Fairstone Review Canada: Pros, Cons & Honest Insights
March 09, 2022
What Is Fairstone?
Last Updated: July 2026
Fairstone is one of Canada’s largest non-bank personal loan lenders, offering secured and unsecured personal loans to eligible borrowers across the country. Unlike a loan comparison platform, Fairstone is a direct lender that assesses applications, determines loan offers and provides funding to approved applicants.
In this review, we’ll explain how Fairstone works, the types of loans it offers, eligibility requirements, interest rates, advantages, drawbacks and how it compares with banks, online lenders and other borrowing options in Canada.
Fairstone is a direct lender offering secured and unsecured personal loans in Canada. Before accepting any loan offer, compare the Annual Percentage Rate (APR), repayment term, fees and total borrowing cost with other Canadian lenders.
Important: Loan approval, borrowing limits, interest rates and repayment terms are determined by Fairstone following its assessment of your application.
FatCat Loans disclosure: FatCat Loans is a loan comparison platform and not a direct lender. We do not issue Fairstone loans or determine Fairstone’s approval decisions, rates, fees or repayment terms.
Fairstone at a Glance
This summary provides a quick overview of Fairstone before exploring the lender in more detail below.
| Feature | Details |
|---|---|
| Lender Type | Direct non-bank lender |
| Loan Products | Secured and unsecured personal loans |
| Unsecured Loan Amount | $500–$25,000 |
| Secured Loan Amount | $5,000–$60,000 |
| Interest Rates | Unsecured: from 29.99%, with a maximum APR of 39.99%; provincial rates may differ Secured: 19.99%–25.99% interest rate |
| Repayment Terms | Unsecured: 6–60 months Secured: 36–120 months |
| Application | Apply online or through a Fairstone branch |
| Funding | Provided directly by Fairstone after final approval and completion of the loan agreement |
| Credit Profile | May consider borrowers with a range of credit profiles, subject to affordability and lending criteria |
| Best For | Borrowers seeking secured or unsecured personal loans, including debt consolidation |
Important: Loan amounts, interest rates, APRs and repayment terms depend on the loan type, province or territory, credit profile, affordability and Fairstone’s lending criteria. APR may differ from the stated interest rate because it can include applicable borrowing fees. Always review your personalized loan offer and total cost of borrowing before accepting.
Table of Contents
- What Is Fairstone?
- Fairstone at a Glance
- Why Do Borrowers Consider Fairstone?
- Who Might Fairstone Be a Good Fit For?
- Fairstone Pros and Cons
- Is Fairstone a Bank?
- Fairstone Customer Reviews
- How to Apply
- Tips to Improve Your Chances of Approval
- Secured vs Unsecured Loans
- Documents Required
- Loan Amounts
- Interest Rates, APR & Total Borrowing Cost
- Debt Consolidation
- Alternatives
- How to Compare Fairstone
- Responsible Borrowing Checklist
- Our Verdict
- Frequently Asked Questions
Why Do Borrowers Consider Fairstone?
Fairstone offers secured and unsecured personal loans through a combination of online applications and branch-based support. As a direct lender, Fairstone assesses applications, determines lending terms and provides funds to approved borrowers.
Borrowers may consider Fairstone for several reasons:
- Secured and unsecured personal loan options
- Fixed repayment schedules that can make monthly budgeting more predictable
- Online applications and access to branch-based support
- Personal loans that may be used for debt consolidation, major expenses or unexpected costs
- Secured borrowing options for eligible homeowners seeking larger loan amounts
These features do not automatically make Fairstone the cheapest or most suitable lender. Before applying, compare the APR, fees, repayment term and total borrowing cost with banks, credit unions and other Canadian lenders.
Who Might Fairstone Be a Good Fit For?
Fairstone may be a suitable option for Canadians who need a structured personal loan but may not qualify for the lowest rates offered by major banks. This can include borrowers with fair credit, borrowers who want to consolidate multiple debts into one monthly payment, and homeowners looking for a secured borrowing option.
It can also appeal to people who value speaking to a real person about their borrowing needs instead of completing everything through an automated online process. For some borrowers, one-on-one guidance can make the loan process feel more manageable and transparent.
