Fairstone Loans Review
Are you seeking a suitable borrowing solution? Fairstone Financial Inc. is one of the leaders among non-bank institutions which provides financial support to consumers across Canada. Do you need professional help with paying the bills? Would you like to make an expensive purchase? Do you want to consolidate your debt? If you are looking at suitable ways to obtain extra cash that meets your budget and needs, you should look at Fairstone Finance reviews.
What Is Fairstone?
Fairstone is one of the oldest lending institutions in Canada. This company calls itself an alternative creditor and claims to offer rates somewhere in the middle between traditional banks and payday lenders. This company has been working since 1923. It is a reputable organization that has already helped thousands of Canadian consumers bridge their urgent financial gaps and find monetary support.
This is a non-bank crediting service. The terms and rates are placed in the middle of the scale compared to conventional banking institutions and payday creditors. The company requires a fair or good credit rating to apply. Borrowers may obtain Fairstone loans not only in one of the 235 physical locations around the country but also on the web. So, if you live in Abbotsford or Airdrie, Alma or Baie Comeau – you may easily qualify for extra funding from this alternative crediting company online.
Fairstone Loan Requirements
The requirements for getting a personal loan are rather flexible at this company. If you read through Fairstone reviews you will notice that consumers with a fair and good credit history are usually approved for a loan. People from various Canadian cities such as Bathurst, Belleville, or Beauport may obtain additional funds from the comfort of their homes while there are also multiple physical locations available in many cities and towns.
The average credit rating for an approved personal loan applicant is 741, according to the Chamber of Commerce. Washington State has the highest average loan balance, with $27,295.
Fairstone loan requirements are basic and include being the age of majority, having a stable income source, and being ready to provide your personal data. You may qualify for unsecured or secured personal loans at this company. The conditions are flexible and affordable so every borrower may request a necessary amount of cash and get funded straight away. You may also look at Loan Express review to compare feedback and terms.
FAQs About Fairstone Financial
Who owns Fairstone Financial?
Duo Bank of Canada has bought the Fairstone company. You may apply to this service on the web or visit its branches and physical locations in your town.
How to pay off Fairstone loan?
You should make on-time loan payments according to the repayment schedule until you return the whole sum to the lender together with the interest rates. This term may vary depending on the amount you’ve requested.
Where can I use my Fairstone card?
Consumers may use their card with the retailer they are registered with, including at any of the retailer’s Canadian affiliates or locations that offer Fairstone lending services.
How does Fairstone work?
You request the amount of cash you urgently need. Once your application is approved and the soft credit check is performed, you will be given the money to cover your urgent needs.
How to add Fairstone as a payee?
You can add Fairstone as a payee on Best Buy if you enter your Fairstone credit card as the payee over the phone or online. You may also do this at any financial institution or local Fairstone branch in your area.
How to use Fairstone on Best Buy?
Best But is Fairstone’s partner as it offers minimum monthly payment financing plans for different terms including 3-month, 6-month, and 12-month terms. These minimum payments will be due each billing cycle while financial charges will accumulate on the purchase from the beginning of the promotional period.
Fairstone Loans. What Types Are Available?
If you look through Fairstone loans reviews, you will see that this company offers a wide range of services available to consumers in Canada. This company offers secured and unsecured loans as well as mortgage refinancing loan and second mortgage loan. Each borrower has an opportunity to select the most suitable lending option tailored to their needs. You may either apply online or in store with the same rates and terms. The loans can be taken out for several months or several years. Here are the main features of their loan types:
Unsecured Personal Loan
- Loan amount: $500- $25,000
- Term: 6-60 months
- Interest rate: 25.99-39.99%
- Prepayment penalties: No
- Collateral: No
Secured Personal Loan
- Loan amount: $5,000- $35,000
- Term: 36-120 months
- Interest rate: 19.99-23.99%
- Prepayment penalties: Yes
- Collateral: Yes, an auto or a house
Mortgage Refinancing Loan
- Loan amount: up to $400,000
- Term: 12-60 months
- Interest rate: from 12.99%
- Prepayment penalties: Yes
- Collateral: Yes
Second Mortgage Loan
- Loan amount: up to $125,000
- Term: 12-60 months
- Interest rate: from 15.85%
- Prepayment penalties: Yes
- Collateral: Yes
Fairstone Interest Rates & Conditions
As we’ve mentioned above, interest rates on Fairstone lending products differ. You should choose which borrowing solution you need to apply for. If you want a relatively lower amount of up to $25,000 for several years you may opt for an unsecured personal loan. The interest rates are higher than for a secured loan as the creditor faces more risks of default. If the borrower needs up to $35,000 for various purposes, they may qualify for a secured lending solution provided that the borrower may back the loan up with collateral.
