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.