PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
Fairstone Financial
16 Jul 2019

Fairstone Financial Takes a Comprehensive Approach to Lending

You expect good service and fair rates whenever you take out any kind of loan, but for the most part, people understand that most lenders’ obligations end there. Fairstone takes things one step further with all the extra things they include in their services. From help arranging more complicated loans to a referral program that rewards you for convincing your friends to take advantage of this opportunity as well, there is so much to be gained here that you won’t find at most lenders you come across.

The Anatomy of a Fairstone Loan

Unlike some other lenders who are willing to work with people who have bad credit or other red flags in their history, Fairstone does not issue a blanket rate to all their customers regardless of their full profile. The maximum APR they will extend to you is 39.99%, a rate that is a fair amount lower than what many other lenders like this will charge on the high end. Many customers will also qualify for a rate that is a fair amount lower than that by virtue of having a decent credit score to their name, especially if they can also provide collateral for a home equity loan. That said, you should not count on getting this product for cheap, because you more than likely will not; Fairstone is not a bank and they do not specialize in affordable lending, preferring to add value to their services in other ways which we will discuss below. The interest rates on loans like these will always be high, so you should conversely always be careful to scope out your other options if you feel confident enough to do so.

Your repayment obligations will cover between 6 and 120 months of time, the length of this period generally rising proportionally with the amount of money you borrow. A 10-year loan can be a massive commitment, so be sure to give this whole deal some extra thought if you end up on a schedule of that scale. When you do make your payments, you’ll have two options to work with: online payments or mailed ones. Doing this online will almost certainly be easier for you to do, but if you happen to want to try mailing your money or just feel more comfortable sticking to old-fashioned methods, this lender is prepared to accommodate you. You will have to be careful to account for the time your money will spend in transit, though, so subtract 3 to 5 business days from your due date when you’re planning to pay so that the funds actually reach their destination on time. You’ll still be penalized if they make it there late despite your having sent them out before they were due, so that extra caution is needed to avoid unnecessary fees.

Applying for these loans is easy at first since it’s all done online, taking up just a few minutes of your time and providing you with a response within just a few more. You’ll know whether you’ve been approved, how much you’re going to be allowed to borrow, what rate you’ll be paying on it and how long you’ll have to complete your repayments, all very important information to have before you actually agree to anything. If you decide you want to proceed further at this point, you will then need to physically go into a Fairstone location and finalize your agreement. There are hundreds of these locations to choose from and you are only required to make the trip once (although heading back is always an option if you ever need a little more help), so you shouldn’t have to go out of your way that much to make this happen.

Extending the Meaning of Customer Service

Fairstone’s loan structure itself is pretty good, but what they do for their customers as a regular part of their business is even better.  They include a variety of extra perks with their services in order to entice more customers to choose them over the other lender options. Perhaps the most useful of the things they are willing to do is the arrangement of debt consolidation loans for the consumer. With this offer, you can contact Fairstone and have them assign you a representative who will work with you to sort out all of your outstanding debts and rearrange them under one simple Fairstone loan instead. This makes it as easy as possible for you to get a handle on your debt situation if that’s the reason you went out seeking a new loan, and those with more than one or two sources of debt (it’s very possible!) will no doubt appreciate the fact that they will be catered to in this way.

Another thing this lender does very well in terms of assisting customers in understanding what is going on with their loans is providing plenty of tools and supplemental materials that you can consult at any time. Their website provides a full breakdown of all of the factors that go into determining the rates they charge and how they run their business, which is excellent for both understanding where they are coming from as lenders and pinpointing exactly how you should try to impress them for a better loan offer in the future. Some won’t care for that level of detail, but in case you do happen to enjoy it, it’s great to know that it’s there for you to enjoy. What is likely to be of greater appeal, however, is the set of loan prediction tools that Fairstone also provides on their website. With these calculators, you can project the exact cost of your loan with all interest fees and other applicable charges factored in before you accept any loan offer you’ve been given. If you do this, you’ll gain a better understanding of how much you will owe in total and what you will need to do to get your hands on that amount of money over time. It’s everything you need to come up with a solid plan, and with that at your disposal, success mostly comes down to how you conduct yourself over the repayment period.

