How to Get Fairstone Personal Loan | Fairstone Loan Reviews

When you are in need of urgent money, you ask your friend or relatives. but what if they say no or they do not have money at that time. what are you going to do? You might be thinking to take a loan from a bank but again so much paperwork will consume your time. luckily Fairstone is there to help you in unexpected situations. Here we will discuss How to Get Fairstone Personal Loan | Fairstone Loan Reviews?

We will dig into the Fairstone company, like how they provide loans, its requirements, eligibility, and much more interesting thing about Fairstone.

But before let’s have a fair idea about Faitstone.

So, stay tuned…

What is Fairstone?

Fairstone is a digital platform that offers various loans like Car and Auto Loans, Online Loans, Mortgages, Personal Loans, etc to the citizens of Canada.

Fairstone is a safe short-term loan and long-term loan direct lender that makes it easy for Canadians to borrow money online within 24 hours.

Fairstone is Canada’s leading provider of responsible lending solutions. With over 240 branches coast to coast, Fairstone provides personal loans designed to suit today’s borrowing needs.

Fairstone also partners with a wide network of businesses to deliver flexible retail point-of-sale and automobile financing programs. It has over 100 years of experience in this sector in Canada.

It provides loans to the various provinces of Canada and hence the interest rate can vary from province to province.

It is a legitimate Canadian lender that provides loans online to Canadians in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Ontario, Quebec, Saskatchewan, Yukon, Prince Edward Island, and Nova Scotia.

Features & Benefits of Fairstone Loan

• You can apply for loan at Fairstone both online and Offline.

• It has a huge network of over 240 branches across Canada ready to serve you.

• It provides both short term and long term loan.

• Fairstone provided both Secured (Homeownership required) and Unsecured Personal Loan.

• Most loans are processed and paid within 5 minutes or less. receive funds within 24 hours to your account.

• It offers secured and unsecured personal loans up to $50000.

• Quick and easy online application.

• Flexible term of Repayment ranging from 6 to 120 months depends on the borrowed amount and type of loan.

Types of Loan Offered By Fairstone

Fairstone offers various types of loans. you can find them below.

• Personal Loan

• Car and Auto Loans

• Mortgages

Here we will discuss getting a Fairstone personal loan in detail.

Fairstone Personal Loan

A personal loan can also be termed an installment loan as you receive the loan amount as a lump sum and then pay the loan back through a set amount of payments, or installments.

The time you take to pay your loan back can vary depending on the borrowed amount. It is also called a loan term.

Further Fairstone personal loans are divided into three types:

• Fairstone Secured personal loans

• Fairstone Unsecured personal loans

• Online Loan

We will discuss all 3 types of Fairstone personal loans one by one but before you must fulfill the below requirements.

Fairstone Personal Loans Requirements

To complete the Fairstone personal loan process successfully, you need to provide your personal identification, employment and income, and housing Details.

Personal Identification:

You can provide any one of the below documents.

• 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:

Provide any of the following documents.

Current pay stub that is:-

• Dated within 30 days or future-dated no more than 7 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

If you are Self Employed, provide the below documents.

CRA Notice of Assessments from the past 2 years and any one of the following:

• Business Licence
• 411 or Yellow Page Listing
• Bank statement showing business name

Housing Details (For Secured Personal Loan):

To verify your rent, please 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 landlord’s signature

To verify your mortgage, please provide any one of the following:

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

Fairstone Secured Personal Loans | Fairstone Home Equity Loan

A secured personal loan (also known as a home equity loan) is a loan that’s backed by the value of an asset – typically a house.

Secured loans offer you to get a lower interest rate and more affordable loan payments. You can use a secured personal loan to consolidate debt, cover unexpected expenses, manage home repairs, etc.

Features of Fairstone Secured Personal Loans

• Lower Interest Rate. secured personal loans offer the best value for homeowners, with lower payments.

• You can higher amount of loan.

• Secured loan offer you more time to pay the loan. generally 36 to 120 months.

• Fees Can vary based on the province.

• You can get Secured loans of $5000 – $50000.

How to Apply for a Fairstone Secured Personal Loan | Fairstone Loan Application

Follow the steps below to apply for a fairstone secured personal loan.

• Visit Fairstone official website

• Click on the tab Get a Loan Quote.

• On the next page enter a few simple details and receive your personalized loan quote in minutes.

• After you complete the online quote, you’ll receive an approval decision – you’ll find out how much money you could qualify for and what your payments might be. You’ll also be sent an email to confirm your quote details.

• A Lending Specialist will call you back to customize your loan details. Inform them that you are interested in a secured loan and they will update your quote for the same.

• Get the above mentioned documents for your loan application, and visit your nearest Fairstone branch to finalize the loan application.

• Since there is more paperwork for a secured loan, you will have to wait a few days to receive your money.

• Once your documents are verified successfully, you will get loan within 24 hours.

How Does a Fairstone Secured Personal Loan/ Home Equity Loan Works?

A secured personal loan is also known as a home equity loan as you have to keep your home as collateral.

During the application process, Fairstone and you have to agree on a loan amount, interest rate, and the length of time (or term) it will take to pay back the money you borrow.

You will have to go through the additional step of completing the paperwork so that the fairstone can get your house appraised and put a lien on your property.

The lien essentially acts as a contract for your loan as the fairstone will be the owner of your house if you do not pay back your loan. Once the loan is paid off, the lien will be lifted from your property.

Fairstone Secured Personal Loan Interest Rate

The secured personal loan interest rate generally varies between 19.99 % to 23.99 %. It also changes as per the province.

