Fairstone Review [All You Need to Know in 2024]

In Canada, there are many loan providers offering many types of loans, but which of them is right for you?

In this article, we will introduce you to Fairstone, one of the leading loan providers in Canada, according to the Fairstone financial loans reviews. Also, we will cover what type of loans the company provides and we will present you the latest Fairstone reviews, as well as the latest Fairstone ratings.

What Do I Need to Know About Fairstone?

The company was founded in 1923 and has since been acquired and privatized a couple of times. Currently, Fairstone is owned by Duo Bank; Scoot Wood serves as president and CEO. The last rebranding of Fairstone was in 2017 when the company was renamed from CitiFinancial. In 2019, Fairstone received the Bronze Parity Certification for Women in Governance.

Currently, Fairstone offers five types of loans. They are unsecured personal loans, secured personal loans, mortgage loans, car and auto loans, and online loans. Fairstone offers loans with an annual percentage rate (APR) of 19.99% to 39.99%. The short-term loans that Fairstone provides may come in handy and can be used for everything, for example covering pre-existing college loans. 

In this review we will cover:

• A detailed review of the features, as well as the latest Fairstone reviews
• Loan application procedure and terms
• Pros and Cons
• FAQ

Services Overview

As one of the leading non-bank lenders in Canada, Fairstone offers loans with lower interest rates than other lenders, which helps people cover unexpected expenses. According to the Fairstone reviews, debt consolidation is one reason why Canadians use secured loans. This type of loan provides them with a low monthly payment and, as stated by the Fairstone credit card reviews, they offer lower rates than your current credit cards. 

As we mentioned earlier, Fairstone offers five types of loans. In the next section, we will explore each service, alongside the latest Fairstone interest rates.

Secured Personal Loan

If you want to get your hands on a secure loan, you need to have an asset to serve as loan protection. An asset can be either a car or a home. The loan amounts range from $5000 to $35,000, and the loan term is 60-120 months. The interest rates are from 19.99% to 23.99%, which is quite lower than the rates from other lenders, according to the Fairstone lending reviews. 

Unsecured Personal Loan

You can get an unsecured personal loan if you have a fair to good credit score and don’t have an asset to provide. The loan term is 6-60 months and the loans range from $500 to $20,000. The interest rate for this loan ranges from 26.99% to 39.99%. Fairstone personal loans reviews show us that many Canadian are benefiting from the flexibility to pay off the loans and because there are no application fees and prepayment penalty. 

Online Loan

Online Loans are available on the Fairstone website, and you can request a quote from the comfort of your own home at any time. The loans are up to $20,000 and the money is deposited straight to your bank account. Many Fairstone customer reviews said that the online application is quick and simple and they were able to get the money the same day.

Mortgage

Fairstone offers two types of mortgage loans – first mortgage refinancing up to $400,000 and second mortgage refinancing up to $125,000. The rates start at 12.49% for the first mortgage and 15.85% for the second mortgage. The fees and penalties vary by province. According to Fairstone mortgage reviews, it takes two-three days for your application to be processed.

Car and Auto Loan

The car loans are up to $20,000, and they can be used for vehicle purchases.

Personal Loans Features

According to the Fairstone financial loans reviews, the company offers quick and secure personal loans. Below, we will explain the features that they offer with their personal loans.

• Expected Loan Amount: $20,000 on unsecured and $35,000 on secured loans
• APR: 19.99% – 39.99%
• Monthly Payment: Depends on  the loan
• Loan Term: Minimum loan term is six months, and maximum is five years
• Fees and Penalties: No fees on unsecured loans, but there are a returned payment fee and a late payment penalty on secured loans. 
• Types of Interests: For secured loans, the interest rate ranges between 19.99%-29.99%. For unsecured loans, it is between 26.99% and 39.99%.
• Unsecured or Secured: The term for an unsecured loan is from 6-60 months and for a secured loan is 60-120 months
• Typical Approval Time: For unsecured loans, the typical approval time is less than a day. For secured loans, it’s two or more days.
• Typical Funding Time: As soon as you are approved

Loan Eligibility Criteria

If you want to get a loan you’ll need to meet the following Fairstone loan requirements:

• Age of majority in your province
• Resident of Canada
• Minimum credit score of 660
• Proof of income threshold
• Minimum length of credit history depends on the loan. As proof of income, you need to have a current pay stub, the latest T4, CPP statement, and two notices of assessments. 

How To Apply for a Personal Loan with Fairstone? 

The application process for personal loans, also known as installment loans, can be done in three steps. Bear in mind that one of the steps includes going to one of Fairstone’s branches to finalize the process. For the online loan requirement, you’ll have to fill out a questionnaire that will take you just about 10 minutes. 

Also, you don’t have an obligation to take the credit. Fairstone credit reviews show us that whether you take or do not take the loan, your credit score won’t be affected.

Step 1: 

The first step of the process is online. Go to the official website at fairstone.ca and click on the button Get a Loan Quote. You will need to enter an amount between $500 and $35,000 and you have to provide the reason for the loan – for example, debt consolidation, travel, car repair, furniture/appliances, auto purchase, or other. 

Step 2:

Next, you need to enter your first and last name and your date of birth. Then, you have to provide an address with a unit number, city, province and postal code, as well as how long you have lived there, whether you rent the place and, if so, what is the full amount of your lease. 

The last thing you have to provide is your contact information with at least one mobile phone number and your email address. Bear in mind that this is not a preapproval for a loan and you will only get a loan quote.

Step 3: 

The next step is a call from Fairstone. You will be assigned a lending specialist from Fairstone customer service that will help you with the loan. They may offer you a better or worse quote than the first quote on the website.

Step 4: 

The final step is a visit to one of the Fairstone branches, where you finalize the process. There, they will check all your documents needed for the loan and give you the final approval. 

Here are some of Fairstone’s main pros and cons, according to the latest Fairstone reviews. 

Fairstone Pros & Cons

Privacy & Security Policy

Fairstone is very dedicated to protecting the personal information of its customers. The company implements special policies, guidelines, safeguards, and procedures to make sure that every customer’s personal information is encrypted and protected.

User Reviews & Feedback

We wanted to know what people are saying about Fairstone, so we went over the Fairstone reviews from 2021 and the feedback.

Up to 21% of the reviews on TrustPilot say that Fairstone is an excellent service; however, about 75% say that they have had a bad experience with Fairstone’s services. Some of the reviews that say that their experience with Fairstone was bad highlight the high fees that came with the service. This is also the case with Fairstone BBB reviews.

Fairstone Alternatives

If you don’t have the option to take a loan from a bank or Fairstone, there are other options available. Some of the non-bank lenders in Canada that provide similar loans are CashMoney and Mogo. CashMoney offers loans of up to $10,000, with a 46.93% APR. Mogo loan options start from $100 to $35,000 with a 46.96% ARP. Also, Mogo provides monthly free credit reports that won’t affect your credit score. 

Wrap Up

Fairstone is a trustworthy lending company that provides affordable loans to many Canadians with fair to good credit. It’s are one of the leading companies in Canada thanks to its flexible and versatile loans, as well as a and easy approval process. 

So, if you are in need of a top personal loan, Fairstone is the way to go, according to the latest Fairstone reviews.