However, being approved does not automatically mean the loan is the best value. The smartest approach is to compare the offer carefully against other lenders, especially if your credit profile may qualify you for lower-cost borrowing elsewhere.
Fairstone Pros and Cons
Before applying, it helps to look at both the benefits and the drawbacks of borrowing from Fairstone.
Potential advantages:
- Offers both secured and unsecured loans
- Offers borrowing options for applicants with fair-to-good credit, subject to Fairstone’s approval criteria
- Fixed repayment structure can make budgeting easier
- Approved borrowers who complete all verification requirements may receive funds quickly
- In-person support is available in many locations
Potential drawbacks:
- The total cost of borrowing may be higher than bank or credit union options
- Secured loans come with added collateral risk
- Some borrowers may focus too much on approval speed and not enough on affordability
- A lower monthly payment does not always mean a cheaper loan overall
Looking at both sides gives borrowers a more balanced view and helps prevent rushed decisions based only on convenience.
Is Fairstone a Bank?
Fairstone is generally viewed as a non-bank lender operating in the alternative or near-prime lending space. In simple terms, that means it may serve borrowers who are not a perfect fit for the strict approval standards often used by traditional banks.
This makes Fairstone different from both mainstream banks and very short-term high-cost lenders. It sits in the middle of the market, offering structured installment loans that can be useful for debt consolidation, major expenses, or planned borrowing needs. For borrowers who are comparing options, it can be helpful to review Fairstone alongside other personal loans in Canada rather than looking at it in isolation.
That said, a lender being easier to access does not automatically make it the best choice. It simply means it should be part of a wider comparison based on rate, term, fees, flexibility, and total cost.
Fairstone Customer Reviews
Customer reviews can provide useful context about a lender’s application process, customer service and communication. However, individual experiences do not confirm the cost or suitability of a loan for another borrower.
When reading Fairstone reviews, look for recurring comments about:
- whether the loan terms were explained clearly
- whether applicants understood the APR and total repayment
- how quickly questions or concerns were addressed
- whether the application and verification process matched expectations
- how complaints or payment difficulties were handled
Online reviews should not replace your own assessment of the loan agreement. The interest rate, fees, payment schedule and total cost shown in your personal offer are more important than an individual review.
How to Apply for a Fairstone Loan
The Fairstone application process generally involves submitting an initial application, providing the required documents and completing the lender’s verification process.
- Submit an application. You can begin through Fairstone’s website or contact a branch.
- Provide your information. Fairstone may ask for details about your identity, income, housing costs, debts and employment.
- Review your available loan terms. If your application progresses, review the proposed loan amount, interest rate, APR, term, payment schedule and total borrowing cost.
- Complete verification. Additional documents or information may be required before a final lending decision is made.
- Accept or decline the offer. If approved, read the full loan agreement before accepting it. Funding time depends on approval, verification and completion of the agreement.
Submitting an application or receiving an initial quote does not guarantee final approval or same-day funding.
Tips to Improve Your Chances of Approval
Before applying with any lender, it is a good idea to improve the strength of your application where possible. Even small improvements can sometimes help you qualify for better terms or a more affordable payment structure.
- Review your credit report for errors before applying
- Reduce outstanding balances where possible
- Have proof of income ready and up to date
- Avoid making several applications in a very short period
- Know exactly how much you need to borrow rather than applying for more than necessary
If you are applying for a loan to combine debt, reading about how to qualify for a debt consolidation loan can help you prepare more effectively and compare offers with more confidence.
Secured vs Unsecured Loans
Neither secured nor unsecured borrowing is automatically better in every situation. The right choice depends on what you need, what you can comfortably repay, and how much risk you are willing to take on.
An unsecured loan may be more suitable if you want a simpler borrowing option without putting an asset at risk. This is often attractive to renters, non-homeowners, or borrowers who want predictable fixed payments without tying the loan to property.
A secured loan may be worth considering if you are a homeowner and you need a larger amount, a potentially lower rate, or a repayment plan that may be easier to manage month to month. However, because secured borrowing is backed by an asset, it should always be approached carefully.
If you want to compare the pros, risks, and approval differences in more detail, review our guide to secured vs unsecured loans in Canada. Homeowners comparing broader property-backed borrowing can also explore more secured loans in Canada before making a final decision.
