Fairstone is a well-established lender that has been in business for nearly 100 years. While it offers secured and unsecured personal loans for $500 to $50,000, other lenders in Canada offer similar competitive loan products. Here’s a look at loan alternatives to Fairstone that may be better suited for your needs.
5 loans like Fairstone
If you’re looking for an unsecured loan: LoanConnect
LoanConnect Personal Loan
$500 – $50,000
Loan amount
8.99% – 46.96%
APR
3 - 120 months
Term
LoanConnect is an online platform so you can compare prices from multiple lenders at one time, giving it a leg up on Fairstone for those who want to comparison shop. Apply for up to $50,000 in less than 5 minutes. Lenders are generated based on your unique profile so you're only matched with suitable options.
- Connect with multiple lenders with a single application to help you find the best rates.
- Quick deposits to the tune of 24 hours after applying, provided you meet the criteria.
- Apply for as little as $500 up to $50,000.
- Bad credit doesn't matter as long as you have a stable source of income.
- Potential for steep interest rates as high as 46.96%.
- Only lenders working with LoanConnect are shown.
- No in-person customer service available.
| Loan amount |
$500 – $50,000
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| APR |
8.99% – 46.96%
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| Term |
3 - 120 months
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| Min. credit score |
300
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| Fees |
No application, origination or brokerage fees
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| Origination fee |
0
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| Turnaround time |
Receive funds within as little as 24 hours.
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If you’re looking for friendly client service: SkyCap
SkyCap Financial Personal Loan
$500 – $10,000
Loan amount
12.99% – 39.99%
APR
9 - 36 months
Term
You can qualify for a loan of up to $10,000 with SkyCap. Simply apply online, and get approved for financing in as little as 24 hours. Interest rates start at 12.99% rather than Fairstone's 26.99%. However, loans cap at $10,000 compared to Fairstone's $50,000 so if you need a larger chunk of funding, this may not be your top choice. You'll also need a credit score of at least 575 and a minimum monthly income of $1,666.67.
- No prepayment penalties so you can pay off some or all of your balance without fees.
- Lock in terms ranging from as short as 9 months up to 3 years.
- Easy-to-follow online-only application, with decisions on your loan request within 24 hours.
- You must make over $1,666.67 per month to qualify for a loan.
- Nova Scotia and Quebec are not serviced.
- You must have a credit score of at least 575.
| Loan amount |
$500 – $10,000
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| APR |
12.99% – 39.99%
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| Term |
9 - 36 months
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| Min. credit score |
575
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| Fees |
No fees except a $50 NSF fee
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| Origination fee |
N/A
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| Turnaround time |
24 hours
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If you’re looking for a quote without impacting your credit score: Mogo
Mogo Personal Loan
$500 – $35,000
Loan amount
9.9% – 46.96%
APR
6 - 60 months
Term
Creating a free Mogo account online to see what rates you qualify for won't hurt your credit score. Its interest rates start much lower at 9.9% compared to Fairstone's secured loans, which start at 19.99%, but you'll need to have great credit to qualify for a competitive rate. Mogo also provides a 100-day money-back guarantee for its personal loans if you aren't happy with the product. Fairstone's return policy is only 14 days.
- Create a free Mogo account online to see what rates you qualify for without hurting your credit score.
- Quick process, with approvals and funding within 1 to 2 days.
- No prepayment penalties if you want to pay off some or all of your loan at once.
- Flexible loan amounts from $500 to $35,000.
- Watch out for rates as high as 46.96% if you don't have good credit.
- Not available in all provinces and territories, including Quebec, Saskatchewan and Newfoundland.
- Loans cap out at $35,000 compared to Fairstone's $50,000 loan maximum.
| Loan amount |
$500 – $35,000
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| APR |
9.9% – 46.96%
|
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| Term |
6 - 60 months
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| Min. credit score |
600
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| Fees |
Non-sufficient funds fee of $20 to $50
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| Origination fee |
$0
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| Turnaround time |
Within 24 hours
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If you’re looking for speed: Spring Financial
Spring Financial Personal Loan
$500 – $35,000
Loan amount
10.8% – 46.99%
APR
6 - 60 months
Term
Spring Financial is a major direct lender of personal loans for fair to bad credit. Apply online and get funded within 24 hours. For what it's worth, Fairstone promises a seamless online application, with approvals within a business day, too. It offers up to $50,000 instead of Spring's $35,000 cap.
