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Fairstone review

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Fairstone Personal Loans
Interest Rate
19.99% - 39.99%
Loan Amount
$500 - $50,000
Loan Term
6 - 120 months
All information about Fairstone Personal Loans has been collected independently by Finder. Finder is not connected with Fairstone products, and this page is not sponsored, endorsed or administered by, or associated with, Fairstone. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Get a free loan quote in minutes, and find out if you qualify for up to $50,000.

Fairstone Financial is a Canadian lender that offers a wide range of financial products and services, including secured and unsecured personal loans. You can borrow amounts ranging from $500 to $50,000, there are flexible loan terms available, and it's possible to get funded within one day of being approved. However, you may be able to find lower interest rates elsewhere, and Fairstone has also picked up its fair share of negative customer reviews.

Best for:

Canadians with fair credit searching for a secured or unsecured personal loan.


  • Loan amounts up to $50,000
  • Secured and unsecured loans available
  • Wide range of loan terms available
  • Flexible loan terms from 6 months to 10 years
  • Over 240 Fairstone locations across Canada


  • High interest rates
  • Negative customer reviews
  • Watch out for additional fees
  • Applying for a secured loan requires you to visit a branch

In this guide

  • Our verdict
  • Your reviews
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Fairstone was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 75.56%

What is Fairstone?

Fairstone Financial is a Canadian alternative lender that operates both online and out of over 240 locations across Canada. It’s been in business since 1923 with headquarters in Montreal, Quebec. Fairstone offers secured and unsecured personal loans, mortgages, consumer financing, automobile financing, and retail point-of-sale financing.

Is Fairstone legitimate?

Fairstone is a legitimate business and has a long history of providing financial services in Canada. It has been featured in news outlets like The Globe and Mail, Financial Post, Business Wire and Newswire.

Fairstone Financial has been recognized as one of Montreal’s top employers and has an A+ rating with the Better Business Bureau. It’s also licensed as a mortgage brokerage in Ontario and a mortgage lender in Nova Scotia.

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 three other lenders as “having confusing and misleading representations, and a lack of transparency and documentation” as per a January 2021 article from the CBC.

Features of Fairstone loans

Secured personal loanUnsecured personal loan
Loan amount$5,000 – $50,000$500 – $25,000
Loan typeSecuredUnsecured
Loan term36 - 120 months6 - 60 months
Interest rate19.99% - 24.49%26.99% - 39.99%
FeesVaries by provinceNone
Serviced provincesCanada-wide (excluding Nunavut)Canada-wide (excluding Nunavut)
Basic eligibility criteriaMust be a homeowner, min. credit score of 560Must have an established credit history, regular employment, a steady income and min. credit score of 525

What we like about Fairstone

  • Flexible loan size. With loan amounts ranging from $500 to $50,000 available, Fairstone offers loans to suit the needs of a wide range of borrowers.
  • Flexible loan terms. Terms of 6 to 120 months are available depending on how much you borrow and your repayment schedule.
  • Secured and unsecured loans. You can choose from both secured and unsecured personal loans. Both come with fixed interest rates but have varying repayment terms and loan amounts.
  • Large branch network. Fairstone has over 240 branches across Canada, which is welcome news if you ever want to access face-to-face customer service.
  • Available across Canada. You can apply for a Fairstone loan across Canada (excluding Nunavut).
  • Fast access to funds. Once you’ve been approved, you should have access to your funds within one business day. You can use your loan to consolidate your debts, cover unexpected expenses, manage costly home repairs and more. Your loan can also be managed completely online on Fairstone’s customer portal.
  • Flexible repayment options. Fairstone loans have several repayment options, including weekly, bi-weekly and monthly repayments. You can also opt to make payments in cash, cheque, money order or direct withdrawal. You can make payments in person at one of over 240 locations across Canada, over the phone or online.
  • Established lender. Fairstone has been providing personal loans for almost 100 years and is accredited by the Better Business Bureau.

What to watch out for

  • Steep interest rates. Interest rates start at 19.99% to borrow with Fairstone, even with your home equity on the line. With an excellent credit score, you may be able to secure much lower interest rates from traditional lenders and online lenders.
  • In-person application. If you’re applying for a secured loan, you’ll need to visit a Fairstone location to submit the necessary paperwork in person. There are over 240 locations across Canada.
  • Additional charges. Applying for a Fairstone secured loan comes with additional fees and charges for a home valuation, title search and other due diligence steps. Ultimately, your lending specialist needs to ensure your home is valued correctly to decide on how much Fairstone can lend you.
  • Prepayment penalty. If you want to pay your secured loan off early in the first 36 months of your term, a prepayment penalty will apply. Fairstone’s unsecured personal loan does not have prepayment penalties.
  • Negative reviews and complaints. Fairstone has a poor overall rating from customers on review sites like Trustpilot and the Better Business Bureau.
  • Unsolicited loan offers. Some customers indicate that they have been contacted repeatedly by Fairstone with unsolicited loan offers.

Alternatives to Fairstone

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Name Product Ratings Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Customer Survey:
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
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
LoanConnect Personal Loan
Customer Survey:
8.00% - 46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
AimFinance Personal Loan
Not yet rated
$1,000 - $5,000
9 - 24 months
Requirements: min. credit score 580
Mogo Personal Loan
Customer Survey:
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
SkyCap Financial Personal Loan
Customer Survey:
19.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
goPeer Personal Loan
Not yet rated
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 650, min. 5-year credit history. (Avg. approved rate of 15.80%)
Fairstone Secured Personal Loan
Customer Survey:
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560 Vehicle Title Loan
Not yet rated
9.95% - 31.99%
$1,000 - $50,000
48 - 72 months
Requirements: Vehicle must be 10 years old or newer, and must not be financed or leased.

What do Fairstone reviews have to say?

There are many negative customer reviews for Fairstone on sites like Trustpilot and the Better Business Bureau, where Fairstone averages less than 2 out of a possible 5 stars. Complaints mention factors such as high interest rates, misleading information, unsolicited loan offers and customer service issues.

As of July 2023, the Better Business Bureau had also closed 286 complaints against Fairstone in the last 3 years.

Fairstone reviews summary

Better Business Bureau accreditedYes
Better Business Bureau ratingA+
Better Business Bureau reviews1.17/5 based on 110 Fairstone reviews
Trustpilot reviews1.5/5 based on 167 Fairstone reviews
Reviews verified correct as ofJuly 10, 2023

Fairstone reviews from Finder survey

What are the eligibility requirements of Fairstone loans?

The eligibility criteria you’ll need to meet vary depending on the type of loan you want to apply for.

Secured loan

To qualify for a Fairstone secured loan you must be:

  • A Canadian resident, of the age of majority in your province or territory
  • Employed, with proof of monthly and yearly income
  • A homeowner with home equity already established; Fairstone does not include details on how much home equity you must have to qualify for a loan, but you’ll need to provide your mortgage statements as proof
  • Have an active bank account in your name with direct deposit capability
  • Have a valid phone number, mailing address and email address

Unsecured loan

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

How to apply

You can apply for a Fairstone unsecured personal loan by following the steps below. Apply in minutes and get approved in as little as a few hours.

  1. Go to the Fairstone website.
  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.

Please note that if you’re applying for a secured loan, the application process is a little different and it will take longer to get approved. While you can get a loan quote online, you’ll need to visit a Fairstone branch to provide proof of ID as well as all the necessary loan paperwork. Fairstone will also need to appraise the value of the asset you’re providing as collateral, so it will typically take a few business days to get approved and funded.

Frequently asked questions


  1. CBC

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