Unsecured personal loans can serve as quick fixes for your short-term financial concerns.
Fairstone offers unsecured personal loans that can be used to finance passion projects, mounting bills and more. You can take out a loan of anywhere from $500 to $20,000, without putting up any collateral. If you know you have an unusual cost on the horizon, consider an unsecured personal loan from Fairstone.
|Product Name||Fairstone Personal Loan (Unsecured)|
|Benefit Description||Fairstone offers small to medium personal loans up to $20,000.|
|APR||26.99% - 39.99%. Varies by loan type and province|
|Min. Loan Amount||$500|
|Max. Loan Amount||$20,000|
|Loan Term||6 months - 5 years|
|Turnaround Time||< 1 Day to process, 14 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
- No early settlement fee
- Flexible loan amounts
- No prepayment fees
- High interest rates
- No online application
Main points to consider with a Fairstone unsecured personal loan
Unsecured personal loans can be taken out for terms of between 6 months and 5 years. The minimum loan amount is $500, while the maximum amount is $20,000.
As the loans are unsecured, interest rates tend to be quite high. Interest rates vary from 26.99% - 39.99%. Varies by loan type and province.
Features of a debt consolidation loan from Quickloans
- Interest rates between 26.99% and 39.99%. Interest rates are dictated by your credit score, the size of your loan and the term of your loan.
- Flexible loan size. You can apply for an unsecured loan for an amount of $500 to $20,000. This gives you the flexibility to tackle tasks of varying sizes.
- Loan terms. You can opt to repay your loan over a period of 6 months - 5 years.
- Repayment installment options. Fairstone offers bi-weekly, semi-monthly and monthly repayment plans. You can program your account to make payments automatically and can round-up payments to clear debt faster.
- Credit score. You must have a credit score of at least 550 to qualify for a loan.
- Access to funds. Once you are approved for a loan, you should have access to the funds within one business day.
- 14 day cancellation. You have 14 days to cancel an unsecured loan without incurring any fees.
- Fairstone loan calculator. You can quickly generate a loan quote online, by inputting your details into the Fairstone calculator. This is free and will not impact your credit score.
- In branch application. Once you apply for an estimate, you’ll be contacted by a Fairstone representative who will walk you through the application process. You’ll have to bring documents to your local branch before gaining final approval.
How much does the loan cost?
Your total loan cost 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:
- Application (establishment) fee
- Origination fee
- Late payment fee
How to apply for a Fairstone unsecured personal loan
You can apply for a Fairstone unsecured 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 at least 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.