Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

For this post, we’ve teamed up with our partners at Fairstone

When you know you need money and you’re thinking it may be time to get a loan, the first thing that may come to mind is loan payments. How much will your loan payments be? How frequently will you have to pay? And, are there ways to reduce loan payments? 

In this article, our partners at Fairstone answer the most common questions about loan payments and give you the information you need to stay in control of your loan. 

What Are My Loan Payment Options? And, How Do I Know Which Option Is Better For Me?

Generally, lenders allow you to choose one of three loan payment options. When choosing a payment option, consider factors like how frequently you’re paid and how you like to pay your current bills. Based on your preferences, one of these loan payment options may be better suited for you:

  • Monthly loan payments – you make a payment on your loan the same day every month, totalling 12 loan payments a year. This is a great option for people who are paid monthly or who like to have a predictable repayment schedule since it’ll always be on the same day every month.
  • Semi-monthly loan payments – you make two payments a month toward your loan, one halfway through the month and the other at the end of the month. In total, you’ll make 24 loan payments a year. This is a good option if you’d like to make smaller, more frequent payments, but like the regularity of paying on the same dates each month.
  • Bi-weekly loan payments – loan payments are made every other week, totalling 26 loan payments a year. Not only is this a great option for people who are paid biweekly, but this option also saves you money over time as you’ll pay less interest. Learn how bi-weekly payments reduce interest charges here

How Much Will My Loan Payments Be?

You can try a generic loan calculator to see if you can estimate loan payment amounts, but your best bet is to go directly to your lender. Not all lenders provide payment estimates, but luckily you can visit for a no-obligation loan quote. You’ll find out how much your loan payment might be based on the loan amount you’d like to borrow. The best part? It’s free and won’t impact your credit score. 

What Will I Pay In Interest Over Time?

Your interest rate is determined by many factors, including the type of loan you choose, how much you borrow, your credit history and other factors. Unfamiliar with how interest rates are calculated? This webpage is a great resource to learn more about how interest rates work

You can reduce interest charges by choosing a shorter loan term and a bi-weekly payment schedule. And, any extra payments you put towards your loan will reduce interest charges as well. If you’re interested in paying off your loan early or making extra payments, it’s important to ask your lender about any pre-payment penalties. Luckily, there are no pre-payment penalties on Fairstone’s unsecured loans.

What Can I Do To Stay In Control Of My Loan Payments?

If your lender provides the option, automated payments can keep help you keep on track with your loan payments. Once you have the payment schedule set up, loan payments will come from your bank account regularly, without any action from you. With automated payments, you’ll never miss a payment and won’t have to face any late payment penalties or interest charges. 

Payment affordability is a key aspect of getting a loan. You want to make sure you’re getting the right loan for you, and that the money you’re borrowing meets your needs and budget. Although it’s great to look at your borrowing options online, it can be worthwhile to sit down with someone to review your financial situation and get a good understanding of your loan options. With Fairstone, you can have both – a free, no-obligation loan quote and a knowledgeable Lending Specialist at a branch near you. 

Fairstone avatar on Loans Canada

Fairstone Financial is a leading alternative lender in Canada, they have been helping Canadians since 1923. Their mission is to provide Canadians, with fair to good credit, with an affordable alternative to payday loans.

More From This Author

Special Offers

More From Our Experts
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.
Best Online Chequing Accounts In Canada 2024

By Trevor O'Hagan

Are you looking for an online chequing account with no fees or a minimum balance? Check out our list of the best online chequing accounts in Canada.
Medical Expenses You Can Claim For Taxes In Canada

By Sandra MacGregor

Wondering how much can you claim for medical expenses on taxes in Canada? Find out what medical expenses are eligible and the proper way to claim them...
Conditional Offer: Meaning And How It Works

By Lisa Rennie

Find out how a conditional offer can protect buyers financially and protect them from purchasing properties with hidden problems.
Alberta Child And Family Benefit (ACFB) Payment Dates 2024

By Chrissy Kapralos

The Alberta Child and Family Benefit (ACFB) is a program that gives lower- and middle-income families with children under 18 financial assistance.
How Does Buying A House As A Common Law Couple Work In Canada?

By Lisa Rennie

Are you buying a house as a common law couple In Canada? Find out how it'll affect your mortgage and how it affects the property title.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Expert Tips
And Advice

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card