Documents Required
To complete a Fairstone application, you may need to provide documents that verify your identity, employment, income and housing information. Depending on your application, this may include:
- Valid government-issued identification, such as a Canadian passport or driver’s licence
- Proof of employment and income, such as recent pay stubs, a T4 or a CPP statement
- Housing information, such as a lease agreement, rent receipt or mortgage statement
- Banking information if the approved funds will be deposited into your bank account
- Additional property or home-equity documents when applying for a secured loan
Fairstone may request additional information based on the loan type and your circumstances. Having clear, current documents available can help prevent avoidable delays, but it does not guarantee approval.
How Much Can You Borrow from Fairstone?
Fairstone currently advertises unsecured personal loans from $500 to $25,000 and secured personal loans from $5,000 to $60,000. Your available amount depends on the loan type, income, credit profile, existing financial obligations, affordability and, for secured borrowing, the equity available in your home.
Secured loans may provide access to larger amounts because they are backed by home equity. However, using your home as collateral increases the risk. If you fail to repay the loan, the lender may have the right to recover the amount owed through the secured property.
Loan limits and product availability can change, so confirm the amount, repayment term and total cost shown in your personalized offer before proceeding.
Interest Rates, APR and Total Cost of Borrowing
Fairstone currently advertises unsecured personal-loan rates starting from 29.99%, with a maximum APR of 39.99%. Rates may differ by province and borrower. Secured personal-loan interest rates currently range from 19.99% to 25.99%, with terms from 36 to 120 months.
Your actual APR may be higher than the stated interest rate because APR can include applicable administration, appraisal, title, solicitor or notary fees. The rate and APR offered to you depend on factors including your province or territory, credit report, financial position, loan amount, loan type and any services required to secure the loan.
You can learn more about APRs and the cost of borrowing from the Financial Consumer Agency of Canada (FCAC).
The amount you can borrow is only one part of the decision. Just as important is the total cost of the loan over time. Many borrowers focus heavily on the monthly payment, but a manageable-looking payment can still become expensive if the term is long or the rate is high.
When comparing Fairstone with other lenders, make sure you review:
- the interest rate or rate range
- the APR if provided
- the length of the loan term
- the total amount repaid by the end of the agreement
- whether any fees or optional extras apply
- whether you can repay early without additional cost
This is especially important when comparing consolidation loans in Canada, where the goal is usually to improve your financial position rather than simply move debt from one place to another. A lower payment can help with monthly cash flow, but it does not always mean the loan is cheaper overall.
Using Fairstone for Debt Consolidation
Debt consolidation is one of the main reasons Canadians consider Fairstone. Replacing multiple payments with one fixed installment can make budgeting easier and may reduce the stress of managing several due dates each month.
That said, a consolidation loan should only be taken if it truly improves your situation. The best debt consolidation loans reduce pressure in a sustainable way, whether through a lower rate, a clearer repayment plan, or a more manageable monthly commitment. If the rate is high or the term stretches too long, the new loan can end up costing more in the long run.
If you are weighing your broader options, it is worth reviewing debt relief and consolidation in Canada so you can compare loans with other possible solutions. This helps you decide whether taking a new loan is the right move or whether another path may suit your situation better.
Alternatives to Fairstone Loans
Fairstone is one option, but it should not be the only one you review. Borrowers with strong credit may find cheaper rates through banks or credit unions, while others may prefer digital application journeys offered through online personal loans in Canada.
Some of the main alternatives Canadians often compare include:
- traditional bank personal loans
- credit union installment loans
- other non-bank lenders
- secured borrowing options for homeowners
- loan comparison services that allow you to view multiple possible offers
The value of comparing options is not just about finding the lowest rate. It is also about finding the right balance between approval odds, speed, flexibility, and affordability.
How to Compare Fairstone With Other Lenders
If you are serious about making the best borrowing decision, compare each lender using the same checklist. This avoids being overly influenced by marketing claims or fast-approval promises.
- How much can you borrow?
- Is the loan secured or unsecured?
- What is the interest rate and total repayment cost?
- How long is the term?
