How to apply Fairstone Personal Loan
Getting a loan through Fairstone is meant to be quick and hassle-free. The journey typically follows these steps:
Step 1 – Quick Check: You start by answering a few questions online to see what loan amounts and rates you could qualify for — no impact on your credit score.
Step 2 – Moving Forward: If the numbers look good to you, the next move is filling out a full application for review.
Step 3 – Personal Chat: A Fairstone representative gets in touch to learn more about your goals and help shape the most suitable offer.
Step 4 – Paperwork: You’ll share a few supporting documents, such as income verification, either digitally or at your local office.
Step 5 – Receive Funds: After everything’s approved, the money is sent straight to your bank account — often within a short time frame.
Common Questions
1. What kinds of personal loans can you apply for with Fairstone?
Fairstone provides two main types of personal loans: secured and unsecured.
A secured loan is backed by an asset — for example, your car or home equity — which serves as collateral.
An unsecured loan, on the other hand, doesn’t require any collateral.
The loan you’re eligible for will depend on your financial situation and the amount you’re looking to borrow.
2. Will my credit score be affected when I apply for a Fairstone loan?
Checking your eligibility with Fairstone’s online prequalification tool won’t affect your credit score, since it only performs a soft credit check.
However, if you move forward with a full loan application, Fairstone will conduct a hard credit inquiry, which could have a temporary impact on your score.
3. How long does it take to get the money after approval?
After your loan is approved and all required documents are provided, the money can be transferred to your account very quickly—often on the same day or the following business day, particularly for unsecured loans.
4. What paperwork do I need to submit when applying?
You’ll typically need to submit:
- A valid government-issued identification
- Documentation verifying your income, such as recent pay slips, tax returns, or bank statements
- Proof of your current residential address
- Details about any assets you’re offering as collateral (for secured loans)
5. Can I pay off my Fairstone loan ahead of schedule?
Absolutely! Fairstone lets you repay your loan early without any penalties. Paying off your loan ahead of time can also reduce the total interest you’d pay.
6. How do Fairstone’s interest rates compare to other lenders?
Fairstone’s interest rates are generally higher than traditional banks, particularly for unsecured loans. Still, they provide greater access for people with average or lower credit scores who might not be approved elsewhere.
7.Does Fairstone operate as a regulated financial institution in Canada?
Yes, Fairstone is a regulated lender in Canada. They follow federal and provincial rules and have over 100 branches across the country.
8. Is an in-person visit to a Fairstone branch required?
Not always. Although you have the option to complete your loan in a branch, Fairstone also provides online applications, digital document submissions, and virtual consultations, depending on your location and the loan type.
9. Can I include a co-signer on my Fairstone loan application?
Fairstone permits co-signers in certain situations, which can assist applicants who have limited credit history or lower income in securing more favorable loan terms.
10. What are the consequences of missing a payment?
If you miss a payment, you might incur late fees and it could impact your credit score. Fairstone recommends reaching out as soon as possible if you think you’ll have trouble paying, since they may provide flexible options.
Conclusion & Advice
Fairstone is a dependable option for personal loans in Canada, particularly for individuals who may face challenges qualifying with traditional banks due to credit or income constraints. While their interest rates may be higher, the lender compensates with a straightforward application process, responsive customer support, flexible loan terms, and quick access to funds. This makes Fairstone especially suitable for borrowers seeking fast and practical solutions for urgent financial needs. Overall, for those prioritizing convenience, personalized service, and accessibility—even with less-than-perfect credit—Fairstone is a strong choice worth considering.
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