Fairstone Financial may be in direct competition with a multitude of Canadian lenders, but they never let that fact drag them down. Instead, they use it as motivation to do their best to provide a uniquely beneficial borrowing experience for the consumer. You’ll get a whole assortment of extras when you choose this lender – everything from good rates to tools to opportunities to earn and win money will be at your disposal. Read on to find out more about what this specific lender has to offer you.
Who Does Fairstone Financial Serve?
Like any lender, Fairstone requires that you be of legal age, have a steady source of income, and have an active chequing account into which you can deposit your funds. You will be called upon to provide proof of these things during the verification process after you apply, so be prepared to back up any claims you make with paperwork that indicates that what you’ve said is true. You can apply for a loan with them even if you have very little income, but you should be aware that you won’t qualify for as much money if you do. You can read below for more details on that.
Fairstone explicitly advertises an openness to work with people who have bad credit. There are exceptions, but for the most part, no amount of poor credit will block you off from doing business with this company if you want to. They may, however, turn you down for excessive bankruptcy activity in your recent past. That’s a reasonable place to draw the line that still allows them to serve the bulk of the people who would want to borrow from them while maintaining the low level of risk that allows them to continue offering all their deals and services to consumers. If you fall into that category of applicant, you may have to work with other lenders first, but you can always return to Fairstone Canada in the future if your situation improves.
Looking Over Fairstone Canada’s Terms
Fairstone is one of the more generous lenders out there in terms of the interest rates they charge. While it’s no real bargain compared to just not borrowing at all, their minimum interest rate of 19.99% is completely reasonable when you set it against what other lenders who work with people with bad credit are offering. In fact, that rate may be low enough to entice many with moderate levels of credit who could usually qualify for better options than what people with bad credit would get. Of course, that isn’t the end of the story – you only get those rates if you apply with the very best financial profile, including a high income and good credit. However, even if you’re the exact opposite of the ideal candidate, you’ll only ever pay 39.99% interest at most. That’s at least in line with what you would pay with other bad credit lenders and is even a little cheaper than many of them.
In terms of loan size, the exact amount of money you can get varies greatly depending on what you have available to you for income. Applicants can be approved for anywhere between $500 and $30,000, but don’t hope to get anywhere near the latter amount if you don’t have a high income to support that amount of debt. If you only make a little each month, Fairstone will only approve you for a small amount so you can keep things manageable for you. Whatever money you do get will be paid back within 6 months to 120 months depending on the size of your loan and your credit profile. You can always pay back anything you owe before the due date at no extra cost, too.
One thing to be aware of when you’re thinking about applying with this lender is that you need to finalize your application in person in order to actually get your hands on your money. This will mean taking a mildly inconvenient short trip out of your house to attend to this business, but with over 200 branches to choose from, it shouldn’t be too hard to do. Just don’t choose them if you’re adamant that everything be done online, because that won’t be possible here.
Secured Fairstone Loan Options For Homeowners Could Get You An Even Better Deal
Just because Fairstone’s overall pricing is very competitive in comparison to your other options does not necessarily mean that these loans will easily slot into your budget. They are still extremely expensive and require careful consideration before you sign up for them. However, there is one way you may be able to directly reduce the interest you will be paying over the course of your loan, as long as you know of it when you apply and indicate that you want to go this route right from the start. If you own your own home, you can apply for secured loans with this lender instead of the standard unsecured ones. This means that when you apply, the value of your home will be considered as an asset that you own and will weigh in your favor during the decision making process. Usually, this will allow you to qualify for more favorable terms such as a larger loan amount or a better interest rate.
Sounds great, right? It is if you have the resources to make it work for you. However, you should also keep in mind a few of the limitations and risks that come with this type of loan. First of all, it’s not quite as simple as just being a homeowner; you’ll need to not only own the property in name, but also in real terms (in other words, you must have a significant portion of the mortgage already paid off if there is one still active on it). You must also understand that doing this automatically puts your house potentially at risk if you fail to make your payments at any time. Under this arrangement, Fairstone can foreclose on you if they need to recoup their funds. For that reason, you shouldn’t take this type of loan unless you are 100% confident that you will be able to make every payment without any kind of struggle; there’s just too much on the line to take any chances. If you’re sure of yourself, though, this is a great way to get a good deal on the loan you want.
