Taking out a loan from an online lender might be a wonderful method to get cash quickly and at a low-interest rate. However, if you wander too far from Canada’s largest and most well-known lenders, you may end up paying expensive fees and interest rates. To avoid ending up in a loan trap, you need to do your homework and determine which lenders are best for you.

In this article, we will give our honest review of Fairstone*, a Canadian lender, to aid you in your search.

How is Fairstone different from other lenders?

Faistone* is a lender which has been in business since 1923 in Canada. Its mission is to satisfy the credit needs of Canadians through personal loans with or without collateral. It currently has up to 235 branches and several associated companies to help you obtain your credit. Fairstone also partners with many businesses to deliver flexible retail purchase and automotive financing programs.

Types of Loans and Fairstone Credits

Fairstone offers a series of credits that adapt to the client’s needs. Among them are:

1. Unsecured loan

For this loan, Fairstone uses your credit score and personal finance data to help determine the allowable limit. The loan term is 6-60 months, and the loans range from $500 to $20,000. The interest rate for this loan is between 26.99% to 39.99%.

2. Secured loan

For the secured loan, your asset, such as housing or vehicles, will be used to guarantee the credit. So, the interest rate is lower on this option. The loan term ranges from 60 to 120 months, with loan amounts between $5000 and $35,000. And, the interest rates vary from 19.99% to 23.99%.

Aside from these two, Fairstone also offers:

1. Mortgage Loans up to $400,000. The interest rates are between 12.49% and 15.85%, depending on the loan amount. But the fees and penalties vary by province.

2. Car and Auto Loans up to $20,0000.

How to access Fairstone Loan

To access any of the options mentioned above, you must request it in person at one of its 235 branches or online by following the steps below:

1. Visit the Fairstone loan official website and click on Get a loan quote.

2. Choose the amount you want.

3. Complete the information about the purpose of the credit. Enter your personal information: Address, expenses, contact, income, date of birth etc.

4. And finally, you will have access to an official application channel to complete the loan procedure.

Pros and Cons of Fairstone Loan

Pros

• The application process is straightforward and seamless.
• Competitive interest rates for secure loans
• People with good or fair credit can get a loan

Cons

• High-interest rates for unsecure loans

Are their Fairstone Alternatives?

If you are not satisfied with the interest rate from Fairstone, other options are available. However, the best way is to check the LoanConnect website- Canada’s best loan search engine.

Our Final Verdict

Fairstone* is a reputable lender that offers low-interest loans to many Canadians with fair to good credit. Thanks to its flexible and adaptable loans and simple approval process, it’s one of Canada’s most well-known companies. With roots in Canada for over 95 years, Fairstone is committed to making a difference in local communities through support for initiatives focusing on financial literacy and health and wellness, among others.
Do you need a personal loan today? Fairstone* is worth checking out.