Fairstone review: Rates, features, pros and cons

What is Fairstone?

Fairstone is a Canadian alternative lender that operates both online and out of over 250 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, and it has been recognized as one of Montreal’s top employers. It’s also licensed as a mortgage brokerage in Ontario and a mortgage lender in Nova Scotia. It has an A+ rating with the Better Business Bureau (BBB). On Trustpilot, it has a rating of 3.3 out of 5 stars based on 414 reviews.

One thing to note is that Fairstone was showcased along with three other lenders as “having confusing and misleading representations, and a lack of transparency and documentation” on a January 2021 article from the CBC.

Features of Fairstone loans

Feature	Secured personal loan	Unsecured personal loan
Loan amount	$5,000 – $60,000	$500 – $25,000
Loan term	36 - 120 months	6 - 60 months
Interest rate	19.99% - 23.99%	29.99% - 34.99%
Fees	Varies by province	No application, origination or prepayment fees
Serviced provinces	Canada-wide (excluding Nunavut)	Canada-wide (excluding Nunavut)
Basic eligibility criteria	Must be a homeowner, min. credit score of 560 – learn more	Must 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 $60,000 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 250 branches across Canada, which is welcome news if you ever want to access face-to-face customer service.
• Available across Canada. Fairstone loans are available Canada-wide (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 250 locations across Canada, over the phone or online.
• Established lender. Fairstone has been around since 1923 and is accredited by the BBB.

What to watch out for

• Steep interest rates. Interest rates start at 19.99% to borrow with Fairstone. With an excellent credit score, you may be able to secure much lower interest rates from traditional 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.
• 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. NSF fees may also apply with Fairstone loans depending on your province.
• Prepayment penalty. If you want to pay your secured loan off early, a prepayment penalty may apply. Fairstone’s unsecured personal loan does not have prepayment penalties.
• Unsolicited loan offers. Some customers indicate that they have been contacted repeatedly by Fairstone with unsolicited loan offers.

Alternatives to Fairstone

Finder Score for personal loans

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Read the full methodology

What do Fairstone reviews have to say?

Complaints that Fairstone has received online mention factors such as high interest rates, misleading information, continuously receiving marketing materials and customer service issues. On the other hand, some customers have complimented Fairstone on its helpful, professional service and fast, easy process.

Fairstone reviews summary

Feature	Details
BBB accredited	Yes
BBB rating	A+
BBB reviews	No Fairstone reviews (but BBB has closed 340 complaints against Fairstone in the last 3 years and 130 complaints in the last 12 months)
Trustpilot reviews	3.3/5 based on 414 Fairstone reviews
Reviews verified as of	March 25, 2024

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.