Fairstone Financial is a Canadian lender and offers secured and unsecured personal loans to people who cannot normally obtain them from more traditional lenders. They’ve been around since 1923 and have over 240 branches in Canada.
Fairstone provides personal loans of anywhere from $500 to $60,000, at an interest rate of 19.99% to 39.99%. Terms range from 6 to 120 months. These are very expensive loans, and should be avoided if at all possible.
Fairstone personal loans features
Let’s take a closer look at what Fairstone offers in terms of personal loans.
Why You Want It
Loans of $500 to $60,000 available + No prepayment penalties online.
Special Features
- They offer various types of insurance you can purchase
Eligibility
- Canadian citizen
- Employed
- Age of majority
Provinces
ALL
Features
Pre-approval
Flexible Terms
Loan Amounts
$500 - $60,000
APR Range
N/A
Term Range
N/A
Minimum Credit Score
N/A
Secured Available
Fairstone personal loans rating: 5.0 stars
Fairstone Loans has been given a mid-tier score out of a possible 5. The only thing giving this service an extra half star over its closest competitors is that Fairstone does offer a range of interest rates that top out at a slightly lower level.
Make no mistake, however, these interest rates are still exceptionally high and should not be used if at all possible.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Fairstone personal loans
What are the upsides to Fairstone Loans?
Pros
Fast approval and fast cash in hand
Fairstone does offer a fast loan quote process online, letting you know quickly whether you qualify for a loan, how much you can borrow, and at what interest rate. You then speak with one of their loan specialists on the phone to figure out which loan is best for you, after which you verify your information either online or at one of their branches. Once your application is finished, you receive your money usually within a day or 2.
Interest rates ever so slightly lower than their most immediate competitors
Some of Fairstone’s closest competitors have interest rates that soar as high as 46% - 47%, and some only offer 1 interest rate, rather than a range. Compared to those alternatives, Fairstone is slightly better, but Fairstone loans are still much, much more expensive than loans from your bank, or using a balance transfer credit card.
The cons of Fairstone personal loans
Here are the downsides of going with a Fairstone loan.
Cons
Interest rates are still exceptionally high
If you borrowed $1,000 for 12 months at 39.99%, you would end up paying $229.64 in interest. That doesn’t sound terrible, but if you instead used a balance transfer credit card with an introductory 0.99% interest rate for 9 months, such as the BMO AIR MILES®† Mastercard®*, you would only pay $4.13 in interest.
You must be a homeowner to get a secured personal loan
To get one of Fairstone’s secured personal loans, you have to be a homeowner, and you have to use your home as collateral. If you have a home and a mortgage, you should really go talk to your bank about your financial situation first, before looking at high interest personal loans from non-bank lenders.
Extra fees for a secured personal loan
Fairstone claims that they charge no administrative fees for an unsecured personal loan, but that there are extra fees charged for a secured personal loan. These extra fees can include: a home valuation, title examination and insurance, administration fees, and “other applicable fees.”
Customer reviews are not…stellar
It doesn’t take a lot of searching on the web to find some people who have pretty harsh words for Fairstone and their customer service practices. Of course, angry people tend to be a bit more vocal about things than happy customers, so take this with a grain of salt.
Personal loan interest calculator
Wondering how much a 39.99% interest rate loan will cost over time? Turns out we have a calculator for that.
Fairstone loans range from $500 to $50,000, and terms range from 6 to 120 months. The interest rate can be as high as 39.99%. Use our calculator to see just how much you’ll pay for various loan amounts and terms.
Loan Values
Fairstone Loan alternatives
If you’re unable to get any help from your bank and you need to get a personal loan from a non-bank lender, there are some alternatives to look into before making any final decisions.
 |  |  |  | |
|---|---|---|---|---|
| Account | Fairstone Personal Loans | LoanConnect | MogoMoney | Coast Capital Auto Finance |
| Genius Rating | ||||
| Why You Want It | Loans of $500 to $60,000 available + No prepayment penalties online. | Flexible loan options from $500 to $60,000 + Interest rates start at 8.99%. |  $100 GeniusCash + Take out your loan for a 100-day test drive + Get pre-approved in 3 minutes. | Apply in as little as 10 minutes + Get low-rate and flexible financing. |
| Pre-approval | | | | |
| Flexible Terms | | | | |
| Loan Amounts | $500 - $60,000 | Up to 60,000 | $300-$5,000 | N/A |
| APR Range | N/A | 8.99%-46.96% | 34.37% | N/A |
| Term Range | N/A | 3-120 months | Open line of credit | 24-84 months |
Show More | ||||
| Find a loan See more Fairstone products Compare | Find a loan See more Loanconnect products Compare | I Want This Deal See more Mogo products Compare | Learn More See more Coast Capital Savings products Compare |
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FAQ
How is Fairstone different from other lenders?
Fairstone Financial is a well established lender and has been around since 1923. They offer secured and unsecured loans, but their unsecured maximum interest rate is slightly lower than some of their competitors.
How do I apply for a Fairstone loan?
To apply for a Fairstone loan, you can go to their website and get a loan quote. They’ll then connect you with a lending specialist to talk you through your options, at which point you can complete your application online or at a branch by providing the necessary documentation.
What’s the difference between a secured and unsecured loan?
A secured loan is when you use collateral, such as your home, to get a loan. This allows the lender to claim ownership of the asset if you default on payments. Unsecured loans are more risky to the lender because there’s no collateral. These types of loans rely on an agreement between parties and may come with higher interest rates as a result.
What documents do I need to provide for a personal loan?
To get a personal loan with Fairstone, you’ll need to verify your identity online or at a branch. You can do this by providing a piece of government-issued ID, such as a passport or driver’s license. You’ll also have to provide employment information, such as pay stubs, to verify your income and housing information, such as a lease agreement, to confirm you’re renting or have a mortgage.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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