Jump-Start Your Payments By Winning or Earning Money

Free money isn’t usually a thing that most people associate with loans, but in this case, that’s just one more of the many perks that this lender provides for you. Fairstone runs periodic contests for their customers that allow them to win money to put toward their loans. There is no additional purchase necessary or any special tasks you have to perform in order to be considered – it’s always just a simple draw. At the moment, there is no active contest going on, but the previous one happened just a few months past and awarded up to $10,000 to 5 lucky contestants. New customers were entered automatically, but customers already in the middle of paying off their loan could also apply if they wanted to, and that goes for almost every event Fairstone runs. If you win, the money gets put toward paying off your existing loan, and will only go up to the amount you currently owe (for example, if you owe $2,000 and win a prize that covers up to $5,000, your loan will be paid off but you won’t get that extra $3,000 back). While it’s not especially likely that you’ll win, the possibility of that happening is a nice thing to think about.

For a slightly more reliable way to get some extra money out of this deal, you might look to Fairstone’s referral program. In this deal, they pay you $100 for every customer that comes to them as a result of your influence and successfully makes the first payment on their new loan. Referral money is given to you in cash, too, so unlike the funds you would get from the contests, you can avail yourself of this method even if you have mostly paid down your loan or you don’t currently have a loan active at this time. You do have to have been a customer at some point, though, so if you want to make use of this offer, you’ll need to see about getting a Fairstone loan sooner rather than later.

Still Not Satisfied? You Can Change Your Mind

Usually, signing a loan agreement means it’s a done deal with no chance to go back. That document is meant to be legally binding, after all. However, Fairstone isn’t your typical lender in this regard either. Instead of locking you into a decision that you might have come to regret, they actually extend you the chance to cancel your loan consequence-free as long as you do it within the first 14 days in which you have it. If you take them up on this offer, you’ll receive all of the money you paid them back, interest fees included (assuming you’ve made a payment by that point). You’ll also be responsible for giving back the amount that you borrowed. Once everyone’s accounts are back the way they were before you accepted the loan, the matter is considered closed and there will be no more contact between you and the lender on that topic.

This is an excellent offer that allows you to go ahead and take out your loan even if you’re still feeling nervous about it. Knowing you have a way out of the agreement if you still can’t calm your nerves should help you to get a handle on things and slowly start to feel better about what you’re doing over time. If you don’t settle down after several days, you can look at starting the process to discharge the loan. If you do ultimately make that decision, it will be as if nothing ever happened, which is an extremely generous choice on this lender’s part.

Fairstone Credit Cards Exist Too

If you can’t get enough of this lender and think you might be interested in more financial products that come from them, you should know that there are Fairstone credit cards available now. These cards are retailer-specific, run through a sign-up program that a retailer has to opt into, and actually cannot be applied for through the provider themselves – you’ll have to apply in-store at any of the participating locations in order to get one for yourself. Obviously, though, not all retailers are partners in this program, and most of the big brands that you would instantly recognize have their own systems already set up.

These credit cards are meant to give financing options for people who shop at smaller stores but who can’t get their hands on a normal card. They can only be used at the store they are attached to, although you do have the freedom to use it at any participating location you of that store chain you like if there happens to be more than one. Often, though, there will only be a single store for you to do your spending in. One of the more common industries for partners is veterinary services, so you can understand the niche scale of what they are trying to do here. This part of their business also runs an exclusive contest draw periodically, currently offering a chance to win your purchase for up $5,000. While these cards are limited in their scope, they do have their uses and could be very useful to some people who need spread out their expenses a little more.

Is Fairstone a Good Choice of Lender?

Fairstone Financial is a standout lender when it comes to loans that even people with poor credit can potentially access. They don’t get perfect marks for affordability, true, but they don’t do badly in that respect either. More to the point, they have plenty of uncommon add-ons that you get access to as a customer of theirs, which helps to justify the price even further. You won’t find many other loan offers that provide quite so many extra perks and services on top of the actual money they give you access to. As long as you aren’t paying more than you need to and are okay with having to handle the last steps of the application process in person, you should be happy with this lender as your final choice from which to borrow – and if you’re not, you could always take advantage of that 14-day refund offer they advertise.