Fairstone is a lender with a specific purpose behind what they do. Like almost all lenders, they do offer general purpose loans that anyone can make use of, but their real goal is to assist those with destroyed credit and a subsequently shaky financial situation in rebuilding what they lost. They do this by focusing on debt consolidation loans as a service and offering loans in both secured and unsecured forms to fit every situation. Fairstone loans are comprehensive, fairly affordable, easily accessed, and generally distinguish themselves very positively from what is being offered by competitors.
What Do Fairstone Loans Look Like?
Fairstone loans have a much wider range of variance than what many other lenders are able to extend. You could possibly borrow anywhere from $500 up to $30,000 and be given between 6 months and 120 months (10 whole years) to repay it all. As promised, you can choose from both secured and unsecured loans; the secured versions will usually be larger and have a lower interest rate, but they require you to own property that you are willing to use as collateral so they are not an option for everyone. Regardless of which type of loan you end up with, the most you will pay in interest with this lender is 39.99% yearly. Securing your loan with property will usually put you much lower than that, as will having good credit – but if you have an unsecured loan and bad credit too, you should expect to be charged the maximum amount for sure. Even that is less than what you would pay with many lenders in that same situation, and it may well be a lower rate than what you’ve got on some of your existing loans if you’re going for a debt consolidation strategy.
That wide range of loan amounts makes these products suitable for all kinds of needs and situations, so no matter what is going on with your life right now that has you looking for a loan, Fairstone can probably help you out. The length of time you’ll have to pay up is also more than fair, especially when you’re borrowing smaller amounts that won’t be as hard to repay even in a crunch. All told, the terms on Fairstone loans are quite good, especially for a lender that does not necessarily require you to have good credit to be approved. That’s especially the case if you’re able to get a secured option as a property owner, since the rates you get will likely be among the best around in that case. In terms of the basics alone, this lender is already clearly a good choice for most potential borrowers.
Take Note: An In-Person Visit Is Required
Fairstone loans are a bit more hands-on than many online loans are. In order to finish up your application to this lender, you’ll be required to come in and finalize everything in person. While many would prefer to be able to do everything from the comfort of their own home, this isn’t as big a deal as it might seem. You won’t be asked to do this until you’ve been approved and you’re about to sign your agreement, so there’s no danger of wasting your time on something that won’t pan out. You also won’t have to travel more than a few minutes away from your house in most cases; this lender boasts more than 200 branches, so you’re bound to be close to at least one of them.
This stipulation isn’t just easy to comply with, but might actually be preferable for you. It gives you a chance to ask about anything that was on your mind regarding your Fairstone loans and know that you will get your answers from a real, knowledgeable person. That’s not something that all online loans can offer you, and it may be the only way for you to get a detailed answer to some more complex questions that you might want to ask. By forcing you to come in and interact with their staff, Fairstone not only gives you the opportunity to do this, but practically invites you to. It’s a good way of making themselves available to their customers for the top-tier level of service that they want to provide.
Let the Professionals Handle Your Debt Consolidation For You
One of the things that Fairstone might do when you visit them to put the finishing touches on your loan is help you to put your debt consolidation plans into motion. When you approach this lender and tell them that you want to work with them to get on top of your debt, they will be more than happy to make this as easy as possible for you. While some lenders will say that they offer debt consolidation loans but leave all of the time-consuming legwork to you, this one does a little more to help ensure that this will be a good experience for you. Fairstone loans come with optional assistance in collecting up all of your debt and moving it under your new loan instead, even when that involves many long phone calls and speaking to many different representatives. Their customer service agents will help you make sure that you’ve dealt with the entire problem that is your existing debt and wrapped up any loose ends that might have caused you more trouble in the future if you’d overlooked them, all while sparing you a lot of work in the present moment.
This arrangement is especially useful if you’ve never done anything like this before – you may be unsure of how to do things like arrange the payments between your new lender and your old ones properly and verify that your old accounts are closed, but having professionals around to guide you through the process ensures that everything will get done properly. You shouldn’t need to worry about this problem rearing its head again in the future. If debt consolidation is your primary reason for seeking a loan with this lender, be sure to make full use of this opportunity.
