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Fairstone Debt Consolidation Loan

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If you're struggling with high credit card balances and large interest rate charges, a debt consolidation loan can help you get your finances back on track.

19.99% - 39.99%. Varies by loan type and province

Interest Rate

$35,000

Max. Loan Amount

560

Min. Credit Score

Details

Product NameFairstone Debt Consolidation Loan
Benefit DescriptionConsolidate your debt up to $20,000 for an unsecured loan and $35,000 for a secured loan.
Interest Rate19.99% - 39.99%. Varies by loan type and province
Min. Loan Amount$500
Max. Loan Amount$35,000
Loan Term6 months - 10 years
Loan SecurityDebt Consolidation
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More Info
Fairstone offers debt consolidation loans for people struggling to pay down multiple credit card balances and other types of unsecured credit. A debt consolidation loan pays off your existing debt (credit cards, personal lines of credit, etc.) so that you can better manage your payments and get out of debt faster.

If you’d rather make one simple monthly payment to cover your existing debt instead of dealing with multiple bills, you may want to consider a Fairstone Debt Consolidation Loan.

Pros and cons

Pros

  • Free loan quote
  • Flexible payment options
  • No prepayment penalties
  • Bill consolidation available
  • Free debt consolidation calculator

Cons

  • Application must be finalized in-branch
  • Unclear fees and interest rate charges

Main points to consider with a Fairstone Debt Consolidation Loan

Fairstone offers customized debt solutions, which means it will carefully consider your personal situation when recommending a debt consolidation loan.

Fairstone recommends that you fill out an online form to get a free loan quote. A lending specialist will contact you to discuss your options.

Keep in mind that a debt consolidation loan will impact your credit score. Depending on your situation, it can increase your credit rating or lower it.

Features of a Fairstone Debt Consolidation Loan

  • Flexible loan size. You can borrow up to $35,000 with a Fairstone Debt Consolidation Loan.
  • In-branch application. After you submit the online application, a Fairstone lending specialist will contact you to discuss your options. To receive the loan, you’ll have to bring documents to your local Fairstone branch.
  • Monthly payments. With a Fairstone Debt Consolidation Loan, you can get out of debt faster with one simple monthly payment.
  • Bill consolidation. In addition to debt consolidation, Fairstone offers bill consolidation loans that combine past-due bills into one simple payment.
  • Debt consolidation calculator. Fairstone offers a free debt consolidation calculator that can calculate your potential savings.

How much does the loan cost?

The total cost of your loan will depend on the amount you borrow, the length of your loan and your credit history.

Loan fees vary across provinces and territories. Be sure to check for extra fees, as these will add to the total cost of your loan. Some common fees include the following:

  • Application (establishment) fee
  • Origination fee
  • Late payment fee (interest fees and NSF fees)

How to apply for a Fairstone Debt Consolidation Loan

You can apply for a Fairstone Debt Consolidation Loan by clicking the green Go to site link on this page.

Once on the Fairstone website, click “Get a loan quote” and fill out your details. You will need to provide your full name, email, address, annual income and the debt amount you need to consolidate. A Fairstone lending specialist will contact you to discuss your application and to direct you to the nearest branch to get your loan.

To be eligible, you must meet the following criteria:

  • Be a resident or citizen of Canada (excluding Nunavut).
  • Be older than the age of majority in your province or territory.

Have an established credit history when applying for a loan you generally need to provide:

  • Identification. You will need to provide either a Canadian driver’s licence, passport or birth certificate.
  • Verification of income. You will need to demonstrate your ability to make repayments by providing either a pay stub, CPP statement or T4/T4a.
  • Proof of housing. You will need to show mortgage verification.
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