Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

easyfinancial vs Fairstone

Fairstone offers more loan options and greater repayment flexibility, but easyfinancial wins out for customer service and in-store availability.

Avatar

By

Carmen Chai

Updated

Fact checked

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

Category

easyfinancial

easyfinancial logo

Fairstone

Fairstone logo

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
  • easyfinancial Secured Loan
  • easyfinancial Unsecured Loan
APR
  • 9.99% - 29.99% for secured loans.
  • 29.99% - 46.96% for unsecured loans.
  • 19.99% - 24.49% for secured loans.
  • 26.99% - 39.99% for unsecured loans.
  • 19.99% - 39.99% for debt consolidation loans.
Loan terms
  • 72 - 240 months for secured loans.
  • 9 - 84 months for unsecured loans.
  • 36 - 120 months for secured loans.
  • 6 - 60 months for unsecured loans.
  • 6 - 120 months for debt consolidation loans
Loan amounts
  • $15,000 to $100,000 for secured loans.
  • $500 to $20,000 for unsecured loans.
  • $5,000 to $50,000 for secured loans.
  • $500 to $25,000 for unsecured loans.
  • $500 to $50,000 for debt consolidation 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 370 locations or over the phone.
  • Receive in-person help at 240 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 370+ locations across Canada.
  • You can submit your identity and income verification documents online.
  • To apply, simply head online, or visit one of 240+ 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 helped 614,000 borrowers so far, with a 94% customer satisfaction rate.
  • It has a rating of 4.7 out of 5 stars on Feefo based on more than 3,500 reviews.
  • easyfinancial is accredited with the Better Business Bureau, with an A+ rating. It has received 193 complaints to the BBB in the past 3 years, though.
  • Fairstone says it’s been in the lending space for over a century.
  • It has approved 3.3 million loans so far with a 98.5% customer satisfaction rate.
  • Fairstone is accredited with the Better Business Bureau, with an A+ rating. It has received 153 complaints on 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 (29.99% - 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 370 locations across Canada, while Fairstone has over 240. 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 370+ 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

1 - 6 of 6
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Loans Canada Personal Loan
5.4% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
Go to site
View details
Spring Financial Personal Loan
Spring Financial Personal Loan
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Go to site
View details
SkyCap Financial Personal Loan
SkyCap Financial Personal Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
Go to site
View details
LoanConnect Personal Loan
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Go to site
View details
Mogo Personal Loan
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Go to site
View details
Fairstone Secured Personal Loan
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
Go to site
View details
loading

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.

You might also be interested in...

More guides on Finder

Go to site