- Bad credit can apply
- Fast approvals
- No prepayment penalties
- Rebuild your credit
- High rates for bad credit
| Loan amount |
$500 – $35,000
|
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| APR |
10.8% – 46.99%
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| Term |
6 - 60 months
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| Min. credit score |
500
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| Fees |
No fees except $30 NSF fee
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| Origination fee |
N/A
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| Turnaround time |
Within 24 hours
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If you’re looking for a secured loan: getloanapproved.com
getloanapproved.com Vehicle Title Loan
$1,000 – $50,000
Loan amount
9.95% – 29%
APR
12 - 72 months
Term
While Fairstone offers a secured loan against your home, getloanapproved.com offers a vehicle title loan, which is a secured loan that uses your vehicle as collateral. You can keep (and use!) your vehicle while you pay off the loan. What's more, there are no job requirements and no credit check required which makes the approval process easier. However, watch out for steep interest rates, especially if you have bad credit.
- Easy application process
- No job requirements
- No credit check
- Get money within an hour
- Not available in Quebec or the territories
| Loan amount |
$1,000 – $50,000
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| APR |
9.95% – 29%
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| Term |
12 - 72 months
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| Turnaround time |
In as little as one hour
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How does Fairstone compare?
With roots in Canada since 1926, Fairstone is a responsible lender with over 230 branches coast to coast. It provides free no-obligation online quotes that don’t affect your credit score, and you could be approved for a $500 to $50,000 loan with terms of 6 months up to 120 months.
You can read our review of Fairstone loans for more details, including the Fairstone unsecured personal loans and Fairstone secured personal loans. But here are the highlights:
Pros
- Loan amounts up to $50,000 to cover unexpected expenses like a home or car repair, to consolidate debt and more.
- Receive one-on-one assistance from a lending specialist who can help you find the right loan for you and guide you through the application process.
- Take a free online quote to find out how much money you could qualify for and what your payments might be. It won’t impact your credit score.
- If you change your mind and decide to cancel an unsecured personal loan, you have up to 14 days to do so and won’t be charged any fees. Secured loans come with a 2-day cancellation window.
Cons
- Interest rates can be as high as 39.99%, which makes these loans very expensive.
- Extra fees may be charged for secured loans. These fees may include administration, appraisal and insurance fees.
- You must have a minimum credit score of 525.
Secured vs. unsecured personal loans
The main difference between these loan options is that secured loans require borrowers to put up an asset as collateral whereas unsecured loans don’t.
Secured loans like Fairstone
With secured personal loans, you use an asset you own as collateral. For Fairstone secured loans, that asset is your home. If a borrower defaults on a secured loan, the lender has the right to repossess the asset. Secured loans tend to have lower interest rates than unsecured loans since you’re reducing the risk for the lender.
Unsecured loans like Fairstone
With unsecured loans, lenders don’t require you to provide any collateral. Instead, they’ll hone in on factors like your credit score and your monthly income to determine your eligibility. Unsecured loans typically come with higher interest rates because the lender is taking on more risk. They also have a faster application process since the lender doesn’t need to measure the value of any assets.
How much does a Fairstone loan cost?
The total cost of your loan will depend on the loan type, the amount you’re borrowing, your loan term and its APR. Here are some examples of how much both secured and unsecured loans may cost you, at varying terms:
Secured loans
| $20,000 | 60 months | 19.99% | $529.77 | $31,785.98 |
| $20,000 | 120 months | 19.99% | $386.38 | $46,365.45 |
Unsecured loans
| $3,000 | 12 months | 26.99% | $288.04 | $3,456.45 |
| $3,000 | 48 months | 26.99% | $102.83 | $4,935.84 |
What do I need to apply for a personal loan?
To be eligible for a personal loan from Fairstone and loans like Fairstone, you must meet the following criteria:
- Have reached the age of majority in your province or territory. You’ll need to provide ID, such as a passport or driver’s licence.
- Be a citizen or resident of Canada (excluding Nunavut). You may need to provide bank statements, bills or other documents with your address on them.
- Have an established credit history.
- Able to make monthly repayments on your loan. Proof of income is required via pay stubs, CPP statements or tax returns.
- If you’re applying for a secured loan, you will need to provide proof of ownership and home equity via title deeds and mortgage statements.
Compare personal loan options
Bottom line
Fairstone is a powerhouse lender offering a string of perks, including flexible loan sizes and terms, free one-on-one assistance from a lending specialist and online quotes that won’t hurt your credit score at all. But before you decide on applying, always do your due diligence and compare other personal loans, too. You may find a loan that’s similar to Fairstone’s with better interest rates, terms or other perks like fewer charges or an application process that’s completely online.
