If an emergency has come up and you’re looking for extra cash to cover it, a personal loan can often be the ideal option for you. With this in mind, Fairstone offers numerous loans with different purposes, to simplify your daily life and assist you in making the best choice. Fairstone Financial Inc. is a wholly owned subsidiary of Fairstone Bank of Canada. Its creation came through the merger of companies that form a leading Canadian consumer lending group, offering credit cards and rewards programs, point-of-sale financing through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans. Fairstone can lend you money quickly to cover an urgent or unexpected expense like a car or home repair, with a personal loan up to $60,000, being a financial institution that has helped thousands of Canadians over the years. In this post, we will explain the step-by-step process for you to apply for a loan, the current rates, and everything you need to get yours!
How to Apply for a Fairstone Loan?
To apply for your Fairstone loan, the process is very straightforward and easy. The entire application can be done online, and you can access the available amounts on the same day. First, start with a loan quote. Here, you must provide how much money you’re looking to borrow and enter a few details. Then, within a few minutes, you can find out how much is available to you and what payment terms have been released. Finally, a Lending Specialist will be in touch over the phone to customize your loan details and finalize your loan application. Your funds will be deposited directly into your bank account in as little as 24 hours. It’s worth remembering that the loan quote uses a soft credit check, meaning it won’t show up on your credit report or impact your credit score. Fairstone only proceeds with a hard credit check if you choose to proceed with a loan application. To complete your loan application, you’ll need to verify your personal identification, employment and income, and housing information, including:
- Personal identification (e.g., valid Canadian driver’s license or Canadian passport)
- Employment and income verification (e.g., current pay stub, T4/T4a, CPP statement, notice of assessment)
- Mortgage or rent verification
What About the Interest Rates?
The interest rates start from 19.99% on a secured personal loan and 29.99% on an unsecured personal loan. However, Fairstone also has several other loan options for you: if you’re a homeowner looking to borrow more money, you can also consider mortgage refinancing; rates on mortgage loans starting at 12.49%. It’s worth remembering, however, that interest rates vary by province and from customer to customer based on factors like credit score and borrowing history. The length of time you take to pay back your loan is called the loan term, or repayment period. At Fairstone, loan terms range from 6-60 months for unsecured personal loans and car loans, and 36-120 months for secured personal loans.
What Types of Loans Are Offered by Fairstone?
A secured loan is backed by an asset (typically the value of a house) and an unsecured loan is backed by a loan agreement (signed contract). With a secured loan, the lender puts a “lien” on your asset. The lien acts as a layer of security for the lender – if you don’t pay your loan back, the lienholder can assume ownership of your asset. As a result, secured loans typically offer lower interest rates. At Fairstone, homeowners can also borrow more money – up to $60,000 – and choose a longer loan term with a secured personal loan. With an unsecured loan, your lender cannot assume ownership of an asset, which means they take on greater risk of loss. As a result, you’ll be offered a slightly higher interest rate on an unsecured loan. At Fairstone, renters and homeowners can borrow up to $25,000 with an unsecured personal loan.
Ready to Apply for Your Fairstone Loan?
Now that you know all the details, it’s time to complete your application. Applying for your loan through Fairstone is a fast, practical, and secure process, and in just a few minutes, you can access the amounts available to you! Don’t waste any more time: apply today and realize your financial dreams in just a few clicks. Visit the Fairstone website and start pursuing your financial freedom now.