Canadian borrowers are fortunate to have so many alternative lenders to choose from when they need a personal loan. Even those with near-prime credit have plenty of options. But, with so many choices, it can be tough to decide where to apply.
easyfinancial and Fairstone™ are two alternative lenders that offer a variety of loan options and make it relatively easy for borrowers to get funded when banks turn them down. But how do these lenders compare, and how do they differ?
Let’s take a closer look at easyfinancial vs. Fairstone.
What Types Of Loans Can You Get With easyfinancial?
easyfinancial’s loan products cover a variety of needs and are easier to get approved for compared to banks and credit unions. Loan products available through easyfinancial include unsecured, home equity loans, auto loans, and small business loans.
Unsecured Personal Loans
easyfinancial offers personal loans from $500 to $20,000, with loan terms ranging from 9 to 84 months. Interest rates start at 29.99%, with a 2% rate reduction if you add a co-signer to the loan contract.
Secured Loans
If you’re a homeowner, you may qualify for easyfinancial’s home equity loan for anywhere from $15,000 to $100,000. Interest rates start at 9.99%, and loan terms range from 72 to 240 months.
Car Loans
Finance your next vehicle purchase with a car loan from easyfinancial. Loan amounts range from $5,000 to $50,000, with loan terms between 12 to 84 months.
Point-Of-Sale Financing
easyfinancial offers a unique financing product that makes it easy to cover the cost of more expensive purchases, like electronics, furniture, and even medical procedures. At checkout, fill out the digital application, select the plan that best suits you, and complete the purchase. Then, you’ll make regular installment payments until you’ve repaid what you borrowed.
What Types Of Loans Can You Get With Fairstone?
Fairstone offers both unsecured personal loans and secured personal loans (home equity loans), as well as second mortgages, mortgage refinancing, and car financing. Their loans are designed to help a wide range of Canadians access the financing they need.
Unsecured Personal Loans
If you don’t have much equity in your home or are not a homeowner at all, you may be eligible for an unsecured loan from Fairstone. Unsecured personal loan amounts range from $500 to $25,000, with terms between 6 to 60 months. Rates on unsecured personal loans start at 26.99%.*
Secured Personal Loans (Home Equity Loans)
If you’re a homeowner, you may be eligible for Fairstone’s secured personal loan. Loan amounts range from $5,000 to $60,000†, with repayment terms from 36 to 120 months. Rates on secured personal loans start at 19.99%.
Requirements Of An easyfinancial Loan Personal Loan
To qualify for a loan from easyfinancial, you must meet the following requirements:
- Be the age of majority in your province or territory
- Be a Canadian citizen or permanent resident of Canada
- Be employed or collect a pension or disability benefits (unless you’re collecting employment insurance as part of maternity leave or seasonal layoff)
- Earn at least $1,200 net per month
If you’re applying for a home equity loan, you may need to provide the lender with information related to your home, including the amount of equity you currently have.
Requirements Of A Fairstone Loan:
Fairstone requires a fair to good credit score and while they don’t specify any minimum income requirements, they do check your income and employment details. You’ll need to supply information about your income and housing costs when you apply, including rent or mortgage details.
Easyfinancial vs. Fairstone: Which One Is Right For You?
Before you apply for a loan, it’s essential that you understand all fees associated with the loan and make sure you’re getting the best deal for your needs.
Let’s compare the costs of a $10,000 unsecured loan, based on each lender’s lowest and highest interest rates and loan terms. Please keep in mind that these are examples meant to help you make an informed decision.
easyfinancial Unsecured Loan Cost
Rates for unsecured loans from Easyfinancial range from 29.99% and 35%, and loan terms range from 9 to 84 months:
$10,000 loan with a 29.99% rate on a 9-month term:
- Monthly payment: $1,254.52
- Total loan cost: $11,290.68
$10,000 loan with a 35% rate on an 84-month term:
- Monthly payment: $320.29
- Total loan cost: $26,904.50
Does easyfinancial Have Fees?
Easyfinancial does not charge any upfront fees to apply for a loan or early prepayment penalties on their unsecured loans.
Fairstone Unsecured Loan Cost
Rates for unsecured loans from Fairstone range from 26.99% to 39.99%*, and loan terms range from 6 to 60 months:
26.99% rate on a 6-month term:
- Monthly payment: $1,800.30
- Total loan cost: $10,801.80
39.99% rate on a 60-month term:
- Monthly payment: $387.45
- Total loan cost: $23,247.00
Does Fairstone Have Fees?
Like easyfinancial at Fairstone you can repay your unsecured personal loan early without prepayment penalty fees.
Benefits Of easyfinancial vs. Fairstone
easyfinancial and Fairstone are both great options if you haven’t been able to secure a loan with a traditional lender. Let’s take a look at some of the key benefits of both lenders:
easyfinancial Benefits
- Secured and unsecured loan options. You can apply for both unsecured personal loans and home equity loans with easyfinancial.
