Check out the details about Fairstone Loan Review, Requirements, Interest Rate, and How to Pay Off Fairstone Loans from this article. Different details about Fairstone Loan Review, Requirements, Interest Rate, How to Pay Off Fairstone Loans, and other noteworthy things are included in this article.
Fairstone Loan Review
Fairstone is a Canadian loan provider that offers a variety of loans depending on the person’s needs. Fairstone offers unsecured personal loans, home equity loans, secured personal loans, car and auto loans, and online loans. Fairstone has more than 250 branches spread across Canada.
The application to get the loan and its processing times are quite efficient. However, some borrowers have given negative reviews to the Fairstone loan due to its exceptionally high interest rates. Therefore, people are suggested firstly to try borrowing from traditional sources before taking a loan from Fairstone.
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Fairstone Loan Good or Bad?
| Name | Fairstone |
| Type | Lender |
| Country | Canada |
| Offers | Loans |
| Branches | more than 250 |
| Secured Loan Amount | $5,000-$50,000 |
| Unsecured Loan Amount | $500-$25,000 |
| Website | fairstone.ca |
Fairstone Loan Requirements
The requirements to get Fairstone include Government-issued ID, Income proof, residency in Canada, and age of majority in the province. However, different types of loans can have different requirements, For example:- secured loans require homeownership, whereas unsecured loans don’t require it.
Fairstone loans can be used for a variety of purposes, such as covering unexpected expenses, managing home & auto repairs, vacations, weddings, debt consolidation, and other crucial things.
Fairstone Loan Types
Personal Loans – The loan amount is received as a Lump sum. Loans are usually paid through installments. The Interest rate can be different in provinces and can vary from person to person based on various factors, including borrowing history and credit score.
- Secured Loan – This type of personal loan is backed by an asset, i.e., a house. The moneylender puts a lien on the asset of the borrower, which acts as a security for the moneylender. The interest rates are generally lower in these types of loans.
- Unsecured Loan – A loan agreement backs this type of personal loan. In case of failure in repayment, the moneylender cannot assume ownership of the borrower’s house. This results in higher interest rates and lower borrowing amounts (in comparison to secured).
Home Equity Loans – These include secured personal, second mortgage, and mortgage refinancing. These types of loans can be used to cover home repairs, Fund home improvements, Pay for large expenses, pay off personal or property taxes, etc.
Car and Auto Loans – These types of loans are used to get upfront amounts to purchased vehicles. These loans are generally paid in installments. The required documents include – Personal identification, Income proof, seller’s information (name, address, phone number), vehicle information (brand, type, model), VIN, etc.
Fairstone may offer up to a $20,000 loan amount to purchase vehicles. The loan term is 6-60 months, and there are no No prepayment penalties for paying the Car and Auto loans.
Fairstone Loan Interest Rate
According to the information, the interest rate of Fairstone loans is pretty high in comparison to other money lenders in Canada. The starting rate of secured personal loans is 19.99%, and the starting rate of unsecured personal loans is 26.99%. The mortgage loans have a starting rate of 12.49%.
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Check the interest rates –
| Unsecured Personal Loans | Secured Personal Loan | |
| Interest Rate | 26.99% – 39.99% | 19.99% – 24.49% |
| Loan Amount | $500-$25,000 | $5,000-$50,000 |
| Loan Term | 6-60 months | 36-120 months |
| Homeownership Needed? | NO | YES |
| Prepayment Penalty | NO | YES |
| Processing Time | Less than 1 day | 3 + days |
| Fees | No | Yes, it varies according to the province |
The Online loans offer a loan amount of $500-$25,000 and a loan term of 6-60 months. In addition, the interest rate of unsecured loans can vary with the province (BC – 31.99%, QC – 34.99%, and MB – 31.99%). Further information on the interest rates of all other kinds of loans offered by Fairstone can be checked through its website.
How to Pay Off Fairstone Loans
Fairstone loans can be paid off through regular installments. These installments are paid at fixed interest rates and on fixed terms. Hence, the interest rates will not increase during the loan terms. In case the installments are paid on time, they will positively affect the credit scores of the borrowers. In contrast, late or missed payments might negatively affect the credit scores.
In addition, the loans can also be paid off using the pre-payment method. People can use this method to pay off their Fairstone loans before their repayment term. This can either be done fully or partly. However, some kinds of loans have pre-payment penalties, such as secured personal loans.
