Repayment of loan
Fairstone repayment terms range from 6 to 60 months for unsecured personal and car loans and 36 to 120 months for secured personal loans. In addition, different payment frequencies — monthly, semi-monthly, bi-weekly, or weekly—allow you to manage your loan. For example, you can make bi-weekly payments, which gives interest less time to accrue.
To make a repayment use:
- Automatic loan payments. Set up from the banking account provided during the application. You would avoid late or missed payments. Note: Ensure you have enough funds at the due date; for example, choose your payday as the day your loan payment should be debited.
- Mail. Write your account number on the cheque or money order and mail it 3-5 days before the due date to avoid a late payment.
- Branch. You could pay with cash, cheque, money order, or debit at one of 240 branches 3-5 days before the deadline.
- Online account. Log into online account management, press the «Make a Payment» button, choose a one-time or recurring payments option, and provide your banking information. Recurring payments can be set up for the entire loan term. In addition, online account management lets you add multiple payment sources to your account. Receive a payment confirmation email in the case of successful payment. To pay on time, make it before 11 p.m. EST when repayment is due.
- Your financial institution. Select «Fairstone» as a payee and use your 7-digit account number to make loan payments via online and telephone banking or at your bank office. Online and pre-authorized payments are required to repay a Fairstone vehicle loan.
Conditions of loan extension
Fairstone offers financial relief options designed to manage loans for customers who experience financial difficulties: loan insurance, an extension of the loan term, providing access to additional money, refinancing, and payment deferrals.
It's essential to contact a Lending Specialist to speak about your options in the specific situation and make efforts to maintain repayments.
Deferral payments aren't skipped payments, interest still continues to occur, so you have to make your payments later with more interest and out of your repayment schedule. So think in advance and purchase creditor insurance that will protect you and your family in the case of disability, death, or job loss.
If you aren’t able to make your loan payment on time, contact the lender as soon as possible. Use the Branch locator to visit the nearest branch, call +1 (800) 995-2274 or talk to a Fairstone representative online via Facebook or website Live chat.
Early payoff
You can pay your unsecured personal loan early without any prepayment penalties. However, paying off a secured loan earlier will be charged with prepayment penalties. Fees vary by province or territory of residence. Look up your Loan Agreement.
When you settle the loan earlier, you may save on the interest, but ensure your fees aren't significant. For example, you could make additional lump sum payments with no fees for your unsecured loan, and the interest will be charged on the remaining balance. Note: you still must make regular payments according to the schedule until your loan is paid in full.
To discharge your loan, which was entirely paid off, contact your local branch at +1 (800) 995-2274. A Lending Specialist will collect your discharge fee and submit your documents to finalize the request.
