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Lender
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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's application

Finanso.Multilogin™

How to apply

The following are the stages involved in taking out a Fairstone personal loan:

  1. Get a loan quote. The Fairstone website provides applicants with a free online loan quote based on their credit score, employment status, and property ownership.

  2. Receive an instant response. It takes no more than a few minutes to receive a quotation. If you're satisfied with your quote, a Fairstone Lending Specialist will contact you to discuss the details.

  3. Get your documents. Collect the set documents to confirm your identity, income, and housing situation. To finalize your loan agreement, you'll need to bring these papers in person to your local branch. In certain locations, you may be able to finish this step over the Internet.

  4. Visit the local Fairstone branch. After all, paperwork has been submitted, you can meet with a Lending Specialist to finalize the loan application process. The specialist will go over the terms of repayment, as well as the payment procedure.

  5. Get your money. You could get funds the same day you apply if the loan is approved.

  6. Financing can be obtained via cash, credit card, Interac e-Transfer.

Requirements

  1. Personal identification. Provide one piece of primary identification:

  • Valid Canadian Driver's Licence

  • Canadian Permanent Resident Card

  • Valid Canadian Passport

  • Canadian Citizenship Card

  • Valid Non-Driver Identification Card, where applicable

Or, provide two pieces of secondary identification:

  • Government-issued Canadian birth certificate

  • Certificate of Indian Status Identity Card/Indian and Northern Affairs Canada Card

  • Current Credit Card or Debit Card with an embedded photo

  • Military ID Card with accompanying government-issued photograph

  • Current bank statement

  • Utility bill from the last 30 days containing your full name and current street address

  • Notice of Assessment

  • Provincial Health Card

Employment and income verification. Applicants need to provide their recent pay stub that is:

  • Dated within 30 days or future-dated no more than seven days

  • Shows year-to-date income

  • Shows CPP and EI deductions

  • Shows the company name and logo

  • Latest T4/T4a

  • Canada Pension Plan (CPP) statement dated within the last 12 months

Self-employed individuals need to provide CRA Notice of Assessments from the past two years and one of the following:

  • Business Licence

  • 411 or Yellow Page Listing

  • Bank statement showing business name

Housing information. To verify rent, applicants should provide one of the following:

  • Current lease agreement (within five years)

Any of the following dated within three months:

  • Rent receipt

  • Canceled cheque

  • Bank statement or electronic fund transfer

  • Typed or hand-written letter showing rent amount and landlord's signature

To verify mortgage, it is necessary to provide one of the following:

The latest mortgage statement which includes:

  • Current balance

  • Monthly payment

  • Payment status

  • Your name and address

  • Annual mortgage statement dated within 30 days

FAQ

What documents do I need to provide to get a personal loan from Fairstone? 

To get a loan from Fairstone, you need to verify your personal identification, employment and income, and housing information.

Personal identification

You need to provide one piece of primary identification:

  • Valid Canadian passport
  • Canadian permanent resident card
  • Canadian citizenship card
  • Valid Canadian driver’s licence
  • Valid non-driver identification card, where applicable

 Or, two pieces of secondary identification:

  • Government-issued Canadian birth certificate
  • Certificate of Indian status identity card/Indian and Northern Affairs Canada card
  • Military ID card with accompanying government-issued photograph
  • Current bank statement
  • Current credit or debit card with an embedded photo
  • Utility bill from the last 30 days containing your full name and current street address
  • Notice of Assessment
  • Provincial health card

Employment and income verification

You need to provide a current pay stub that is:

  • Dated within 30 days or future-dated no more than 7 days
  • Shows year-to-date income
  • Shows the company name and logo
  • Shows CPP and EI deductions
  • Latest T4/T4a
  • Canada Pension Plan (CPP) statement dated within the last 12 months

 Self-employed individuals need to provide CRA Notice of Assessments from the past 2 years* and one of the following:

  • Business licence
  • Bank statement showing business name
  • 411 or Yellow page listing

 *Residents of Quebec must also provide the Notice of Assessment issued by Revenue Quebec.

Housing information

To verify the rent, you need to provide one of the following:

  • Current lease agreement (within 5 years)
  • Any of the following dated within 3 months:
  • Rent receipt
  • Canceled cheque
  • Bank statement or electronic fund transfer
  • Typed or hand-written letter showing rent amount and the signature of the landlord

 To verify the mortgage, you need to provide the latest mortgage statement that includes:

  • Current balance
  • Monthly payment
  • Payment status
  • Your name and address
  • Annual mortgage statement dated within 30 days

How much money can I borrow with Fairstone? 

You can get a personal loan of up to $50,000 to cover urgent or unexpected expenses like a car or home repair.

What is the difference between a secured and unsecured loan?

A secured personal loan is backed by collateral (usually by the borrower's home) rather than an unsecured personal loan, which is only supported by a signed agreement. 
When choosing to secure the loan with home equity, you access a lower interest rate and more affordable payments. In addition, a secured loan can consolidate debt, cover unexpected expenses, etc.

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 01.10.2022
Loan amount
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CAD
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50000 $
Loan term
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months
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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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