Fairstone personal loans review
Financial products from Fairstone include secured and unsecured personal loans for purposes such as debt consolidation, car repairs, weddings, vacations, and other major life events.
Fairstone loan features
Fairstone personal loans come with the following features and benefits:
- Loan amounts. Between $500 and $20,000 for unsecured loans and $5,000 and $50,000 for secured loans.
- Loan terms. Ranges from 6 to 60 months for unsecured loans and 35 to120 months for secured loans.
- Fixed interest rates. Fairstone only offers fixed interest rates, meaning your interest rate and payments stay the same over the length of the loan.
- Payment frequency. You can make repayments bi-weekly, semi-monthly, or monthly.
- Free loan quote. Get a personalised no-obligation quote that won’t affect your credit score.
- Prepayment penalties. There’s no early repayment fee attached to unsecured loans, though you’ll have to pay this fee if you choose a secured loan.
- Turnaround times. If you apply online, you can have the money within 24 hours though this depends on the type of loan.
How to apply for a Fairstone personal loan?
You can apply for a Fairstone personal loan in three short steps:
- Get a personalised loan quote. Enter your details and get the quote in minutes.
- Talk to a lending specialist. A Fairstone lending specialist will then get in touch to customise your loan details.
- Finalise the application. Submit the required documents online or in-branch to receive money in your bank account.
Check that you’re eligible:
To qualify for a Fairstone loan, you must:
- Be at least 18 years of age or the age of majority in your province
- Be a Canadian citizen or permanent resident
- Have a bank account
- Meet the minimum requirements for income and credit score
The minimum income and credit score required will depend on the loan amount you’re seeking.
What you’ll need:
In addition to your personal and contact information, you will also need the following documents:
Personal identification. You can provide primary identification, such as a valid Canadian driver’s licence, passport, or permanent residency card. Alternatively, you can provide two pieces of secondary identification, such as a government-issued birth certificate, current bank statement, provincial health card, or utility bill with your name on it.
- Employment and income verification. You’ll need to provide your most recent pay stub, together with the latest T4/T4a and Canada Pension Plan (CPP). If you’re self-employed, you’ll need a CRA Notice of Assessments worth two years as well as a licence and bank statement showing the business name.
- Housing information. You may need documents such as rent receipt or current balance depending on whether you want to verify your rent or mortgage.
What’s the difference between a Fairstone secured and an unsecured loan?
Once you submit your application, BOM says it will process your application within two business days.
With a secured loan, you have to back the funds using an asset such as a house. This gives the lender confidence that you’ll repay the loan as agreed.
On the other hand, an unsecured loan only requires a written contract. But, without collateral, the lender faces a greater risk and will likely offer a higher rate. You may also not be able to borrow as much compared to a secured loan.
Once you draw up to the limit, you need to make payments before you can draw again. That way, funds are always available without having to apply each time. Last but not least, you can make monthly payments that cover interest only, plus you have the added advantage of opting for creditor insurance.
What are the credit score requirements when applying for a Fairstone loan?
Faistone typically caters to borrowers with fair, good, and excellent credit scores.
How long does it take for Fairstone to approve and pay out the loan?
Once you finalise the application process, you could have the money in your account within 24 hours.
Learn more about Fairstone in this video