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Fairstone Unsecured Personal Loan review

Take out an emergency loan with very little paperwork and easy approval, but expect to pay high interest rates.

Fairstone offers unsecured loans between $500 and $25,000. There are no restrictions to how you can spend funds, and you won’t need to secure your loan with collateral. You can apply for a quote in a matter of minutes without affecting your credit score. The main drawback is these loans come with high interest rates, especially if you have bad credit. 

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26.99% - 39.99%

Interest Rate


Max. Loan Amount


Min. Credit Score


Product NameFairstone Unsecured Personal Loan
Interest Rate26.99% - 39.99%
Min. Loan Amount$500
Max. Loan Amount$25,000
Loan Term6 - 60 months
Turnaround TimeWithin 24 hours
More Info

30-second take

  • Apply for a Fairstone Unsecured Personal Loan if you want access to quick cash that you can pay off at any time (with no prepayment penalty).
  • Consider something else if you want to pay low interest rates or you need more than $25,000.
  • Fairstone has locations across Canada, and you can often receive your funds on the same day you apply.

What should I know about Fairstone Unsecured Personal Loans?

Fairstone unsecured loans may be a good fit if you need cash quickly and can pay back what you borrow in a short time frame. Fairstone‘s unsecured personal loans do not have prepayment penalties, so you can make extra payments or pay off the loan any time. Just be aware that the starting rate is 26.99% for unsecured loans – which is high compared to many other lenders.

You can apply and get approved with bad credit, but you’ll pay up to 39.99% interest. If you get this loan, try to pay it off as quickly as possible to save money on interest.

What are the benefits of Fairstone Unsecured Personal Loans?

Enjoy some of the following benefits when you sign up for Fairstone Unsecured Personal Loans:

  • Easy application. Apply online in a matter of minutes with no application fees.
  • Fast approval. Get approved for up to $25,000, with same-day deposit into your bank account in some cases.
  • 14-day cancellation. You can cancel Fairstone Unsecured Personal Loans within 14 days of applying if you feel the loan is no longer suitable for you.
  • No prepayment penalties. Pay your loan off whenever you want with no extra fees for early repayment.
  • Loan insurance. Pay extra to get loan insurance to cover your loan if you can no longer pay due to disability, unexpected job loss or death.
  • Dedicated support. Get matched with a lending specialist who will help you navigate the ins and outs of getting a Fairstone Unsecured Personal Loan.

What to watch out for

  • High interest rates. You’ll pay between 26.99% and 39.99% interest for these loans, depending on factors such as your credit score.
  • Loan discharge fee. You may be required to pay a discharge fee when you finish paying off your loan (the amount isn’t disclosed on the Fairstone website).
  • Unsolicited loan offers. Some customers indicate that they have been contacted repeatedly by Fairstone with unsolicited loan offers.
  • Negative press. Fairstone, along with 3 other lenders, was featured in a CBC investigative report about alternative lenders offering “sky-high interest rates” and “confusing, questionable loan information”.

Am I eligible?

You’ll need to meet the following criteria to qualify for Fairstone Unsecured Personal Loans.

  • Be a Canadian citizen or resident who is the age of majority in your province
  • Show proof of regular employment and a steady income
  • Have an active bank account in your name with direct deposit capability

    Is Fairstone legitimate?

    Fairstone is a legitimate business and has a long history of providing financial services in Canada. It participates in community engagement, has been recognized as one of Montreal’s top employers in 2022 and has an A+ rating with the Better Business Bureau.

    However, Fairstone has received poor ratings on customer review sites like Trustpilot, where there is a pattern of complaints about its lack of customer service and surprising charges. It was also showcased along with 3 other lenders as “having confusing and misleading representations, and a lack of transparency and documentation” as per a January 2021 article from the CBC.

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    How to apply for a Fairstone Unsecured Personal Loan

    You can apply for Fairstone Unsecured Personal Loans by following the steps below. Apply in minutes and get approved in as little as a few hours.

    1. Open the Fairstone website and click on “Get a loan quote” in the upper right corner.
    2. Input how much you’re looking to borrow and why you need the money.
    3. Provide your full name and mailing address, and specify how long you’ve lived in your current home and how much you pay monthly.
    4. Input contact information, including your email address and phone number, and provide details about your annual income.
    5. Review your information and click the box that says, “I agree to let Fairstone perform a credit check, which will not affect my credit score.”
    6. Agree to the terms and conditions to get your quote. You’ll then be matched with a lending specialist to discuss your loan details.
    7. Submit required documents and finalize your loan application online or in a branch.

    I got the Fairstone Unsecured Personal Loan. Now what?

    Now that you have your Fairstone personal loan, you can start making your repayments.

    • Pay according to your selected schedule. Pay your loan back through weekly, biweekly or monthly payments – depending on your payment schedule.
    • Decide on payment type. Cover your payments with cash, cheque, money order or automatic withdrawals directly from your bank account.
    • Pay your loan off early if possible. Make early repayments if possible to try to cut down on the interest you pay on your loan.
    • Make on-time payments. Make all your repayments on time to avoid late fees.
    • Know the cancellation policy. Cancel within 14 days of applying if your loan no longer suits your needs.

    Bottom line

    • Fairstone Unsecured Personal Loans could be a good fit for you if you need quick cash and you can pay your loan off quickly.
    • Be aware of high interest rates, especially if you have bad credit. Make sure you fully understand your loan contract before you sign on.
    • Fairstone doesn’t seem right for you? Compare other options with our guide to unsecured personal loans.

    Frequently asked questions

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