Overview of Canada Fairstone Personal Loan
Fairstone offers secured and unsecured personal loans with various amounts and terms to suit diverse financial needs. Understanding the differences in loan types, interest rates, and fees helps make informed decisions.
Secured and Unsecured Loans
Secured Loans: Require collateral (e.g., a vehicle or home), allowing for larger loan amounts and lower interest rates.
Unsecured Loans: Don’t require collateral, ideal for those seeking flexibility without pledging assets.
Loan Amounts and Terms
| Loan Type | Amount | Term |
|---|---|---|
| Unsecured | $500 – $25,000 | 6 to 60 months |
| Secured | $5,000 – $60,000 | 6 to 60 months |
Interest Rates and Fees
Interest rates for Fairstone personal loans range from 26.99% to 39.99%. Secured loans typically offer lower rates due to the lower risk for the lender. Additional costs like origination and late fees may apply, though Fairstone doesn’t charge prepayment penalties.
Canada Fairstone Personal Loan Eligibility and Application Requirements
To qualify for a Fairstone personal loan, applicants need to meet specific eligibility requirements, including credit score, co-signer options, and providing certain documentation.
Minimum Credit Score and History
Fairstone primarily serves near-prime borrowers, typically requiring fair to good credit scores. A strong credit history improves approval chances and may result in better terms.
Co-signer and Co-borrower Options
If an applicant’s credit doesn’t meet the criteria, a co-signer or co-borrower may help. Co-signers agree to pay if necessary, while co-borrowers share loan responsibilities, enhancing approval chances.
Necessary Documentation for Application
Required documents include a government-issued ID, proof of income (recent pay stubs or tax returns), and recent bank statements. Having these documents ready speeds up the process and shows financial preparedness.
Canada Fairstone Personal Loan Application and Approval Process
Steps to Apply
Start the application on Fairstone’s website or mobile app by filling out personal and employment details. Double-check entries for accuracy. Fairstone offers 24/7 customer support if assistance is needed.
Receiving Funds and Same-Day Funding
Upon approval, Fairstone offers various funding options. Many applicants receive funds on the same day, making it convenient for immediate expenses.
Canada Fairstone Personal Loan Repayment and Post-Loan Services
Setting Up Payment Plans and Autopay
Fairstone offers flexible payment options. You can set monthly or bi-weekly payments, and opting for autopay helps avoid missed payments.
Understanding Prepayment Options
Fairstone allows prepayments to reduce interest over time. Consider prepayment if you receive extra funds or aim to consolidate debt, but check for any applicable fees or restrictions.
Frequently Asked Questions
How to Check Application Status
Contact Fairstone customer service during business hours for updates on your application status.
Eligibility Criteria
Applicants must be of legal age, have stable income, and reside in Canada. Financial requirements may vary based on loan type and amount.
Contacting Fairstone Customer Service
Reach Fairstone customer service at 800-995-2274, available Monday to Friday, 9 a.m. to 9 p.m. EST.
Approval Time and Fund Disbursement
Funds are usually disbursed within one business day post-approval. Total time depends on document submission speed.
