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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 Bank

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About bank

Fairstone Bank of Canada, previously known as Duo Bank of Canada, is a Schedule I Canadian Bank headquartered in Toronto. In 2021, Duo Bank of Canada acquired Fairstone Financial Holdings Inc. and its wholly owned subsidiary, Fairstone Financial Inc. 

Today, Fairstone Bank and its subsidiary Fairstone Financial Inc. constitute the leading Canadian consumer lending group with more than 240 branches across the country.

Features

Fairstone Bank of Canada specializes in providing personal lending solutions for a variety of borrowing needs.

Financing options from Fairstone Bank of Canada are available online, at Fairstone Bank branches, at points of sale, and at automotive dealerships. Fairstone Bank of Canada partners with a vast network of retailers and dealerships across Canada. The industries served by Fairstone Bank of Canada include auto products and services, building supplies and hardware, corrective medical procedures, veterinary, and more.

Recently, Fairstone Bank of Canada acquired Eden Park, a network of auto financing companies.

Pros and cons

Here are the benefits of Fairstone Bank of Canada:

  • Competitive interest rates

  • Online loan quote

  • Quick turnaround (getting funds within 24 hours from completing a loan application)

  • Financing options available at branches, points of sale, and automotive dealerships 

The potential drawbacks are:

  • Appraisal, insurance, administration, or other fees applied to mortgage refinancing

  • Prepayment penalties for the early mortgage repayment 

Products 

Here are the products offered by Fairstone Bank of Canada:

  • Secured personal loans in the amount ranging from $5,000 to $50,000, with personal assets used as collateral

  • Unsecured personal loans in the amount ranging from $5,000 to $25,000, with no collateral used as security

  • First mortgage refinancing providing up to $400,000 in financing, with interest rates starting from 13.39%, amortization of up to 25 years, and 1 to 5-year terms

  • Second mortgage refinancing providing up to $125,000 in financing, with interest rates starting from 17.40%, amortization of up to 20 years, and 1 to 5-year terms

  • Car and auto loans of up to $25,000 to finance the purchase of a used vehicle from a private seller, with terms ranging from 6 to 60 months

  • Disability insurance providing coverage of your loan payments in case you cannot work

  • Job loss insurance providing coverage for your loan payments in case you lose your job

  • Life insurance providing coverage of your loan payments in the event of loss of life

  • Home & Auto Security Plan protecting you in case of unexpected situations through roadside assistance, 24/7 virtual healthcare, hazardous weather benefits, travel interruption benefits, and more

Services

Here are the services provided by Fairstone Bank of Canada:

  • Point-of-sale financing solutions provided to customers right at the merchant location

  • Automobile financing options provided to customers through a network of dealerships to purchase either used vehicles, as well as new and used power sport vehicles.

Fairstone Bank

FAQ

Who owns Fairstone Bank of Canada?

Centerbridge Partners LP, Stephen Smith and Ontario Teachers' Pension Plan Board own Fairstone Bank of Canada, previously known as Duo Bank of Canada.

Is Fairstone Bank of Canada legitimate?

Fairstone Bank of Canada and its subsidiary Fairstone Financial Inc. form a Canadian consumer lending group that has been around for almost 100 years already.

How do I contact Fairstone Bank of Canada customer service?

You can contact Fairstone Bank of Canada in any of the following ways:

  • By phone at 800-995-2274

  • Through the live chat on the website, from 8 a.m. to 5 p.m. EST, Monday through Friday

  • Through the Facebook chat, from 8 a.m. to 5 p.m. EST, Monday through Friday

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All Fairstone Bank’s reviews by may 2024
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