Fairstone Financial loans: Our review

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It can be challenging finding the right financial institution to trust during times of financial trouble.

There are problems or situations that call for immediate financial relief, which isn’t something banks or other traditional lenders can immediately provide. If you’re a Canadian in need of quick loans that meet your budget and requirements, Fairstone Financial Inc. may be the lender you’re looking for.

In this review, we’ll be looking into the kinds of services Fairstone offers to Canadians, the requirements needed for these services, and other special considerations you need to make before signing up for a loan from this company. Let’s dive in!


Fairstone claims that they’re the grey area between banks and private lenders. Fairstone offers lower interest rates that are attractive for people who have fair to good credit scores.

Fairstone offers small, medium, and secured loans up to $35,000, with rates starting at 21.99% for personal loans and 12.99% on mortgage refinancing. These rates seem more accessible compared to:

  • Banks, which only offer lower interest rates to those with excellent and near-perfect credit scores.
  • Private lenders, which provide ridiculously high interest rates to those with relatively low credit scores.

Fairstone can be a good option for borrowers, especially if you want to enjoy lower interest rates for secured and unsecured loans. To find out more about Canada’s best rates, you may visit websites like Rate Genie to check and verify.

Types of Loan

Fairstone offers loans of two major types: secured and unsecured.

Secured Loans

Secured loans are often backed by collateral, such as a home, car, or any other assets you own. These collaterals will then be used to pay your lender in case you don’t pay back the loan.

  • Fairstone offers lower interest rates for secured personal loans:
    • Loan amount: Up to $35,000
    • Interest rate: From 19.99%
    • Term: 36 to 120 months
    • Prepayment penalties: Yes
    • Homeownership required
  • Other secured loans include:
    • Mortgage Loans: For first mortgage refinancing, borrowers can loan up to $400,000 with interest rates starting from 12.99% and maximum loan-to-value (LTV) of 90%. The amortization period can be up to 25 years.
    • Second Mortgage: On the other hand, borrowers can loan up to $125,000 for second mortgage loans. These have a 15.85% interest rate. Compared to the first mortgage refinancing, the amortization period can be up to 20 years only.

Unsecured Loans

While secured loans require collateral, an unsecured loan is backed by a contract. This means lenders can’t forfeit any of your assets if you can’t repay your loans. Unsecured loans offer these options to borrowers:

  • Fairstone offers reasonable rates and terms for unsecured loans:
    • Loan amount: Up to $20,000
    • Interest rate: From 26.99%
    • Term: 6 to 60 months
    • Prepayment penalties: No
    • No homeownership required

Personal Loans

With Fairstone, borrowers can apply for unsecured and secured personal loans.

  • For unsecured personal loans, borrowers can loan from $500 to $20,000 with interest rates of 26.99 to 39.99%, payable from 6 to 60 months.
  • For secured personal loans, borrowers can loan from $5,000 to $35,000 with interest rates of 19.99 to 23.99%, payable from 36 to 120 months.

Aside from these, Fairstone also offers debt consolidation loans and retail financing. To get a better idea, you can ask for a quotation on their website.

Application Process

The application process per loan type may vary. Generally, however, these are some of the documents needed for a loan application:

  • A government-issued ID (ex: driver’s license, Canadian passport)
  • Proof of income (ex: latest pay stubs, CPP statement, etc.)
  • Rent verification (ex: lease agreement)

The processing of your loan application may take less than a day to two days.


Compared to banks and private lenders, Fairstone offers much lower interest rates without you having to drastically increase your credit score just to qualify. Though your interest rate will still depend on various factors, it’s good to have this option if you have a fair to good credit rating. Banks and private lenders are strict with credit scores, which makes getting loan approval and competitive interest rates hard.

Fairstone also customizes their loans depending on your financial standing, which makes the end product somewhat personalized for your needs. These personalized loan plans can be very helpful for people in different financial situations, especially if prospective Fairstone borrowers want a plan that fits their particular budget, income, and repayment timeframe.


The only potential downside of Fairstone can be found on their Better Business Bureau or BBB reviews. Some customers complain about their customer service representatives as being unsatisfactory. Customer experience varies quite a lot in this regard, so note that you might still end up with a perfectly good experience with their reps.

Fairstone: Loans That Suit You

True to their motto, Fairstone may be the reliable lender you’re looking for if you need loans or other financial services. Not only do they offer free online quotations for loans, but Fairstone also seems quite flexible with their offerings and may be able to adjust to your particular needs. If you’re interested in getting a quotation or setting an appointment with their representatives, Fairstone’s website gives you access to its hotline and has useful info on where you can find the nearest Fairstone branch.