What Is Fairstone Canada?
Fairstone Canada is one of the leading non-banking lenders for personal loans. They help their customers acquire the cash they need for emergencies and other needs and provide them with affordable payment options that fit their budget. Fairstone branches are found across 235 locations from coast to coast and have a team of more than 1000 lending specialists to help their customers with their financial needs. They also have partnerships with Canadian businesses and automobile dealerships for quality consumer financing.
What Makes Fairstone Worth Your Time and Attention?
Canada has many non-banking lenders for personal loans. With such popular options, it can be challenging to choose one over another. In such an intensely competitive market, Fairstone has a number of tricks up its sleeve to convince customers to avail of their services:
- Since they have a massive team of money lending specialists, their clients can expect one-on-one consulting from Fairstone. This is helpful when you’re trying to come up with a loan structure that you can comfortably afford to pay.
- You have the option to receive your money within the same day your loan gets approved.
- Homeowners can opt for a secured loan — backed by the value of their house — to get larger loans at lower interest rates (compared to unsecured loans).
- They also have unsecured loans for people who aren’t homeowners but still need money.
- Their interest rates remain fixed for the duration of the loan.
- In selected locations, Fairstone can make it possible for you to get your loan from the comfort of your own home.
- You can get a free loan quote that doesn’t impact your credit score from Fairstone.
What Loans Do They Provide?
Like many other non-banking lenders, Fairstone offers both secured and unsecured loans to their customers. An unsecured loan is backed by a contract and is suitable for the vast majority of people who are not house owners. A secured loan, on the other hand, is backed by the value of your house. Homeowners can benefit from lower interest rates if they choose to go with a secured loan.
Every non-bank lender has different terms and conditions that govern the personal loans they offer. Let’s examine how Fairstone defines its secured and unsecured loans:
Unsecured Loans
You can get an unsecured loan from Fairstone for any amount up to $20,000. You can expect interest rates to start from 26.99%, and the term flexibility to be between 6 and 60 months. They also allow their customers to prepay their loans without any prepay penalties.
Secured Loans
With Fairstone, you can get a secured loan of up to $35,000. The interest rates can be as low as 19.99%, and the term flexibility is from 36 to 120 months. You would be charged prepayment penalties if you opt to pay early, and you need to have homeownership to be eligible for such a loan.
What Are the Needed Documents?
To apply for a personal loan with Fairstone, you need to prepare the following documents:
- A government-issued ID: Driving license, Canadian passport
- Income proof: CPP statement, latest pay stubs
- Rent verification: Lease agreement
How to Apply for a Fairstone Loan
Fairstone can be your go-to loan provider if you have a credit score that is between fair to good. They are one of the quickest loan providers, allowing customers to get their money within the day of approval. Their unique key selling features are their one-to-one client-specialist relationship and personalized services. To apply for a Fairstone loan you need to follow three necessary steps:
- Visit the Fairstone website and enter a few necessary details to get a personalized loan quote in minutes.
- One of their Fairstone Lending Specialists will get on a call with you to discuss your loan offer.
- Now, visit your local Fairstone branch to finalize the application. If you lock the application and it gets approved, you’ll be able to get your money on the same day.
Pros and Cons of Fairstone
Pros
Fairstone’s personal loan is one of the best loan products in terms of ease, speed, and personalization. The special treatment of having a dedicated loan expert to help you with your loan is very much appreciated by all borrowers. Having a relatively close relationship with a lending specialist also helps ensure that you won’t get overambitious and take out a loan that you cannot repay.
For a non-banking lender, Fairstone is really fair with their interest rates. Their interest rates are below the average range of interest charged by most non-banking lenders.
Their communication team is also easy to get in touch with if you need help with any aspect of your loan. And because they have a good number of physical branches, connecting with an actual human representative in real-time shouldn’t be too challenging.
Cons
Their application process can be lengthy compared to other services. You first need to apply online and then wait for a phone call. Once you get the phone call, you have to visit the branch. Some people simply don’t have the time nor the energy to have to visit a physical branch. If Fairstone can somehow manage to make their loan process fully-online in the future, we’re sure lots of borrowers will appreciate the added convenience.
Conclusion
Fairstone Financial is one of the most popular money lenders in Canada. They’re able to provide quick cash at a fairly reasonable interest rate. However, the loan application process they require can be a bit tedious and time-consuming. They also don’t entertain people with bad credit scores, so if your credit is less than decent, you should probably look for a loan elsewhere.
Still, Fairstone is a formidable option for those whose credit scores are average to good. If you find yourself needing quick cash to pay for emergencies, bills, and other expenses, Fairstone is a reliable choice that’s worth checking out.
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