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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Fairstone

Finanso.Multilogin™

About lender

Fairstone Financial Inc. is Canada's leading provider of responsible lending solutions. It works with a network of Canadian companies to offer adaptable retail point-of-sale and automobile financing plans. Duo Bank of Canada is the parent company of Fairstone. The Corporate Head Office is located in Montreal.

The company's primary business lines are consumer lending online through the branch network.

Since 1923, Fairstone Financial Inc. has been providing personal loans to Canadian businesses and residents. Regarding interest rates that banks and other payday lenders offer, the company claims to be in the middle of the pack. It is because they are a non-bank lender that accepts applicants with a fair to good credit score.

Features

  • Loan amounts up to $50,000. Borrowing funds through Fairstone is an excellent way to handle unexpected expenditures such as home or car repairs, consolidating debt, and more. Your credit score and homeownership status will determine the maximum amount you may borrow.

  • Flexible loan terms. Depending on the loan amount and the repayment plan, you may receive a personal loan for the term between 6 and 120 months.

  • No early repayment penalties on unsecured loans. If you pay off your unsecured personal loan before the term ends, you will not be charged early repayment fees.

  • Secured and unsecured loans. Both secured and unsecured personal loans are available. They differ in terms of repayment periods and interest rates.

  • Less than one-day processing. You may receive financing in as little as under one day after applying.

  • Free loan quote. Find out how much money you may get and your payments. It will not have an impact on your credit score.

  • 14-day cancellation. Borrowers have up to 14 days to cancel an unsecured personal loan after signing the agreement, and you will not be charged any penalties.

  • The 2-day cancellation period for secured loans.

Types of Loans

Secured Personal Loans

Fairstone Financial Inc. offers secured personal loans, in which a vehicle or home of the borrower is used as collateral to secure the money. Customers obtain lower interest rates because an item of value backs the loan.

Unsecured Personal Loans

With this loan alternative, Fairstone checks the applicant's credit score, income, and other financial data to see if they can qualify for an unsecured loan. There are no pre payment penalties involved.

Instant Online Loans

The company offers a range of short-term loans for people who are in urgent need for financing, allowing them to get cash via the Internet in as little as 24 hours and deposit it straight into their bank accounts. This is the perfect option for unexpected expenses.

Mortgages and Refinancing

The amount up to $400,000 is available for the first mortgage. For the second one, up to $125,000 can be issued. To determine whether the customers qualify for access to financing for home renovations or to consolidate debt, Fairstone Financial Inc. will evaluate the credit history, capacity to pay, and the property's market value.

Purchase Financing

Fairstone helps the clients get the most out of their shopping by offering purchase financing for individuals that want to buy something on credit. The application procedure is simple and quick.

Debt Consolidation

Fairstone has a debt consolidation loan program that simplifies paying off the existing loan. Debt consolidation is available in amounts of $500 to $35,000, and it offers the clients the convenience of just one monthly loan payment.

Vehicle Financing

The company specializes in personal loans for individuals who want to purchase cars up to $20,000 and provides vehicle financing through one of their many used car dealership partners throughout Canada.

Retail Partnership

Fairstone can also provide retail partners with financial services if you own a small business. The organization can assist with the following:

  • Point-of-Sale Financing. Offering a simple financing alternative to your consumers to make the larger purchases they need, and your company to address their demands. The online application process allows borrowers to get fast and easy approval. Fairstone offers adaptable financing alternatives as well as personalized assistance.

  • Automobile Financing. Fairstone can help you sell more cars and attract more clients thanks to its partnerhip with over 450 used vehicle dealers across the country and 24-hour assistance. They provide rapid, uncomplicated approval and financing, significant dealer reserves, a century of expertise, as well as helpful customer service.

Advantages

The clients can borrow money for unexpected expenditures, pay off bills, and take advantage of the opportunity to reduce debts rapidly. They may borrow up to $50,000 at any time online or at the branch of Fairstone Financial Inc. The company has many other advantages, such as:

  • Complete a loan quote. You may get a customized loan quote simply by filling out an application online or at a branch in minutes. It will have no impact on your credit score.

  • The ability to connect with a lending specialist. When it comes to your financial needs, most experts recommend seeking assistance from an expert. Fairstone connects you to one of their well-trained lending specialists who will help customize the loan to meet all of your budget.

