a quote without affecting your credit score.
Offers bi-weekly, semi-monthly and monthly repayment plans. You can set up automatic payments to come out of your bank account and can round-up payments to clear debt faster.
You have 14 days to cancel an unsecured loan without incurring any fees.
What to watch out for
Steep interest rates for bad credit that are as high as 46.96%. On a whole, unsecured loans start at 29.99%, which is pretty high.
Potential for additional charges, including administrative charges, and fees for non-sufficient funds and for late or missed payments.
No online quotes or online comparisons to help you comparison shop.
Steep interest rates for bad credit that are as high as 39.99%.
Potential for additional charges, including administrative charges and fees for non-sufficient funds and for late or missed payments.
If you’re applying for a secured loan, you’ll need to visit a Fairstone location to submit the necessary paperwork in person.
Types of loans
Personal loans
Home equity loans
Auto loans
Secured personal loan
Unsecured personal loan
Home equity loans
Auto loans
APR
9.99% - 46.96% for personal loans
19.99% - 24.49% for secured loans
26.99% - 39.99% for unsecured loans
Loan terms
9 - 120 months for personal loans
36 - 120 months for secured loans
6 - 60 months for unsecured loans
Loan amounts
$500 – $100,000 for personal loans
$5,000 to $50,000 for secured loans
$500 to $25,000 for unsecured loans
Fees
Applying for a loan is free, but you may come across NSF fees, late payment fees, missed payment fees or admin fees. These charges aren’t listed on its website, though.
Extra fees may be charged for secured loans to arrange an appraisal and other record-keeping. These fees may include administration and insurance fees.
Repayments
Choose weekly, fortnightly, monthly or bi-monthly repayments.
Automatic withdrawals are made from your account on payment due dates.
Pay off some or all of your loan without facing prepayment penalties.
Choose weekly, fortnightly, monthly or bi-monthly repayments.
Make payments via cash, cheque, money order or direct withdrawal.
Pay off some or all of your loan without facing prepayment penalties.
Availability online and in-person
Request help online, in-person at over 400 locations or over the phone.
Receive in-person help at more than 250 locations across Canada, over the phone or online.
With most loans, you’ll have to bring documents to your local branch before gaining final approval. You may be able to complete this step online in select locations.
Eligibility requirements
Be a Canadian resident and the age of majority in your province.
Steady income of at least $1,200 per month.
An active Canadian banking account with direct deposit capability.
Your credit report with your credit score.
For secured loans, you must be a homeowner. Provide proof via annual mortgage statements and annual property tax statements.
For credit builder loans, you must not be bankrupt or in credit counselling, and you must not have an existing easyfinancial loan.
Be a Canadian resident and the age of majority in your province.
Steady income.
Proof of residency. You will need to show your rental receipts, lease agreement or mortgage statement.
Have an active bank account in your name with direct deposit capability.
For secured loans, you must have home equity; Fairstone does not include details on how much home equity you must have, but you’ll need to provide your mortgage statements as proof.
Application process
To apply, simply head online, call easyfinancial or visit one of 400+ locations across Canada.
You can submit your identity and income verification documents online.
To apply, simply head online, or visit one of 250+ locations across Canada.
You may have to take your identity and income verification documents to your local branch and meet with a lending specialist in order to finalize your loan application.
Customer reviews and reputation
easyfinancial says it has funded $12.8 billion in loans so far, with a 94% customer satisfaction rate.
It has a rating of 1.5 out of 5 stars on Trustpilotbased on over 270 reviews.
easyfinancial is accredited with the Better Business Bureau, with an A+ rating. It has closed 231 complaints with the BBB in the past 3 years, though.
Fairstone says it’s been in the lending space for over a century and has a 98.2% customer satisfaction rate.
It has a rating of 3.2 out of 5 stars on Trustpilotbased on over 418 reviews.
Fairstone is accredited with the Better Business Bureau, with an A+ rating. It has closed 344 complaints with the BBB in the past 3 years, though.
easyfinancial vs Fairstone: Who is our pick?
When you’re shopping for a personal loan, there are crucial factors you’ll want to zero in on. Here’s our top pick for key categories:
Best for unsecured loans: Fairstone
Fairstone takes the win for unsecured personal loans because their starting APRs (26.99%) and maximum APRs (39.99%) are lower than easyfinancial’s (APRs can reach as high as 46.96%). Their starting loan term is also shorter, at 6 months vs easyfinancial’s 9 months.
Best for secured loans: easyfinancial
easyfinancial is our pick for secured personal loans because it can offer higher loan amounts up to $100,000 vs Fairstone’s $50,000. easyfinancial also has a more competitive starting rate at 9.99% vs Fairstone’s 19.99%.
Best for in-store availability: easyfinancial
easyfinancial has 400 locations across Canada, while Fairstone has over 250. That means both options have a wide range of in-store branches. If you’re on the fence, you can check both lenders to see which has a local storefront that’s closest and most convenient to you.
Best for repayment flexibility: Fairstone
Design your repayment plan. We like that Fairstone lets you choose from weekly, fortnightly, monthly or bi-monthly repayments. You can also pay via cash at a local store, cheque, money order or automatic withdrawals directly from your bank account. Fairstone also allows you to pay off some or all of your loan early without incurring any prepayment penalties.
Best for customer service: easyfinancial
Online, phone and in-person customer service. We like that you have a range of options to get the help you need, whether you prefer to stay home or head to one of 400+ easyfinancial locations across the country. With Fairstone, you may have to head into a physical location for identity and income verification when you apply for your loan. This may not be ideal for some applicants who prefer a completely digital experience.
Compare personal loans
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Bottom line
You’re in good hands whether you decide to borrow with easyfinancial or Fairstone. Both have a seamless application process that’s quick and easy to follow. They also come with flexible loan terms and amounts as well as perks like helping you rebuild your credit. It all comes down to the nitty-gritty details and the features that are most important to you. Make sure you obtain quotes from both lenders – this could help you determine which is offering you a loan that better suits your needs.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
A detailed review of the features, interest rates, fees, and pros and cons of Fairstone loans.
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