Fairstone™ is a well-established and reputable lender in Canada. They offer personal loans to Canadians with near-prime credit scores, making their loans easier to access than similar options from larger banks.
Fairstone is a great option for most consumers. But, as with any financial decision, it’s important to consider all possibilities. If you’re looking for alternatives to a Fairstone loan, read on to discover your options.
Fairstone Loans
Fairstone offers unsecured personal loans from $500 to $25,000 and secured personal loans (home equity loans) from $5,000 to $50,000†. With terms ranging from 6 to 120 months, depending on the loan type. You can apply for loans in person or online. You can also obtain a quote for free and it won’t affect your credit score.
So where can you get a loan that is similar to a Fairstone loan?
What Are The Benefits Of A Fairstone Loan?
There are several reasons why you might want to look to Fairstone for a loan:
- Multiple loan options. Fairstone offers both secured and unsecured personal loans, as well as second mortgages and mortgage refinancing. This makes Fairstone a great option for a wide variety of borrowers.
- Online application. You can apply for a loan online from wherever you are, any time of the day. But if you prefer an in-person interaction, feel free to visit any one of the hundreds of physical branches across Canada.
- Available in all provinces and territories. Some of the lenders discussed below operate only in specific locations. Fairstone, on the other hand, lends in all 10 provinces and two territories (Fairstone does not lend in Nunavut).
- Your credit score won’t be affected when you get a loan quote. Applying for a loan quote with Fairstone will have no impact on your credit score.
If you want to know your credit score, you can check your credit score for free with Loans Canada’s Compare Hub.
Where Can You Get Secured Loans Like Fairstone?
A secured loan is a loan that is backed by collateral. If you default on your loan, the lender can repossess the asset of value that you used to collateralize the loan. This reduces the risk for the lender, which can make secured loans easier to get approved for with lower interest rates.
Fairstone offers secured loans for homeowners. With this type of loan, the equity a homeowner has built up will act as collateral. With a Fairstone secured loan, borrowers can access $5,000 to $50,000† with terms ranging from 36 to 120 months.
Also important to note, Fairstone offers second mortgages up to $125,000 and mortgage refinancing up to $400,00.
Here are some other lenders you can get secured loans like Fairstone:
Alpine Credits
Alpine Credits is a popular alternative online lender in Canada that has been providing several loan types for over 5 years, including the following:
- Debt consolidation
- Home equity loans
- Home renovation loans
- Business loans
- Investment loans
- Vacation loans
- Education loans
- Newcomer loans
One of its signature loans is its home equity loan, which is a type of secured loan that is backed by your home. Loan amounts range from $10,000 to $500,000 with APRs between 10% and 22.99% and loan terms of up to 5 years. Alpine Credits can approve secured loan applications in less than 24 hours, which is based on equity, not your credit score or income.
easyfinancial
easyfinancial
Like Alpine Credits, easyfinancial also offers home equity loans. Loan amounts for these types of secured loans range from $15,000 to $100,000. Interest rates start at 9.99% and loan terms vary from 72 to 120 months.
easyfinancial also offers other loan types, including the following:
- Unsecured personal loans
- Car loans
- Small business loans
- Point-of-sale financing
Getting a quote won’t affect your credit score, and you can get approved in as little as 10 minutes after applying online.
Where Can You Get Unsecured Loans Like Fairstone?
Unsecured loans are not backed by anything valuable. This puts the lender at greater risk because there is no collateral to repossess if you default on the loan. Loan amounts are also typically lower than secured loans.
Fairstone offers unsecured personal loans between $500 and $25,000 with terms ranging from 6 to 60 months. You can also find unsecured personal loans with:
SkyCap Financial
SkyCap Financial provides unsecured personal loans from $500 up to $10,000 and loan terms range from 9 to 60 months. APR ranges from 12.99% to 39.99% and is determined on a case-by-case basis based on your credit history and the strength of your application. You can apply for a personal loan in less than 5 minutes and receive an approval decision shortly after.
In addition to unsecured personal loans, SkyCap Financial also offers the following:
- Payday loans
- Bad credit loans
- Personal loans
- Car loans
LendDirect
LendDirect offers unsecured personal lines of credit for up to $15,000. Interest rates range from 19.99% to 46.93%, depending on your creditworthiness. You can withdraw from your line of credit as often as you need, up to your credit limit, with no cash advance fees charged.
Within an hour or two, you can apply for a line of credit online, get approved, and receive your funds, making LendDirect a great option if you’re in urgent need of extra cash.
LendDirect does not lend in Quebec, Manitoba, Nunavut, or Yukon.
Mogo
Mogo Finance is a Canadian fintech company that provides online unsecured personal loans up to $35,000. Interest rates range from 9.9% to 47.72%, with loan terms anywhere from 2 to 5 years.
If you have decent credit, you may find these loans more affordable compared to other online lenders with rates starting as low as 9.9%. Plus, you can get funding in as little as 24 hours after loan approval.In addition to personal loans, Mogo offers MogoTrade, an online investment platform. MogoTrade lets you open registered retirement savings accounts (RRSP), tax-free savings accounts (TFSA) and personal trading accounts.
Basic Requirements To Get A Personal Loan In Canada
Whether you’re applying for a personal loan with Fairstone, Easy Financial, Alpine Credits, or LendDirect, these are some basic requirements most lenders will require:
- Be a Canadian citizen or permanent resident
- Be the age of majority in your province or territory
- Live in a province or territory where the lender offers loans
- Have a Canadian address
- Have a valid email address and telephone number
- Have an active bank account that can accept automatic loan payment withdrawals
- Have a reliable and sufficient income
To verify this information, you’ll generally need to provide the lender with the following documents:
- Government-issued photo ID
- Letter of employment
- Pay stubs
- Bank statements
- Void cheque or pre-authorized debit form
If you’re applying for a secured loan, you will also need to provide information about the collateral that will back the loan, whether it’s your home, car, or another valuable asset.
Final Thoughts
If you’re not having any luck getting a loan from your bank, you have plenty of other options. Fairstone is one popular lender among Canadians, including those with near-prime credit.
However, there are several other lenders in the alternative lending sphere that provides secured and unsecured loans to those who may otherwise be turned down by traditional financial institutions.
Loans Like Fairstone - FAQs
Does a Fairstone loan quote hurt your credit?
What can you use a Fairstone loan for?
Can I pay off my Fairstone loan early?
© 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.