Fairstone Unsecured Personal Loans

An unsecured personal loan is a loan that doesn’t require any type of collateral and is backed by a borrower’s creditworthiness and a signed contract or loan agreement.

Since Lenders take a risk when lending unsecured funds so the interest rate will be generally high as compared to Secured personal loans.

If you fail to make payments on an unsecured loan and default on your loan, your lender is left with the loss. hence, you will be offered a lower amount in an unsecured personal loan.

Features of Fairstone Unsecured Personal Loans

• Higher Interest Rate. Unsecured personal loans can be used for consolidate bills and debt, including credit card balances and loans.

• You will get lower amount of loan.

• Unsecured loan offer you less time to pay the loan. generally between 6 to 60 months.

• There are no fees.

• You can get Unsecured loan of $500 – $25000.

• You can make extra payments or pay it off early and you won’t be charged any penalties.

How to Apply for a Fairstone Unsecured Personal Loan | Fairstone Loan Application

• Visit Fairstone official website

• Click on the tab Get a Loan Quote.

• On the next page enter a few simple details and receive your personalized loan quote in minutes.

• After you complete the online quote, you’ll receive an approval decision – you’ll find out how much money you could qualify for and what your payments might be. You’ll also be sent an email to confirm your quote details.

• A Lending Specialist will call you back to customize your loan details. Inform them that you are interested in an Unsecured loan and they will update your quote for the same.

• Get the above mentioned documents for your loan application, and visit your nearest Fairstone branch to finalize the loan application or you can do it online with the help of fairstone executives.

• Since there is less paperwork for an Unsecured loan, you will receive your money the same day you apply for the loan.

Fairstone Unsecured Personal Loan Interest Rate

The Unsecured personal loan interest rate generally varies between 26.99 % to 39.99 %. It also changes as per the province.

Fairstone Online Personal Loans

Fairstone provides online loans as well where you do not have to go out of your home. Just sit, relax and apply for an online loan.

The money will be directed credited to your bank account within 24 hours.

Features of Fairstone Online Personal Loan

• You can have your money in your bank account within 24 hours.

• Apply for a loan anywhere, anytime, on any device, and receive your money directly into your bank account, all from the comfort of home.

• You can get online loan up to $25000.

How to Apply for a Fairstone Online Personal Loan | Fairstone Loan Application

• Visit Fairstone official website

• Click on the tab Get a Loan Quote.

• On the next page enter a few simple details and receive your personalized loan quote in minutes.

• After you complete the online quote, you’ll receive an approval decision – you’ll find out how much money you could qualify for and what your payments might be. You’ll also be sent an email to confirm your quote details.

• A Lending Specialist will call you back to customize your loan details. Inform them that you are interested in an online personal loan and they will update your quote for the same.

• Provide above mentioned documents for your loan application online with the help of fairstone executives.

• Since the complete process is online, you will receive your money the same day you apply for the loan.

Does Fairstone do Credit Checks?

For loan quotes, fairstone does a soft credit check. It means it will not reflect or impact your credit score. however, if you apply for a loan they will do a hard credit check.

How to Make Payment to Fairstone

If you took a loan online or offline, Fairstone will automatically process your payment from your bank account.

You can also make payments in a fairstone branch, but payments in a branch must be made before your due date.

If somehow you got extra money You can make additional payments at any time and you can pay off your loan early without any early pay-off penalties or fees in case you opted Unsecured loan.

Example for Secured Loan vs Unsecured Loan Payments

Secured Loan

For $10000 loan at 19.99% interest on a 120-month loan term. you have to pay Bi-weekly payments of $87.

Unsecured Loan

For $10000 loan at 26.99% interest on a 60-month loan term. you have to pay Bi-weekly payments of $152.

You can see the difference clearly. A secured loan will be having less interest rate with a long term to pay while an Unsecured loan will be having more interest with a short term to pay.

NOTE: Important terms and conditions apply. check with fairstone once before finalizing taking a loan to get the best and latest interest rates.

Choose Wisely…

Comparison Between Secured & Unsecured Loan

Secured Loan	Unsecured Loan
Loan Amount = $5000-$50000 Interest Rate = 19.99% – 23.99% Term = 36 – 120 months Fees = Vary by Province Time to Process = 3+days Earlypayment Penalties = Yes	Loan Amount = $500-$25000 Interest Rate = 26.99 – 39.99% Term = 6 – 60 months Fees = No Fee Time to Process = less than 1 day Earlypayment Penalties = No

Fairstone Customer Care Details

Customer Service Facility	Number/Address/Email
Phone Number	800-995-2274 (Monday to Friday)
Find your local Branch	Branch Locator
Facebook Chat	Link

Is Fairstone Legit?

A big and important question is about the credibility of the loan provider Fairstone. I must say yes, It has a valid license to provide the various types of loans to the people of Canada.

It has more than 240 branches across Canada which helps the citizens of Canada to access fairstone in an easy way. In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.

It also received various rewards and recognition for its great work towards supporting local communities, Empowering Women, and financial literacy.

It also is in partnership with JA Canada, the Canadian Women’s Foundation, United Way Centraide. at present, the percentage of female employees who held a managerial position in 2020 is around 57%.

Conclusion

This article explained How to Get Fairstone Personal Loan | Fairstone Loan Reviews.

I hope this information will be useful in getting personal loans from the Fairstone platform online or offline.

In the beginning, just try to avoid taking a loan. if nothing is working on your side you can go for a Fairstone personal loan.

At fairstone, you can apply online or by visiting one of the nearest branches. make sure you replay the loan on time to avoid the extra burden on you.

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