Fairstone loans review

Fairstone loans are offered in both secured and unsecured loan products, emergency personal loans and debt consolidation loans. With free no-obligation online quotes that don’t affect your credit score, you could be approved for a $500 to $50,000 loan with a repayment period of 6 months – 120 months, depending on whether you choose a secured or unsecured loan. With roots in Canada since 1923, Fairstone is a responsible lender with over 230 branches from coast to coast.

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Features of Fairstone loans

Fairstone personal loans include the following features:

• Loan amounts up to $50,000. You can borrow up to $50,000 from Fairstone to cover unexpected expenses like a home or car repair, consolidate debt and more. The amount you’re able to borrow will depend on factors like your credit score and homeownership status.
• Flexible loan terms. Personal loan terms range from 6 months – 120 months, depending on the loan amount and the repayment terms you choose.
• No early repayment penalties on unsecured loans. There are no early repayment fees if you decide to pay off your unsecured personal loan before the loan term is up.
• Secured and unsecured loans. You can choose from both secured and unsecured personal loans. Both come with fixed interest rates, however they have varying repayment terms and interest rates.
• Less than one day processing. You could receive your loan in as little as one day after applying.

Drawbacks of Fairstone loan offeringss

• High interest rates. Interest rates can be as high as 39.99% which makes these loans very expensive.
• Potential extra fees. Extra fees may be charged for secured loans. These fees may include administration and insurance fees.

How does borrowing from Fairstone work?

You can apply for a Fairstone personal loan from $500 to $50,000 online at the Fairstone website. Taking out a Fairstone personal loan involves the following steps:

1. Get a loan quote. Based on your credit score, income and homeownership status, you will receive a free online loan quote from the Fairstone website.
2. Receive an instant response. It only takes a few minutes to receive your loan quote. If you’re happy with your quote, a Fairstone Lending Specialist will be in touch to discuss your loan offer.
3. Gather your documents. Collect the necessary documents in order to prove your identity, income and housing situation. These documents will need to be taken in-person to your local branch in order to finalize your loan agreement. You may be able to complete this step online in select locations.
4. Visit your local branch. Take your documents to your local branch and meet with a Lending Specialist in order to finalize your loan application. Your Lending Specialist will discuss repayment terms, will explain the repayment process, and finalize your loan offer.
5. Receive your money. Once approved, you could receive your money the same day you apply.

How much will Fairstone loans cost?

Interest rates for Fairstone personal loans start at 19.99% for secured loans, and go up to 39.99% for unsecured loans. However, interest rates may vary by province.

Fees for secured personal loans may apply and vary between different provinces and territories. Types of fees may include administrative, insurance, home evaluation, title examination and other applicable fees.

Ready to apply? Here’s how.

To be eligible for a personal loan from Fairstone, you must meet the following criteria:

• Be a citizen or resident of Canada (excluding Nunavut)
• Have reached the age of majority in your province or territory (Usually 18 years of age)
• Have an established credit history
• Able to make monthly repayments on your loan
• Intend to use the loan for personal purposes

You’ll need to bring the following documents to your local Fairstone branch in order to complete your application:

• Valid personal identification such as a passport, birth certificate or valid Canadian driver’s licence
• Proof of income such as a pay stub, CPP statement or T4/T4a
• Housing verification such as rental receipts, lease agreement or a monthly or annual mortgage statement

Go to Fairstone's website

Once you receive your no-obligation loan quote and speak to a Fairstone lender, you could receive your loan funds the same day if you head to your local Fairstone branch during business hours. Remember to have the necessary documents on hand to present to your Lending specialist in order to finalize your loan offer and receive your funds.

If you’re interested in a Fairstone personal loan, click on one of the Go to site buttons to begin your application.

Frequently asked questions about Fairstone loans

• Can I pay off an unsecured personal loan early?

  Yes, Fairstone charge no prepayment fees to pay off an unsecured personal loan early.

• Will I be approved for the highest borrowing amount?

  Not necessarily. The amount that you’ll be approved for depends on a few factors including your income, credit score and your homeownership status.

• How is my interest rate determined?

  Much like the borrowing amount, your interest rate is determined by a few factors including your credit score, income, employment status, homeownership status, loan type and economic conditions.