- Quick approval. You can get approved for an easyfinancial loan in as little as 30 minutes after applying, with funding to arrive shortly after.
- No credit accepted. If you’re new to Canada or are a student who hasn’t had to opportunity to build credit, you can still get a loan with easyfinancial. They approve borrowers even if they don’t have a credit history.
Fairstone Benefits
- Secured and unsecured loan options. You can apply for both unsecured personal loans and secured personal loans with Fairstone.
- High loan amounts. You can access up to $25,000 with an unsecured personal loan. If you own a house, you can access up to $60,000 with a secured personal loan. With second mortgages and mortgage refinancing, you could borrow higher amounts – up to $400,000.
- Long loan terms. You can extend your loan term up to 60 months for an unsecured loan and 120 months for a secured loan. This allows you to spread out your repayments to help make your loan more affordable.
- Instant Quote. You can find out how much you qualify for with a free instant quote from Fairstone.
easyfinancial vs. Fairstone Overview
Easyfinancial and Fairstone are relatively comparable when it comes to the loans they offer and their lending criteria, but there are slight differences. The following chart offers a side-by-side comparison of the two lenders to help you decide which one to apply for a loan with:
| easyfinancial | Fairstone | |
| Loans Types | – Unsecured personal loans – Secured loans – Point-of-sale financing – Car loans – Small business financing | – Unsecured personal loans – Secured personal loans (home equity loans) – Second mortgages and mortgage refinancing – Point-of-sale financing – Auto financing |
| Loan Amounts | – Unsecured personal loans: $500 – $20,000 – Secured loans: $15,000 – $100,000 – Auto loans: $5,000 – $50,000 – Small business: $5,000 – $500,000 | – Unsecured personal loans: $500 – $25,000 – Secured personal loans: $5,000 – $60,000† – Mortgage loans up to $400,000 |
| Interest Rate | – Unsecured personal loans: 29.99% – 35% – Secured loans: 9.99% – 25.99% | – Unsecured Personal Loans: 26.99% – 39.99%* – Secured personal loans: 19.99% – 25.99% |
| Loan Terms | – Unsecured personal loans: 9 – 84 months – Secured loans: 72 – 240 months | – Unsecured personal loans: 6 – 60 months – Secured personal loans: 36 – 120 months |
| Fees | – Unsecured personal loan: None – Secured personal loan: Varies by province | – Unsecured personal loan: None – Secured personal loan: Varies by province |
| Funding Times | Within 24 hours | Within 24 hours |
If you want to get your free Equifax credit score, try out Compare Hub by Loans Canada. You can check your credit report at the same time. Once you know your credit score, it might make it easier to choose between lenders.
How To Apply To easyfinancial vs. Fairstone
The loan application process is similar between easyfinancial vs. Fairstone. Depending on which lender you’re applying with, follow the appropriate steps:
easyfinancial Application Steps:
Choose your loan amount. Decide how much you want to take out, and make sure you’ve crunched the numbers to see if your current income can comfortably cover payments.
Submit online application. The easyfinancial loan application can be found on their website. It’s easy to fill out and can be submitted at any time. You’ll be asked to provide personal and contact information and employment information. You’ll also need to answer some financial questions, for example, the reason for applying for the loan.
Submit your documents. To verify your identity and income, easyfinancial will want to review specific documents to prove the information you’ve provided on your application.
Wait for approval. Based on the information and documents you’ve provided, easyfinancial’s team will help determine the best loan product, loan amount, and interest rate for you.
Get funded. If you’re happy with the loan agreement, you can sign it and you’ll receive your funds within as little as 24 hours.
Fairstone application steps:
Get a loan quote. Start by answering a few questions to help Fairstone determine the right loan for you. Then, you’ll find out the loan amount you’re eligible for.
Speak with a lending specialist. A representative from Fairstone will get in touch with you to discuss your loan options.
Fill out an application. If you’re happy with the options provided, you can apply for a loan online or in person.
Choose the loan type you want. Decide whether you want to take out a secured or unsecured loan, depending on your needs and qualifications.
Submit required documents. Fairstone will want to verify your identity and financial information and will require certain documents as proof.
Submit your application. Carefully review your application and submit it after confirming its accuracy.
Get funded. Once you’ve been approved, you should receive your funds within 24 hours of approval.
Alternative lenders easyfinancial and Fairstone - FAQs
Can I get a loan with bad credit from either easyfinancial or Fairstone?
Can I apply in person with either option?
Can I get a loan quote?
© 2022, TM Fairstone Financial Inc.
*Interest rates are subject to change. Actual Annual Percentage Rage (APR) vary based on province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC, 31.99% in MB and 34.99% in QC.
†On approved credit. Terms and conditions apply. Interest rates vary by province/territory and from customer to customer based on factors like credit score and borrowing history. See Fairstone website for details.
In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.
In Nova Scotia, Fairstone Financial Inc. is licenced as mortgage lender #2021-3000028.
