Fairstone Personal Loan Full Review
Looking to renovate your home, go on a trip, or settle a debt? Explore Fairstone personal loans immediately!
Looking for a Quick Loan? Fairstone has You Covered
If you’re in need of fast money and looking for an easy-approval loan, Fairstone can be your best option. With personal loans ranging from C$500 to C$50,000, Fairstone can arrange the funds you need within 24 hours.
Who is Fairstone?
Established in 1926 in Canada, Fairstone Financial is a reputable credit union that offers a diverse range of financial products and services. With a rich history of acquisitions and mergers, it has evolved into one of the largest non-bank lenders in the country.
Currently, Fairstone Financial operates as a subsidiary of Fairstone Bank, focusing solely on loans and other financing products.
How do Fairstone personal loans work?
Fairstone personal loans are designed to provide financing for any kind of problem or need. These loans can be used for debt consolidation, home improvements, investing, and more.
The loan amounts range from C$500 to C$50,000, with repayment terms ranging from 6 months to 5 years, depending on the borrowed amount and the borrower’s credit history.
Fairstone offers both secured and unsecured loans, depending on the borrower’s creditworthiness and loan requirements. However, secured contracts usually come with higher loan amounts and lower interest rates.
Both secured and unsecured loans have a fixed interest rate, ensuring that borrowers know exactly what they’ll be paying each month.
Who can apply for Fairstone personal loans?
To qualify for a Fairstone personal loan, you must be a Canadian resident who is at least 18 years old with a positive credit history and a compatible income for the chosen repayment term.
Fairstone considers your debt-to-income ratio when evaluating your loan request. The specific income ratio required may vary depending on factors such as the loan amount and repayment term.
Depending on the repayment term and loan amount, Fairstone may ask for collateral assets, such as a car or a house, to secure your loan.
What are the benefits of Fairstone personal loans?
Fairstone personal loans offer numerous benefits, especially for existing clients. If you’re already a Fairstone client, you may have a pre-approved personal loan waiting for you.
Other advantages of Fairstone loans include:
- Flexible repayment terms
- Fixed interest rates
- Easy application process
- Funding within 24 hours
Are there any disadvantages to Fairstone personal loans?
While Fairstone personal loans come with many benefits, there are also potential drawbacks to consider. For individuals with poor credit history, a good score of 600 or more may be required for approval of an unsecured loan.
Even with a good credit score, you may not be eligible for a loan or end up with less favorable terms, such as a high interest rate.
Additionally, Fairstone’s interest rates on personal loans can be higher than some of its competitors, possibly reaching up to 19.99% APR (annual percentage rate). This high interest rate can become problematic if you choose one of Fairstone’s longer repayment plans.
How to apply for Fairstone personal loans?
If you’re interested in applying for a Fairstone personal loan, you can start the process by filling out an online application or visiting a Fairstone branch near you.
The application process is straightforward, and you’ll typically receive a decision within minutes. If approved, you can receive your funds the same day.
To learn more about Fairstone’s application process and eligibility requirements, check out our article by tapping the green button. You will get a step-by-step process on how to apply for Fairstone personal loans.