A Chance To Win Your Loan
Wouldn’t it be nice if you took out a reasonable loan with every intention of paying it back, only to find out that by winning a contest, you would no longer have to pay the full amount? It sounds like something out of an unrealistic financial fantasy. The nice thing about it, though, is that in this case that fantasy can come true. Fairstone is a big believer in giving people extra incentives to choose them over their many competitors, and they’re even willing to put their money where their mouth is in this respect. That’s why they hold several random draw contests each year that give you a chance to ‘win your loan’ if you enter. Both new customers and existing ones can enter these drawings, but members of the general public who do not have any loans with Fairstone cannot.
Fairstone has thousands of other customers who are almost all entering the contests as well each time they are run, so your chances of winning are not exactly astronomical. If you do win, though, you’ll get a substantial prize: the remainder of your loan balance paid off, up to a certain amount. The usual amount is $10,000, but this does fluctuate occasionally, so be sure to check what the current amount is when you enter each time.
Remember, this does not mean you will win $10,000 in cash. You’ll never win more than the full amount you owe on your loan at the time of winning – for example, if you had a $5,000 loan with a $2,500 balance remaining on it and you won a prize of up to $10,000, you would only receive $2,500 as a prize and it would be applied directly to your loan balance, not given to you in cash. Still, that means that in that case, your loan would be completely paid off and no longer be something you had to worry about, which is definitely a good thing even if it feels like a small loss. If you had a loan that was larger than the prize amount (say $12,500), you would have your balance owing reduced by that amount instead (so you’d be left at $2,500 in that case). That’s not quite as nice, but it’s still a significant relief from the burden of that debt.
The one danger to this nice bonus feature is that it can sometimes trick people into thinking that they have more of a chance at winning than they actually do, which may prompt some irresponsible behaviour. If you are convinced that you will simply win enough money to pay off your loan, you won’t treat it as seriously as you should and you won’t make proper plans to repay it on time. While it’s great that there is a possibility of this happening, you can’t count on winning your loan, and because of that you should never take out any Fairstone loans assuming that you will be one of the lucky few who will get them paid off through this contest. Always think about the matter as a new responsibility you will be taking on and do your best to pay back any money you owe as quickly as possible – it’s the safest way to borrow.
If You Enjoy Your Experience, Pass That On
Winning the contests they hold periodically is not the only way to get some extra money from Fairstone to put toward your loan, though. In fact, this alternate method is a surer thing and arguably better for it. This lender also runs a fairly lucrative referral program that you can use to earn some extra cash as long as you have a few friends who are in the market for loans. If you speak to these people and convince them to borrow from Fairstone instead of one of their competitors, the company will pay you a fair-sized referral fee for having brought them that business. Currently, they are awarding these fees in the amount of $100 each time. That’s a lot of money for doing something as simple as recommending a great product to a friend, but it pays off for Fairstone because it gets them a customer that they otherwise probably would not have had.
This is an easy way to pay down your loan a little more quickly if you have the right social circle around you. What’s even better, though, is that you can use this method even if you do not have a Fairstone loan active at this present time. You do have to be a current or former customer (how else would you know that Fairstone loans are good enough to recommend?), but the reward will be paid in cash, not in loan credit. You can only do this up to 5 times in each calendar year, but if you do max out your opportunities each year, that’s $500 extra for you that you got with minimal work. Before you get started trying to earn this cash, though, be sure to speak to a Fairstone representative and get your personalized referral code from them so that your efforts can be tracked properly.
Choosing a Fairstone Loan Means Heading in the Right Direction
The right lender can make or break your experience with a loan, so shopping around is key to coming out of this happy with what transpired. Fairstone loans are highly unlikely to disappoint you in this regard. Their rates are good enough to justify the choice on their own, which is arguably the most important thing to consider. Besides that, though, you’ll also get access to some extremely helpful hands-on service and some fun opportunities to get extra money to pay down your loan early. They can even help you to recover from some devastating financial circumstances. There’s little to not like and plenty of small additional details to please you, making Fairstone one of the best choices of online lender around.