Get access to additional funds by securing your loan against your home.
Fairstone secured loans offer competitive interest rates of between 19.99% and 23.99%. If you own your home and need to access funds for an unforeseen expense, consider a secured loan.
|Product Name||Fairstone Personal Loan (Secured)|
|Benefit Description||Fairstone offers secured personal loans up to $30,000.|
|APR||19.99% - 23.99%. Varies by loan type and province|
|Min. Loan Amount||$5000|
|Max. Loan Amount||$30,000|
|Loan Term||3 - 10 years|
|Turnaround Time||< 1 Day to process, 2+ days for approval|
|Go to site|
|Serviced Provinces/Territories||Canada-wide (excluding Nunavut)|
|Minimum Income||Depending on circumstances|
|Requirements||- Be a citizen or resident of Canada (excluding Nunavut)|
- Be the age of majority in your province or territory
- Provide personal identification, secondary ID, proof of income, housing information and mortgage verification
- Have an established credit history
- Able to make monthly repayments on your loan
- Have been discharged from bankruptcy for 7+ years (if applicable)
|Go to site|
Pros and cons
- Long loan terms
- Flexible repayment schemes
- Small two-day cancellation window
- Potential fees for early repayments
Main points to consider with a Fairstone secured personal loan
You can apply for a secured personal loan from Fairstone for an amount between $5000 and $30,000. Loan terms vary between 3 - 10 years, with interest rates set at a figure between 19.99% and 23.99%, depending on your financial circumstances.
Features of a secured personal loan from Fairstone
- Interest rates between 19.99% and 23.99%. Your interest rate will be defined by how much you wish to borrow, how long you set the loan term for and your ability to make repayments.
- Flexible loan size. Fairstone offers secured loans between $5000 and $30,000. 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. This may lower individual repayment costs but could mean higher interest totals
- Repayment instalment 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 550 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. Common fees for secured loans include:
- Prepayment fees
- Home valuation
- Title examination
- Insurance fees
- Administration fees
How to apply for a Fairstone secured personal loan
You can apply for a Fairstone secured personal 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 a credit history and a credit score of 550
- Be discharged from bankruptcy for at least seven years
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 your rental receipts, lease agreement or mortgage statement.