{"id":747251,"date":"2018-09-09T19:25:50","date_gmt":"2018-09-09T23:25:50","guid":{"rendered":""},"modified":"2025-01-07T15:42:23","modified_gmt":"2025-01-07T20:42:23","slug":"fairstone","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/fairstone","title":{"rendered":"Fairstone review: Rates, features, pros and cons"},"content":{"rendered":"

What is Fairstone?<\/h3>

Fairstone is a Canadian alternative lender that operates both online and out of over 250 locations across Canada. It\u2019s 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.<\/p>

Is Fairstone legitimate?<\/h3>

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\u2019s top employers. It\u2019s 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.<\/p>

One thing to note is that Fairstone was showcased along with three other lenders as \u201chaving confusing and misleading representations, and a lack of transparency and documentation\u201d on a January 2021 article from the CBC.<\/p>

Features of Fairstone loans<\/h3>
Feature<\/th>Secured personal loan<\/th>Unsecured personal loan<\/th><\/tr><\/thead>
Loan amount<\/strong><\/td>$5,000 \u2013 $60,000<\/td>$500 \u2013 $25,000<\/td><\/tr>
Loan term<\/strong><\/td>36 - 120 months<\/td>6 - 60 months<\/td><\/tr>
Interest rate<\/strong><\/td>19.99% - 23.99%<\/span><\/td>29.99% - 34.99%<\/span><\/td><\/tr>
Fees<\/strong><\/td>Varies by province<\/td>No application, origination or prepayment fees<\/td><\/tr>
Serviced provinces<\/strong><\/td>Canada-wide (excluding Nunavut)<\/td>All of Canada (excluding Nunavut)<\/td><\/tr>
Basic eligibility criteria<\/strong><\/td>Must be a homeowner, min. credit score of 560 \u2013 learn more<\/a><\/td>Must have an established credit history, regular employment, a steady income and min. credit score of 525<\/td><\/tr><\/tbody><\/table>

What we like about Fairstone<\/h3>
  • Flexible loan size.<\/strong> With loan amounts ranging from $500 to $60,000 available, Fairstone offers loans to suit the needs of a wide range of borrowers.<\/li>
  • Flexible loan terms.<\/strong> Terms of 6 to 120 months are available depending on how much you borrow and your repayment schedule.<\/li>
  • Secured and unsecured loans.<\/strong> You can choose from both secured and unsecured personal loans. Both come with fixed interest rates but have varying repayment terms and loan amounts.<\/li>
  • Large branch network.<\/strong> Fairstone has over 250 branches across Canada, which is welcome news if you ever want to access face-to-face customer service.<\/li>
  • Available across Canada.<\/strong> Fairstone loans are available Canada-wide (excluding Nunavut).<\/li>
  • Fast access to funds.<\/strong> Once you\u2019ve 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\u2019s customer portal.<\/li>
  • Flexible repayment options.<\/strong> 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.<\/li>
  • Established lender.<\/strong> Fairstone has been around since 1923 and is accredited by the BBB.<\/li><\/ul>

    What to watch out for<\/h3>
    • Steep interest rates.<\/strong> 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.<\/li>
    • In-person application.<\/strong> If you\u2019re applying for a secured loan, you\u2019ll need to visit a Fairstone location to submit the necessary paperwork in person.<\/li>
    • Additional charges.<\/strong> 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.<\/li>
    • Prepayment penalty.<\/strong> If you want to pay your secured loan off early, a prepayment penalty may apply. Fairstone\u2019s unsecured personal loan does not have prepayment penalties.<\/li>
    • Unsolicited loan offers.<\/strong> Some customers indicate that they have been contacted repeatedly by Fairstone with unsolicited loan offers.<\/li><\/ul>

      Alternatives to Fairstone<\/h3>
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