  • A wide range of services, including home equity loans, business loans, and commercial real estate loans. Fairstone offers numerous loan types, payment plans, and solutions for both rfor individuals and businesses.

  • The company offers specific services for both customers and small businesses, which help form the communities in which they work.

  • Disability insurance. It will help to repay the loan if you cannot work as a result of a covered illness or injury. Do you have short-term or long-term disability coverage through your employment? The majority of policies pay out a percentage of your earnings. Consider the medical expenditures that may be faced if you become sick; with this service, you will have enough funds to pay bills and provide you and your family with money.

  • Job loss insurance. If you become involuntarily unemployed, Fairstone job loss insurance will help you make the loan payments. Job loss insurance allows you to focus on finding new employment without the worry of making loan installments.

  • Life insurance. It will pay or decrease the outstanding amount of your loan if you die before paying it off. It might assist in alleviating the strain on your relatives during this trying moment while also protecting their financial future.

  • Loan insurance. Loan insurance may help you pay for essential household expenses in the case of an unexpected job loss or sickness that prevents you from working. If you have bought loan insurance, the repayments will be covered.

  • Refinancing. Refinance your loan balance to make payments easier while maintaining a minimal income.

  • Payment deferrals. They are a one-time, short-term solution that helps you when having financial difficulties.

Loan terms

Secured personal loans with a security deposit are available to individuals who don't have excellent credit and need small, frequent payments. They may borrow money by using the safeguard of their assets, such as their home, to get lower rates, smaller monthly payments, and more cash from $5,000-$50,000.

Fairstone unsecured loan services enables people with fair to good credit to borrow money from $500 to $25,000 for debt consolidation, unexpecred expenses, and other purposes. You may benefit from a quick and easy online application and depoditing money into your account in as little as 24 hours, as well as the option to pay off your loan whenever convenient for you. In addition, there are no application costs or prepayment penalties.

Mortgages

You can borrow up to $400,000 using the home equity loan. Fairstone Financial Inc. mortgage refinancing alternatives provide lower interest rates and more affordable payments than personal loans. The lender can help refinance your first mortgage and lower its interest rate, extending the period before you have to make payments. You may borrow up to $400,000 by refinancing the first mortgage with Fairstone using an amortization period of up to 25 years, with a term of 1-5 years.

FAQ

Why choose Fairstone?

  • No pre-payment penalties for unsecured loans
  • Free online loan quotes that do not impact a credit score 
  • Customers receive borrowed funds the same day
  • A lending specialist will assist you in finding a proper repayment plan
  • Homeowners can choose a secured loan, which is backed by the value of the house; to get a bigger loan and access lower payments compared to an unsecured loan

How is Fairstone different from other lenders?

The company offers personal loans for Canadians having fair to good credit scores. The key features of Fairstone are the provision of fast loan solutions and one-on-one personalized service. 

Company documents

Privacy of Personal Information Statement
Fairstone Terms and Conditions
Accessibility

Fairstone offers loans in Canada to people in the fair to good credit score range for debt consolidation, unexpected expenses and more. We offer lower interest rates than competitors, and we guide our customers through financial challenges using our almost 100 years of lending experience in Canada.

© Fairstone Financial Inc.

Financial products

Fairstone
Debt consolidation loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

up to 39.99%
Term
i

Loan term for the financial product

6 - 120 months
Fairstone
Online loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$25,000
Rate
i

Effective interest rate on the product

up to 39.99%
Term
i

Loan term for the financial product

6 - 60 months
Fairstone
Unsecured personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$25,000
Rate
i

Effective interest rate on the product

up to 39.99%
Term
i

Loan term for the financial product

6 - 60 months
Fairstone
Secured personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$5,000-$50,000
Rate
i

Effective interest rate on the product

up to 23.99%
Term
i

Loan term for the financial product

60 - 120 months

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Calculate loan payments in Fairstone

Fairstone calculator will allow you to calculate an approximate payment schedule for the loan

Fairstone calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 15.08.2022
Loan amount
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Enter the desired loan amount

CAD
CAD
500 $
50000 $
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months
days
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Province

What to pay attention to when applying for a loan from Fairstone

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Fairstone from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Fairstone’s reviews by August 2022
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