Fairstone
Borrow from $500 to $60,000 with interest rates from 29.99%. Flexible terms up to 60 months. Get fast approvals and a payment freeze up to March 2026.
Fairstone offers Canadians a versatile personal loan option, with amounts ranging from $500 to $60,000. The interest rate for unsecured loans starts at 29.99% and can go up to 34.99%, while secured options offer slightly lower rates. Loan terms are flexible, typically running between 6 and 60 months, and you can apply online or at a branch. One of the main highlights is the payment freeze: borrowers approved by January 31 can defer payments until March 2026, allowing significant breathing room for new budgets.
How to Apply for a Fairstone Loan: Step by Step
- Start by getting a free loan quote online which won’t impact your credit score.
- Receive an instant estimate of your eligibility and payment details.
- If you proceed, complete an application online or visit a local branch.
- Submit the required documents, such as proof of income and ID.
- Upon approval, finalize your agreement and receive funds—often within 24 hours.
Key Pros of Fairstone Personal Loans
Fairstone stands out for its fast approval process; many borrowers get funds in as little as one business day. The large range of loan amounts supports various financial needs, including debt consolidation or emergency repairs.
The payment freeze until March 2026 is especially attractive, offering new borrowers extra flexibility in managing their monthly budget before repayments commence.
Main Cons to Consider
The primary downside is the higher interest rates, especially for unsecured loans, starting at 29.99%. This is notably above what you might pay with a line of credit or some bank loans.
Additionally, depending on your province, there may be fees such as non-sufficient funds charges, and the eligibility requirements could be strict for some applicants.
Final Verdict: Is Fairstone Right for You?
If you need a personal loan with flexible terms and rapid funding, Fairstone is a solid choice. The payment deferral option can help ease financial transitions. However, carefully weigh the cost of borrowing, as interest rates are higher than average.
