Fairstone Review 2022

Why should you go with Fairstone?

Fairstone is a good option for a variety of reasons. Your Fairstone Lending Specialist will work one-on-one with you to design a payment strategy that works for you. You may borrow more money and make lower payments with a secured loan (backed by the value of your property) than with an unsecured loan. If you’re searching for a low-cost loan, an unsecured one comes with a flexible repayment schedule that suits your budget. For the duration of your loan, you may benefit from a fixed interest rate.If you want to get funding quickly and enjoy the convenience of an online application, Fairstone is an excellent choice.

Who is Fairstone most suitable for?

• The legal age of majority in the province where you reside
• Residents of Canada
• Meet the minimum income requirements of $1,200 a month
• Have a minimum FICO score of 660
• Able to supply driver’s license, or Canadian passport, latest pay stubs, latest T4, and CPP statement.

Lending terms

Fairstone provides two types of personal loans: secured and unsecured. Unsecured loans do not require you to offer assets as collateral or security, like with an secured loan. Unsecured personal loans have a rate of 26.99 percent to 39.99 percent and a duration of 6 to 60 months, with funds ranging from $500 to $20,000 depending on your approval amount. The monthly installments would be constant over the length of the loan term.

A secured loan requires the use of a valuable asset as collateral to secure the loan. Secure loans are offered from $5,000 to $50,000 at a rate of 19.99% to 23.99%. They are financed over 36 to 120 months and must be paid back with fixed payments throughout the loan term. It might take upwards of two days to complete a secured loan application, which is considerably longer than an unsecured loan application. It might take upwards of two days to complete a secured loan application, which is considerably longer than an unsecured loan application.

Fees and penalties

To avoid unpleasant surprises, fee and penalty considerations should be made before taking out a loan with Fairstone. If you don’t pay your loan on time, you’ll incur hefty late charge penalties. If you pay off a secured loan before the end of its term, you will be charged prepayment penalties. The good news is that if you take out an unsecured loan, you can make extra monthly payments or repay the debt before the end of the term without having to worry about prepayment penalties. As for upfront costs, Fairstone’s unsecured personal loan carries none, while their secured loans have fees that vary by province.

How to apply for a loan with Fairstone

• Choose “Get a Quote” from Fairstone.ca, enter the amount of money you want to borrow, and click “Apply.

• Enter your personal information (name, birthdate, address, housing costs, income, and contact information). So they can match you with the best loan for you.

• After Fairstone performs a soft credit check, you will be contacted by phone immediately. The loan specialist will go over your quote and finalize your application.

• After you’ve gathered all of the paperwork, you may finalize your application online or at a local branch. Your Lending Specialist will work with you to personalize your loan terms and verify that it meets your needs.

• When you and your Lending Specialist have completed the loan information, your Lending Specialist will provide you with a loan documents package that contains all of the necessary information regarding your new loan. You may get your cash the same day you apply once your loan agreement has been completed.

• Keep in touch. Keep in contact with your Lending Specialist after you’ve received your loan. If you expect a late or missed payment, your Lending Specialist can provide tools and methods to help you stay on track with your repayment plan and safeguard your credit rating.