- Are there fees or extra products attached?
- Can you repay early without penalty?
- Does the repayment fit comfortably into your monthly budget?
Whether you are looking at Fairstone or other personal loans in Canada, this kind of side-by-side comparison gives you a much clearer view of which loan is actually good value for your circumstances.
Responsible Borrowing Checklist
Before accepting any loan offer, take a moment to ask yourself these questions:
- Do I understand the full cost of this loan?
- Can I still afford the payments if another bill or emergency comes up?
- Am I borrowing for a genuine need rather than a short-term fix for a recurring budget problem?
- Have I compared at least a few realistic alternatives?
- Would borrowing less reduce my risk?
These questions may seem simple, but they can prevent costly decisions. A loan should support your financial stability, not weaken it.
Our Verdict: Is Fairstone a Good Option?
Fairstone may be a reasonable option for Canadians who need access to a structured personal loan and may not qualify for the most competitive bank offers. It can be useful for borrowers who need to consolidate debt, cover major or emergency expenses, or prefer branch-based support.
But it should almost never be the only lender you consider. The best approach is to compare Fairstone against other realistic options and choose the loan that gives you the best combination of approval likelihood, affordability, flexibility, and total value.
If you want to compare loan options rather than going straight to one lender, you can explore the FatCat Loans lender network to review offers that fit your situation.
Frequently Asked Questions
Is Fairstone a direct lender?
Yes. Fairstone is a direct lender rather than a loan comparison platform. It assesses applications, determines loan offers and provides funding directly to approved borrowers.
What types of loans does Fairstone offer?
Fairstone offers secured and unsecured personal loans. Unsecured loans do not require collateral, while secured loans are backed by an asset, usually the borrower’s home.
Can I get a Fairstone loan with bad credit?
Fairstone may consider borrowers with a range of credit profiles. Approval is not guaranteed, and the lending decision may depend on your income, credit history, existing debts, affordability and the type of loan you apply for.
How much can I borrow from Fairstone?
Fairstone currently advertises unsecured personal loans from $500 to $25,000 and secured personal loans from $5,000 to $60,000. The amount you qualify for depends on factors such as your income, credit profile, affordability and, for secured loans, available home equity. Product limits may change over time.
What interest rates does Fairstone charge?
Fairstone’s interest rates vary depending on the loan type, amount, term and the applicant’s financial profile. Before accepting an offer, review the Annual Percentage Rate (APR), fees, repayment schedule and total amount repayable over the full loan term.
Does Fairstone charge fees?
Fees and optional products may vary by loan agreement. Review the contract carefully for administration charges, optional insurance, NSF fees and any other costs included in the total cost of borrowing.
How quickly can I receive funds from Fairstone?
Funding times depend on the application, verification requirements and whether all required documents have been provided. Some approved borrowers may receive funds quickly, but same-day funding is not guaranteed.
What documents are required for a Fairstone loan?
You may be asked to provide government-issued identification, proof of income, banking information and proof of housing costs. Additional documents may be required depending on the loan type and your financial circumstances.
What is the difference between a secured and unsecured Fairstone loan?
A secured loan is backed by an asset, most commonly a home, and may allow access to a larger loan amount. An unsecured loan does not require collateral, but the rate and amount offered will depend on the applicant’s credit profile and affordability.
Can Fairstone loans be used for debt consolidation?
Yes. Some borrowers use Fairstone personal loans to combine multiple debts into one scheduled payment. Before consolidating, compare the new loan’s APR, term, fees and total borrowing cost to confirm that it improves your overall financial position.
Is Fairstone better than a bank?
That depends on your circumstances. A bank or credit union may offer lower rates to borrowers with strong credit, while Fairstone may be more accessible to some applicants who do not meet traditional bank lending criteria. Compare the full cost and terms of each option before deciding.
Editorial note: Loan availability, rates, approval criteria and terms may vary by borrower and province or territory. Always review the complete loan agreement before accepting an offer.
The FatCat Loans Editorial Team delivers clear, accurate, and unbiased guidance on loans, credit, and personal finance in Canada. Our writers follow strict editorial standards to ensure every article is trustworthy, well-researched, and easy to understand, helping readers make confident financial decisions.