There’s More Than Just Great Terms and Rates, Too
Another thing that Fairstone Canada does very well is making sure that they offer as much value to each customer as possible through ancillary benefits. Take, for example, their 14-day no-fault refund policy – if at any time during the first 2 weeks of having your loan you come to regret the decision to take it, Fairstone will reverse the transaction and it will be as if nothing ever happened, no questions asked. Another excellent service they offer is their arranged debt consolidation loans. If you owe a lot of money to multiple lenders, this option can help you to reorganize everything under Fairstone Financial and possibly score a better interest rate, all while requiring no work from you. They also have several helpful online tools available on their website to help you project the total cost of the loan as well as what you’d be paying each month and how much you can reduce the overall cost with bigger payments.
That’s not all that sets Fairstone apart from the rest of the lenders in their sector, however. Their friendly, approachable image can do a lot to help make them more approachable for first-time borrowers and other slightly skittish prospects; after all, how can you be intimidated by a company with a fairy for a mascot? Not everyone will care very much about what the company’s demeanor is like, but that doesn’t make this perk any less useful for those who do need it. If that kindly aura is what gets you to finally feel comfortable enough to move forward with getting a loan you need, then that’s a major benefit to you. Remember, there’s no need to be worried about what might happen to you if you get a loan as long as you make sure to do all your research first!
Extra Money Toward Your Fairstone Loan? Yes Please!
The idea of getting more money (just money in your pocket, no debt obligations attached) from a loan provider might sound too good to be true, but that’s not always the case. Fairstone wants their customers to be excited about their loans and to be able to pay them back as quickly as possible so they no longer have to worry about the burden of making repayment installments. To that end, the company has set up two different ways for their customers to score some extra funds to help pay back their loans a little bit faster: contests and a referral program.
Fairstone throws regular ‘win your loan’ contest draws that allow up to 5 lucky customers to win up to $10,000 toward their loan – if you currently owe less than that, your balance will be paid off entirely if you win. New customers are entered automatically, but existing customers can also enter as long as they notify the lender that they would like to do so. There’s usually another drawing to look forward to about once every few months, so there’s always the next one to look forward to even if you do lose. These contests obviously rely on luck to win, but that’s not necessarily a bad thing; everyone gets lucky once in a while. Just don’t go into this thinking that you will definitely win that money and you can look forward to a possible nice surprise at the end of each drawing period without spreading yourself so thin that you’ll be devastated if you don’t win.
The referral program isn’t necessarily as easy to use for everyone, but if you can get it to work for you, your payouts will be much more consistent and easier to count on than just hoping that you win something from the contest drawing. To make use of this offer, you’ll need to convince a friend to sign up for a Fairstone loan and wait until they successfully make their first payment. When they do, you’ll get $100 credited to your account. You can repeat this as many times as you’d like, as long as each instance involves a new friend (once a person signs up, they are considered an existing customer and no longer eligible for the bonus). The lender will provide you with a personalized link to give out to people you know so that they can track which of their new customers have come to them through your efforts and recommendation. If you have enough friends, you could potentially pay off a good chunk of your loan with this method alone. It’s especially useful for people with a bit of a following on the Internet, such as bloggers or Instagram influencers. The program works out great for everyone – Fairstone gets some new business and you get a little extra cash to help make your loan a thing of the past – so be sure to use it if you can.
You Won’t Regret Borrowing With Fairstone Financial Canada
It’s not always something we all think about when borrowing money, but it’s important to choose lenders who will give you a time to remember on top of the good rates you already expect. Choosing Fairstone means choosing a well-rounded borrowing experience that will keep you engaged, attentive and maybe even coming back for more. You won’t pay extra for these additional features, either – in fact, you’ll probably pay less than what you would elsewhere for the same type of loan. On top of that, you’ll have plenty of opportunities to earn or win some extra cash to pay down those loans earlier than you expected to be able to, which is always great. When you borrow with Fairstone, you’re sure to come out of the experience feeling good about what you did, and that’s always a great reason to opt for a particular lender in our book.