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Many have wondered if Fairstone is a great place to apply for loans. Perhaps you’ve encountered emergencies that require you to pay the bills upfront. Or maybe you lost your job. Whatever the reason is, people see loans as a great solution.

However, there are many lenders and banks out there, and it can be challenging to find the right one. Moreover, the name “Fairstone” keeps coming up whenever it comes to applying for quick, personal loans. Is it a trusted lender? And is it even worth considering?

What is Fairstone?

Fairstone is a non-bank lender of personal loans in Canada. They aim to help customers like you get the money you need while giving you ways to pay your loans according to your budget.

It has over 235 locations and over 1,000 Lending Specialists who can help you assess how much money you need and how you can pay loans effectively.

But of course, you’d want to read a more detailed review before jumping into the deal. This is a smart move, especially if the decision has something to do with your long-term financial goals.

Types of loans Fairstone offers

This lender offers five types of loans. This wide variety of services allows you to carefully decide which loan you should apply for.

1. Secured personal loan

If you want to apply for a secured personal loan from the lender, they will require you to have an asset. This asset can either be a home or a car to serve as loan protection. The loan can range from $5,000 to $35,000. Meanwhile, the loan term is 60 to 120 months.

As for the interest rates, they’re from 19.99% to 23.99%. These rates may get mixed comments. Some may say that they’re lower than what other lenders offer, while others disagree. Nevertheless, you have to make sure that you do a lot of research and compare these rates with other lenders.

2. Unsecured personal loan

As for unsecured personal plans, you can usually secure one if you have a fair to good credit score, even if you don’t have assets. The loan term is 6 to 60 months, while the loans are from $500 to $20,000. 

Interest rates range from 26.99% to 39.99%, which looks a bit pricey. Nevertheless, many Canadians benefit from its loans because the lender offers more flexibility in terms of payment. Moreover, you don’t have to deal with application fees and prepayment penalties with this loan.

3. Online loans

You can easily request an online quote for this type of loan anytime you want. You can borrow up to $20,000, with the money getting deposited straight into your bank account. It’s quick and simple, and you may even get your money on the same day.

4. Mortgage

Fairstone has two types of mortgage loans: first mortgage refinancing is up to $400,000 and second mortgage refinancing is up to $125,000. For the first mortgage, the rates start at 12.48% while the second mortgage starts at 15.85%. 

Take note, however, that the fees and penalties will differ depending on your province. Moreover, you’ll have to wait for 2-3 days for your application process.

Conclusion

Fairstone offers different types of loans that could help you achieve your financial goals. However, this lender is known for its high-interest rates. So, although you need cash, this lender should be one of the less likely candidates to consider. 

However, if other banks and lenders have turned you down, then Fairstone is worth considering. It also has more flexibility in terms of payment. Just make sure that you exhaust and consider all the options available before finally choosing a lender.

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