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 $60,000, other lenders in Canada offer similar competitive loan products. Here’s a look at loans like Fairstone that may be better suited for your needs.
Summary: Loans like Fairstone
If you’re looking for an unsecured personal loan: Spring Financial
Spring Financial is a major direct lender of personal loans for fair to bad credit. Like Fairstone, you don't need to put up collateral to get the loan. You can also apply online and get funded within 24 hours.
Loans Canada is a loan search platform that matches you with financing right after you apply. Like Fairstone, there are loan options for borrowers with less-than-perfect credit scores, and it's easy to apply online and get funded within a day or two.
Large lender network
Easy application
High rates for bad credit
You're limited to lenders in Loans Canada's network
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. If you have non-employment income, such as private pensions and government benefits, LoanConnect has options for you. Apply for up to $60,000 in less than five 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 $60,000.
Bad credit doesn't matter as long as you have a stable source of income.
Potential for steep interest rates as high as 35%.
Like Fairstone, you can apply to Mogo and get a quote within a few minutes without affecting your credit score. 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 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 one to two 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 35% if you don't have good credit.
easyfinancial has hundreds of locations across the country, just like Fairstone. You can apply if your credit score isn't the best, and you can get a secured or unsecured personal loan. An online application is available too if you prefer not to visit a branch.
Friendly in-person service
Easy process
Many locations across Canada
High rates for low credit
Loan amount
$500 – $100,000
APR
9.99% – 35%
Term
9 - 240 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time
Approval within 30 minutes
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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 $60,000 loan with terms of 6 months up to 120 months.
Loan amounts up to $60,000 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 34.99%, 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 amount
Term
Interest rate
Monthly payment
Total cost
$20,000
60 months
19.99%
$529.77
$31,785.98
$20,000
120 months
19.99%
$386.38
$46,365.45
Unsecured loans
Loan amount
Term
Interest rate
Monthly payment
Total cost
$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.
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.
Frequently asked questions
Both lenders have their strengths and weaknesses. If you want in-person service, then Fairstone is the winner since Spring is online only. If your credit score is low, you may have more options with Spring.
Fairstone's competitors are other alternative lenders like Spring Financial, easyfinancial and Money Mart.
Fairstone is fast if you get an unsecured personal loan. This can take a day or two. If you get a secured personal loan, the process may take more than three business days.
No, Fairstone is not a payday loan company. It's an alternative lender of personal loans.
Yes, Fairstone is a legitimate lender. It's a registered business that's been around for nearly 100 years.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full bio
Compare some of the best unsecured personal loans in Canada.
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