Fairstone Loan: Everything You Should Know!

With over 100 years of operations, Fairstone is one of the leading non-bank lenders in Canada that offers temporary financial relief to its users.

For an instant and quick loan, Fairstone has you covered. They offer both secured and unsecured loans to borrowers. 

With a Fairstone loan, borrowers can access up to $50,000. However, to qualify for this loan, borrowers are expected to meet certain eligibility criteria.

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Fairstone Loan Requirement

Fairstone Loan

As a loan applicant, before you can qualify for a loan at Fairstone, you are expected to meet some requirements. They are:

  • The applicant must be at least 18 years old
  • Must be resident in Canada
  • A good credit score may also be considered
  • An applicant must have a reliable and suitable income source
  • The applicant’s debt-to-income ratio will also be considered
  • For those applying for a secured loan or home equity loan, collateral will be required.

Fairstone Loanable Amount

The loan amount that eligible borrowers can take from Faristone is not fixed; it varies in line with the borrower’s credit score. However, the loan amount ranges from $500 to $50,000.

Fairstone Loan Tenure

Fairstone offers a flexible repayment plan to enable borrowers to repay their loan without breaking the bank. They have different repayment plans for secured and unsecured loans.

For unsecured loans, the repayment plan ranges from 6 to 60 months. While the repayment plan for secured loans is between 36 and 120 months,.

Fairstone Loan Interest Rate

The interest rates for Fairstone secured and unsecured loans are different. The secured loan has a lower interest rate, while the collateral-free loan has a higher interest rate.

The annual percentage rate (APR) for a Fairstone personal loan ranges from 19.99% to 39.99%.

The interest rate for Fairstone-secured loans is between 19.99% and 29.99% APR.  

The interest rate for Fairstone unsecured loans ranges from 26.99% to 39.99% APR

Additionally, apart from the interest rates mentioned above, Fairstone also charges a one-time origination fee for their loan. The origination fee is between  0% and 4.99% of the loan amount taken.

It is important to understand the loan terms of Fairstone, especially their interest rate and origination fee, before opting for their lending services.

Can You Pay Off a Fairstone Loan Early?

Yes, you can pay off a collateral-free personal loan early without prepayment fees. As a sequel to this, you can decide to repay your unsecured loan before the due date without any penalty or fee.

However, you can also decide to pay off your secured loan early, but this attracts prepayment fees. The penalty or fees vary depending on the borrower’s territory or province.

Importance of Timely Repayment of Loan

Paying off your loan on time is good, and it has many advantages. They include:

  • It help build credit score
  • Your financial reputation will be boosted
  • It gives financial peace of mind
  • It enables borrowers to manage their finances properly.

How to Pay Off Fairstone Loan

To repay your Fairstone loan, you will need to follow the simple steps below:

  • Visit any online banking website of your choice
  • On the search bar of your payee list, type Fairstone to see the option
  • From the payee’s list, choose Fairstone-Retail Financing or select Fairstone-Credit Cards as your preferred payee option.
  • Input your 16-digit account numbers in the space provided, beginning with 603049.
  • Follow the onscreen instructions succinctly to pay off your loan and that’s all.

Conclusion

Fairstone offers both secured and unsecured loans to borrowers to enable them to meet their urgent financial needs. The loanable amount that borrowers can take ranges from $500 to $50,000, with varying interest rates and repayment plans for both secured and collateral-free loans. It is also possible to pay off your Fairstone early at your convenience.

Author

  • Nwibo Calistus

    My name is Calistus. I am a seasoned financial expert with over four years of experience in the financial sector. With a background in accounting and financial management. Throughout my career, I have demonstrated a commitment to empowering individuals and businesses to make informed financial decisions. I am passionate about simplifying complex financial concepts. Which is evident in my published articles that are characterized by clarity, depth, and practicality. In addition to writing, I am also a financial adviser and a consultant. I have been invited to different industry conferences and events where I shared expertise and guidance on financial management and how to scale up businesses. So, if you need writing, speaking engagements, or consulting work, I remain committed to empowering individuals and businesses to achieve financial success and security.

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