This type of guarantee can be different – you may utilize your home or auto to secure the debt and qualify for lower interest rates. The mortgage refinancing loan starts from 12.99% and you have the right to choose among two mortgage loan options. Generally, the conditions of each lending offer are flexible while the repayment term can be up to 60 months. The payments can be done weekly or bi-weekly depending on the contract.
How Much Money Can I Borrow with Fairstone?
This company offers additional financial support for consumers in need. Regular unsecured loans can be issued up to $25,000 for various needs. On the other hand, if you decide to secure the loan and qualify for lower rates you may also take out a larger amount of up to $35,000. Other factors including your credit history, monthly income, and homeownership status determine the final amount of funds you will be issued.
Don’t hesitate to submit a quote and prequalify to find more details. Each loan request may be approved for a different sum. Borrowers are often approved even for a larger sum than they have requested initially. This can be beneficial on one hand. On the other hand, borrowing a larger amount means you will have a larger debt. After all, you need to remember that this money isn’t taken for granted and it isn’t given to you as a present.
Hence, financial coaches and experts advise consumers not to withdraw a larger sum that they urgently need. Calculate your own savings or emergency fund. Maybe you may utilize your credit card instead of opting for another lending option. Some people prefer to ask their family and friends to help them in a challenging financial situation especially if their credit rating is less-than-stellar.
Fairstone Financial – How to Apply
There are two options for you to apply for a lending solution at this company. If you live in Blainville or Brampton, Brossard or Brantford – you may visit one of 235 physical locations of this crediting company. They have a large number of branches in different provinces across Canada. Consumers from Burnaby, Burlington, Calgary, or Caraquet may obtain a personal loan or qualify for a mortgage without too much hassle.
If you visit one of these physical locations you will be able to talk to real people and have physical contact if you need to receive some answers to your questions. Make sure you have the necessary documents with you to prove your identity and employment status. The manager of a local branch will conduct a soft credit pull to verify your personal and banking data while you will be able to submit an application.
If you decide to apply online, you should visit the company web page. A short web request form can be easily filled in within 10 minutes. It won’t affect your credit history while you may just prequalify and check the rates and terms. One of the drawbacks of this company is that they don’t disclose interest rates before you apply as the rates will differ among consumers. If you want to find an alternative, Spring Financial Reviews may help you choose a company that shows rates right away.
Once you fill in your basic personal and employment data, you may select the desired amount you want to withdraw. Also, you will be asked about the purpose of taking out the loan. The company claims to utilize this information to tailor your loan offer and make it more customized. Make sure you enter your:
- Full name
- Date of birth
- Current address
- Monthly income
- Contact information (email, phone number)
- Monthly housing expenses
Once your application is reviewed and your credit history is checked, you may be approved for a loan. In this case, the funds will be deposited into your checking account. This process is quick and you will receive further instructions.
Why Choose Fairstone?
Each lending institution has some benefits and drawbacks. You should look through the reviews of the Fairstone company to make your own decision. We like the idea of offering several borrowing products to consumers. You may choose the one that best suits your current monetary needs.
Also, the application process is quick and secure. You have an option to select between physical location or online site. What is more, a soft credit inquiry doesn’t affect the borrower’s credit rating while the majority of traditional lending companies conduct a hard credit check.
Here are the main advantages of turning to Fairstone:
- The quick and secure application process
- 235 locations or online request
- Soft credit inquiry
- Different loan amounts
- Different loan types (secured or unsecured)
- Experienced professionals at physical locations
- Fast money deposit within the same day
- Lending solutions for homeowners and those who rent
- Fixed interest rates for the whole repayment term
- Online loan quote free of charge
To sum up, if a borrower is in dire need of additional funds, he or she may benefit from turning to this company. It is a middle point between payday lenders and traditional banks. If you want to have more options and choose between a secured or unsecured lending solution, Fairstone can be a decent option.
On the other hand, the interest rates may be high if your credit history isn’t good enough. It may be wiser to ask your family or friends for assistance or use a credit card instead. Make sure you request a certain amount that you really need without delay and try your best to pay the debt off on time and avoid penalties.