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Loans like Fairstone

Find personal loans that are similar to loans from this Canadian lender.

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By

Carmen Chai

Updated

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With roots in Canada since 1923, 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 to 120 months. But other lenders do the same. Here’s a look at loan alternatives to Fairstone that may better suit your needs.

Our top 5 loans like Fairstone

AmountAPRTerm
Secured loan:
Alpine Credits Home Equity Loan		$10,000 – $500,00010.00% - 22.99%Up to 60 months
Read review
Unsecured loan:
LoanConnect Personal Loan		$500 – $50,0006.99% - 46.96%3 - 120 months
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For friendly client service:
SkyCap Financial Personal Loan		$500 – $10,00019.99% - 39.99%9 - 60 months
Go to site
Fast loan:
FlexMoney Personal Loan		$500 – $15,00018.90% - 46.90%6 - 60 months
Read review
Quote without credit score impact:
Mogo Personal Loan		$200 – $35,0009.90% - 46.96%6 - 60 months
Go to site

If you’re looking for a secured loan: Alpine Credits

Alpine Credits Home Equity Loan
Read review

Alpine Credits Home Equity Loan

$10,000 – $500,000
Loan amount
10% – 22.99%
APR
Up to 60 months
Term
Hands down, Alpine Credit's home equity loan offers more flexibility with loans ranging from $10,000 up to as high as $500,000 with interest rates between 10% and 22.99%.Fairstone's equivalent loan offers $5,000 to $50,000, with interest rates of 19.99% to 23.99%. The catch: Alpine is only available in BC, Alberta and Ontario, which may be a deciding factor depending on where you are in the country.
  • Easy online application with approvals in as little as 24 hours.
  • Fast deposits to the tune of 1 week if your documentation is in order.
  • Financing is available for people who are self-employed.
  • Bad credit doesn't matter as long as you have proof of home equity.
  • Interest rates are higher than banks or other private lenders.
  • Your home is used as collateral, regardless of which loan you opt for.
  • Expect additional charges for a home valuation, title search and other due diligence steps.
  • Only available in BC, Alberta and Ontario.
Loan amount $10,000 – $500,000
APR 10% – 22.99%
Term Up to 60 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees 5.00% - 8.00% of the APR covers closing & admin fees
Turnaround Time 24 hours

If you’re looking for an unsecured loan: LoanConnect

LoanConnect Personal Loan
Go to site Read review

LoanConnect Personal Loan

$500 – $50,000
Loan amount
6.99% – 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
APR 6.99% – 46.96%
Term 3 - 120 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees No application, origination or brokerage fees
Origination Fee 0
Turnaround Time Receive funds within as little as 24 hours.

If you’re looking for friendly client service: SkyCap

SkyCap Financial Personal Loan
Go to site Read review

SkyCap Financial Personal Loan

$500 – $10,000
Loan amount
19.99% – 39.99%
APR
9 - 60 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 19.99% 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 600 and a minimum monthly income of $3,333.
  • 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 5 years.
  • Easy-to-follow online-only application, with decisions on your loan request within 24 hours.
  • You must make over $3,333 per month to qualify for a loan.
  • Nova Scotia and Quebec are not serviced.
  • You must have a credit score of at least 600.
Loan amount $500 – $10,000
APR 19.99% – 39.99%
Term 9 - 60 months
Interest Rate Type Fixed
Min. Credit Score 600
Fees No fees except a $50 NSF fee
Origination Fee N/A
Turnaround Time 24 hours

If you’re looking for speed: FlexMoney

FlexMoney Personal Loan
Read review

FlexMoney Personal Loan

$500 – $15,000
Loan amount
18.9% – 46.9%
APR
6 - 60 months
Term
Choose FlexMoney if you're interested in a quick online application that you can fill out in 15 minutes or less. This lender will also provide you with an instant decision, with funds released within 24 hours directly into your bank account. 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 FlexMoney's $15,000 cap.
  • Speedy online application, with a decision on your loan request within 15 minutes.
  • Flexible repayment plans with weekly, fortnightly or monthly due date options.
  • Flexible loan amounts from $500 to $15,000.
  • High interest rates start at 18.9% up to 46.9%.
  • Borrowers must have a net income of at least $2,000 monthly, but income from a pension, benefits and self-employment is allowed.
  • No in-person customer service available, which Fairstone provides.
Loan amount $500 – $15,000
APR 18.9% – 46.9%
Term 6 - 60 months
Interest Rate Type Fixed
Min. Credit Score 500
Fees No application, origination or prepayment fees
Turnaround Time Receive funds within as little as 24 hours

If you’re looking for a quote without impacting your credit score: Mogo

Mogo Personal Loan
Go to site Read review

Mogo Personal Loan

$200 – $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 $200 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 $200 – $35,000
APR 9.9% – 46.96%
Term 6 - 60 months
Interest Rate Type Fixed
Min. Credit Score 500
Fees Non-sufficient funds fee of $20 to $50
Origination Fee $0
Turnaround Time Within 24 hours

How does Fairstone compare?

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

    Loan amountTermInterest rateMonthly paymentTotal cost
    $20,00060 months19.99%$529.77$31,785.98
    $20,000120 months19.99%$386.38$46,365.45

    Unsecured loans

    Loan amountTermInterest rateMonthly paymentTotal cost
    $3,00012 months26.99%$288.04$3,456.45
    $3,00048 months26.99%$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

    Name Product Ratings Interest Rate Loan Amount Loan Term Requirements
    LoanConnect Personal Loan
    LoanConnect Personal Loan
    Customer Survey:
    ★★★★★
    6.99% - 46.96%
    $500 - $50,000
    3 - 120 months
    Requirements: min. credit score 300
    Go to site
    View details
    Spring Financial Personal Loan
    Spring Financial Personal Loan
    Customer Survey:
    ★★★★★
    9.99% - 46.96%
    $500 - $35,000
    6 - 60 months
    Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
    Go to site
    View details
    Loans Canada Personal Loan
    Loans Canada Personal Loan
    Customer Survey:
    ★★★★★
    6.99% - 46.96%
    $300 - $50,000
    3 - 60 months
    Requirements: min. credit score 300
    Go to site
    View details
    FlexMoney Personal Loan
    FlexMoney Personal Loan
    Customer Survey:
    ★★★★★
    18.90% - 46.90%
    $500 - $15,000
    6 - 60 months
    Requirements: min. income $2,000/month, 3+ months employed, min. credit score 500
    View details
    Fat Cat Loans Personal Loan
    Fat Cat Loans Personal Loan
    Not yet rated
    6.99% - 46.96%
    $300 - $50,000
    3 - 120 months
    Requirements: min. income $1,000/month, min. credit score 300
    Go to site
    View details
    SkyCap Financial Personal Loan
    SkyCap Financial Personal Loan
    Customer Survey:
    ★★★★★
    19.99% - 39.99%
    $500 - $10,000
    9 - 60 months
    Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
    Go to site
    View details
    Symple Personal Loan
    Symple Personal Loan
    Not yet rated
    6.99% - 32.00%
    $5,000 - $50,000
    12 - 84 months
    Requirements: min. credit score 650, min. income $50,000/year, no history of bankruptcies
    Go to site
    View details
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    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.

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