Fairstone is a well-known non-bank lender in Canada that offers both secured and unsecured loans for personal loans, home loans, financing and debt consolidation.
They will work with you to find a solution that offers affordable payments and work quickly to provide a loan quote that will not impact your credit score.
Advantages of Borrowing with Fairstone
Borrow up to $50,000 – Fairstone offers loans amounts up to $50,000
Flexible loan terms – Personal loan terms range from 6 months – 120 months but depend on the type of repayment terms chosen.
No prepayment penalties – No penalties on early repayment
Fast processing – usually less than one day to process loan requests
Disadvantages of Borrowing with Fairstone
Interest rates – high interest rates for some borrowers, up to 46.99%
Additional fees – other costs for secured loans, such as administration and insurance fees
Process – even if you apply online many areas require visiting a storefront with your documents to complete the application process to speak with a lending specialist.
How to Borrow with Fairstone
Personal loans start with an interest rate of 19.99% for secured loans, and these rates can go up to 46.99% for unsecured loans. Rates will vary by province.
When borrowing a secured loan with Fairstone there can be additional fees such as administrative, insurance, home evaluation, title examination and other applicable fees. These fees will vary by province.
Requirements to Borrow with Fairstone
– Be a citizen or resident of Canada (this excludes Nunavut)
– Being the age of majority in your province or territory (Usually 18 years or older)
– Already have an established credit history
– Able to afford and make monthly payments
– Proof of income and government issued ID
If you borrow from Fairstone they have a 14 day cancellation policy for unsecured personal loans and 2 days for secured loans.
Fairstone Financial FAQs
If I get a loan from Fairstone, what can I use the money for?
You can use the funds however you choose if approved, from a big purchase or rent to debt consolidation, travel, vet bills, funeral expenses, medical bills or whatever you want.
Does Fairstone have locations that I can visit?
Yes, Fairstone has multiple branches across Canada’ provinces and territories.
Can I get the maximum loan amount available at Fairstone?
To qualify for this will depend on some considerations when reviewing your application, including your income, credit score, along with your homeownership status.