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Fairstone Personal Loan (Secured) Review

Get access to funds by securing your loan against your home.

Fairstone secured loans offer competitive interest rates between 19.99% and 23.99%.

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19.99% - 23.99%

Interest Rate

$50,000

Max. Loan Amount

560

Min. Credit Score

Details

Product NameFairstone Personal Loan (Secured)
Benefit DescriptionMin. credit score: 560
Interest Rate19.99% - 23.99%
Min. Loan Amount$5,000
Max. Loan Amount$50,000
Loan Term36 - 120 months
Turnaround Time2+ days
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More Info

Fairstone’s secured personal loan acts just like a home equity loan. If you are a home owner, you can use your home as collateral to back the loan and potentially qualify for better rates and terms compared to an unsecured personal loan.

You can apply for a Fairstone secured loan for any amount between $5,000 and $50,000. Loan terms vary between 36 - 120 months, with interest rates set between 19.99% – 23.99%, depending on your financial eligibility. Beware, Fairstone‘s rates can be higher than other lenders.

Features of a Fairstone secured loan

  • Interest rates between 19.99% and 23.99%. Your interest rate is based on your credit score and a few other factors.
  • Flexible loan size. Fairstone offers secured loans between $5,000 and $50,000. This limit is higher than that of an unsecured personal loan from Fairstone.
  • Fast access to funds. Once you’ve been approved, you should have access to your funds within a business day.
  • Loan terms. You can take up to 10 years to repay your loan. A longer loan term may result in lower payments, but you could pay more money in interest charges over time.
  • Repayment options. Fairstone offers you several repayment options. You can pay bi-weekly, semi-monthly or monthly.
  • Credit score. You must have a credit score above 560 to be deemed a successful applicant.
  • Two-day cancellation. Once you’re approved for a secured personal loan, you only have two days to cancel without being charged extra fees.
  • Fairstone loan calculator. You’ll need to enter your details into an online calculator to start the application process. This will provide you with an idea of the size of the loan you’re likely to be approved for.
  • In-branch application. After you get a loan quote, you’ll be contacted by someone from Fairstone. They will talk you through the next steps of the process, but ultimately, you’ll need to visit your local branch to finish the application.

How much does the loan cost?

The total cost of your loan will depend on how much you wish to borrow, the term of your loan and the way you structure your security.

Loan fees vary across provinces and territories. Extra fees and valuations will add to the cost of your loan. The following fees may apply:

  • Prepayment fees
  • Home valuation
  • Title examination
  • Insurance fees
  • Administration fees

What’s good and bad about a Fairstone secured loan?

Pros

  • Long loan terms
  • Flexible repayment schemes

Cons

  • Need to visit a branch to complete the application
  • Fees, which vary by province and territory (for example, home valuation and title search)
  • Not necessarily the lowest rates on the market

Compare Fairstone with other secured personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
Go to site
More Info
An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Must be a homeowner
Min. credit score: 560
Go to site
More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Alpine Credits Home Equity Loan
10.00% - 22.99%
$10,000 - $500,000
Up to 60 months
Must be a homeowner
Min. credit score: 300
Check eligibility
More Info
Alpine Credits offer home equity loans in amounts from $10,000 to $500,000. Must be a homeowner to qualify. Check eligibility for this loan through LoanConnect.
Loans Canada Vehicle Title Loan
Loans Canada Vehicle Title Loan
0% to 29.99%
$500 - $35,000
3 - 96 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 300
Go to site
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
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How to apply for a Fairstone Personal Loan (Secured)

You can apply for a Fairstone secured loan by clicking the green Go to site link on this page. To be eligible you must, at a minimum:

  • 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
  • Be discharged from bankruptcy for at least seven years

When getting approved for a loan you generally need to provide:

  • Identification, such as a Canadian driver’s licence, permanent resident card, Canadian passport or Canadian citizenship card
  • Verification of income. You will need to demonstrate your ability to make repayments by providing a document such as a current pay stub, CPP statement or latest T4/T4a.
  • Proof of housing. You will need to show a document such as a current lease, rent receipt or latest mortgage statement.
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