{"id":328915,"date":"2023-12-09T05:00:00","date_gmt":"2023-12-09T10:00:00","guid":{"rendered":"https:\/\/milesopedia.com\/?p=328915"},"modified":"2024-05-31T14:38:00","modified_gmt":"2024-05-31T18:38:00","slug":"evaluation-fairstone-financial","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/reviews\/products\/evaluation-fairstone-financial\/","title":{"rendered":"Review of Fairstone Financial"},"content":{"rendered":"

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Fairstone Financial<\/a> is a lending solutions provider with nearly 100 years of lending experience in Canada.<\/b> It offers secured and unsecured personal loans to Canadians to consolidate debt, pay for unexpected expenses, finance home renovation projects and more. In this Fairstone Financial<\/a> review, we’ll look at the services offered, the types of loans and the advantages and disadvantages. In addition, we will explore the application process for secured and unsecured loans.<\/p>\n

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Fairstone Financial has been a Canadian lender for nearly 100 years. It offers secured and unsecured loans from $500 to $50,000 <\/b>to consolidate debt<\/a>, pay for unexpected budget<\/a> expenses, finance home renovation<\/a> projects and more.<\/p>\n

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Fairstone Financial<\/strong>‘s loan specialists will tailor the loan to each customer’s borrowing needs and budget. Services are available online or at any of Fairstone’s 250 branches across Canada.<\/p>\n

Borrowers can start by requesting an estimate online<\/strong>, with no obligation and no impact on their credit score. This provides an estimate of the amount of money that can be borrowed. If the borrower is happy with the estimate, he or she can finalize the loan application in-branch or online and receive the money in just 24 hours.<\/p>\n

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Please note that Fairstone Financial Inc.<\/a> is a subsidiary of Fairstone Bank of Canada. Together, the two companies form a group that offers secured and unsecured personal loans and mortgages, point-of-sale financing with partner merchants, auto loans, credit cards and more.<\/p>\n

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Fairstone Financial<\/a> offers secured and unsecured loans to Canadians with credit scores<\/a> between fair and good<\/a>.<\/p>\n

The 3 main services and loan types offered are :<\/p>\n

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  1. Personal loans: <\/b>unsecured personal loans, secured personal loans and debt consolidation loans.<\/li>\n
  2. Home equity loans: <\/b>secured personal loans, second mortgages and mortgage refinancing.<\/li>\n
  3. Point-of-sale financing: <\/b>consumer financing at participating retailers.<\/li>\n<\/ol>\n

    As mentioned above, loan applications can be made online or at any of Fairstone’s 250 branches across Canada. Point-of-sale financing is available at participating retailers (e.g. Best Buy, Tanguay, Meubles RD, etc.). Finally, car financing<\/a> is offered through Eden Park.<\/p>\n

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    Now, here’s more information about each of the loan types offered by Fairstone Financial<\/a>.<\/p>\n

    [\/vc_column_text][vc_custom_heading text=”Personal loans” font_container=”tag:h3|text_align:left” google_fonts=”” el_id=”personal_loans”][vc_column_text]<\/p>\n

    Fairstone Financial <\/a> offers two types of personal loan: secured<\/strong> and unsecured<\/strong>. The following table summarizes the main features of Fairstone Financial<\/a>‘s secured and unsecured personal loans. So you can find the one that suits you best.<\/p>\n

    [\/vc_column_text][vc_column_text]<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Features<\/td>\nUnsecured loan<\/td>\nSecured loan<\/td>\n<\/tr>\n<\/thead>\n
    Amount of the loan<\/td>\n500 $ to 25 000 $<\/td>\n5 000 $ to 50 000 $<\/td>\n<\/tr>\n
    Interest rate*<\/td>\n26,99 % to 39,99 %**<\/td>\n19,99 % to 24,49 %<\/td>\n<\/tr>\n
    Term<\/td>\n6 to 60 months<\/td>\n36 to 120 months<\/td>\n<\/tr>\n
    Warranty<\/td>\nNo<\/td>\nYes<\/td>\n<\/tr>\n
    Payments<\/td>\nFixed<\/td>\nFixed<\/td>\n<\/tr>\n
    Fee<\/td>\nNo<\/td>\nVaries by province<\/td>\n<\/tr>\n
    Prepayment penalties<\/td>\nNo<\/td>\nYes<\/td>\n<\/tr>\n
    Processing time<\/td>\nLess than a day<\/td>\n3 days or more (depending on location)<\/td>\n<\/tr>\n
    Warranty<\/td>\n14 days<\/td>\n3 days<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    *Interest rates are subject to change and may vary from province to province.<\/i><\/p>\n

    **The interest rate on an unsecured personal loan is 31.99% in British Columbia, 31.99% in Manitoba and 34.99% in Quebec.<\/i><\/p>\n

    [\/vc_column_text][vc_custom_heading text=”Unsecured personal loans” font_container=”tag:h4|text_align:left” google_fonts=”” el_id=”unsecured_personal_loans”][vc_column_text]<\/p>\n

    An unsecured personal loan<\/a> is one that is not secured by an asset such as a home. This type of loan is only protected by a contract signed by the borrower.<\/p>\n

    Unsecured loans are often used by borrowers for debt consolidation<\/a>, unexpected expenses and emergencies.<\/p>\n

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    Unsecured personal loan amounts at Fairstone Financial<\/a> range from $500 to $25,000, with terms from 6 to 60 months and interest rates starting at 26.99%. Funds are generally available within 24 hours.<\/p>\n

    Although the interest rate on unsecured personal loans is high, the advantage is that you can repay the loan faster, and without penalty. In fact, there are no prepayment penalties, whether for additional payments or full repayment of the loan balance before the end of the term. In addition, there are no administration fees for unsecured loan applications.<\/p>\n

    On its website, Fairstone Financial<\/a> provides an unsecured personal loan calculator<\/a> to estimate your payments. You can determine the type of loan, loan amount, payment frequency, borrowing history and loan term.<\/p>\n

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    Here is an example of a personal loan with the following characteristics:<\/p>\n