Most people apply for personal loans to cover the cost of emergencies, consolidate costly, interest-accruing debt or pay for unexpected expenses. Generally, this means they need funds today, not in a month from now when a traditional bank finally gets around to processing a loan (if it approves the loan at all). While borrowing from traditional financial institutions comes with its perks, unconventional lenders, such as Fairstone, help consumers get the funds they need quickly. Better yet, the company offers affordable repayment terms tailored to each borrower’s unique needs and budget.
A 100-Year Lending History
Fairstone has been lending to Canadians for over 100 years. Thanks to its intimate understanding of its borrowers and their financial situations, the company has become Canada’s leading non-bank lender, with customers turning to it for loans that meet their unique needs, lifestyle and budgets.
People know they can turn to Fairstone when traditional lending routes are not an option. The company qualifies more people with lower credit scores than banks do, and it offers some of the best interest rates around. Fairstone understands its customers, which may account for its more than 235 locations countrywide.
Secured and Unsecured Personal Loans
Fairstone’s longstanding reputation as a responsible lender enables it to deliver both secured and unsecured personal loans of high amounts. Both types of loans have their pros and cons. For instance, an unsecured loan is available to more borrowers, as home ownership isn’t required. It’s also backed by a contract instead of a home or asset of other significant value. However, because unsecured loans come with greater risk to lenders, they’re costlier than secured loans and often have stricter repayment terms.
Below is a brief comparison of Fairstone’s secured and unsecured personal loans:
|Loan Amount||Up to $35,000||Up to $20,000|
|Term||36-120 months||6-60 months|
|Home ownership Required||Yes||No|
|Processing Time||2+ days||<1 day|
What type of loan you qualify for and how much depends on several factors, such as your credit history, income and home ownership status. You can find out how much you’re eligible to borrow and what your payments may be by submitting a no-obligation loan quote. Submitting a quote does not have any impact on your credit score.
Other Types of Loans
Not everyone needs, or even wants, to borrow up to $35,000. Many individuals find themselves in a pinch and need to cover a $1,000 expense here or a $5,000 medical bill there. Fairstone processes loans of all sizes, for everything from emergency home repairs to vacations to weddings. Apply for a loan of between $500 and $35,000 to pay for any of the following:
- Medical Bills
- Vehicle Repairs
- New Vehicles
- Vet Bills
- Appliance Replacement
Whatever stage of life you’re in, and whatever your emergency, Fairstone has a loan for you.
Peace of Mind
Fairstone understands that life happens. If job loss, illness, disability or death occur before you finish paying off your loan, it could leave you and/or your family in a difficult financial situation. Loan insurance offers security in the event that the unexpected occurs and you’re no longer able to make your payments on your own. When applying for a loan, ask about the following three types of insurance:
- Job Loss Insurance
- Disability Insurance
- Life Insurance
To ensure insurance is an affordable option for every borrower, Fairstone spreads out the premiums over the life of the loan. Doing so makes paying for this invaluable coverage more manageable for everyone.
Applying for a Loan
Applying for a loan through Fairstone begins with a simple, no-obligation loan quote. Choose how much money you wish to borrow, enter a few simple details about yourself and wait for the website to deliver product recommendations. If you decide one or several is right for you, you will be connected with a lending specialist, who will help you decide between a secured and unsecured loan. To finalize your application, your lending specialist will require a few different documents from you, including a government-issued ID, rent verification and proof of income. If approved, you can receive your funds in as little as one day.
How To Get the Best Rates
Fairstone offers some of the most affordable rates on secured and unsecured personal loans in all of Canada. However, if you’re not satisfied with your rates, there are a few things you can do.
The first is work to reduce your credit utilization. Ideally, you should stay below 25%. The second is to opt for a secured loan if you’re a homeowner. The third is to limit your credit inquiries. Don’t apply for a loan or line of credit until you’re ready to commit, as each hard inquiry negatively impacts your score. The fourth and final thing you can do is to use our loan search engine to find the best rates from Canada’s top lenders. Get pre-approved for same day loans of up to $50,000 and rates as low as 10% APR when you go through our network. See why borrowers routinely turn to Fairstone when they need financial help — start your search today.