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How to apply for a personal loan

Applying for a loan might seem like a complex process, but we’ve broken it down into 6 simple steps. Keep reading to learn what you’ll need to do before getting your Fairstone loan.

How to apply for a personal loan at Fairstone in 6 steps:

Step 1: Start with an online loan quote

You can start your application online by getting a loan quote. We’ll ask a few simple questions to find the right loan product for you (this will only take a few minutes). Then, you can find out how much money you could qualify for and what your payments might be. You’ll also receive a confirmation email with details about your loan quote.

Don’t worry – there’s no obligation to take out the loan. And, since we use a “soft” credit check during your loan quote, it won’t impact your credit score. Fairstone representatives are available through Live Chat during business hours (Eastern Standard Time) to help answer any questions.

Step 2: Speak with a Lending Specialist over the phone

If you’re happy with your loan quote, a Lending Specialist will be in touch over the phone to discuss your loan options. If you choose to proceed, you’ll be invited to complete your application in-branch. There are over 235+ Fairstone branches coast to coast, so there’s likely one near you.

Online loans are available in select locations. If you’re eligible, you’ll have the option to either continue online or in branch. When you choose to continue online, a Lending Specialist will give you a call to walk you through the application process and answer any questions you have.

Step 3: Decide if you want a secured or an unsecured loan

Are you a homeowner? You’ll have the option of choosing to secure your loan with the value of your home. By doing this, you can borrow more money, access lower interest rates and benefit from more affordable payments. There is a little bit more paperwork required for a secured loan, so the application will take a bit longer. If you need quicker access to money, or don’t own a home, an unsecured loan is still a great option. You can borrow up to $20,000 with an unsecured loan, and could have your money the same day you apply.

Still need help deciding which type of loan is right for you? Read this article for a more in-depth look at the difference between a secured and unsecured loan.

Step 4: Collect the documents needed to finalize your loan application

In order to finalize your loan application, we’ll need a few documents to verify some details. You likely have most of these documents readily available:  

  • Primary ID and secondary ID
  • Proof of income
  • Housing or mortgage information

Check out our infographic for some examples of the above documents. Having all the proper documentation before you visit your branch will make the application process smoother and get you quicker access to your loan.

Step 5: Finalize the application in-branch and deposit your money

Once you have all the documents you need, you’re ready to finalize your application in branch. Your Lending Specialist can help customize your loan details to meet your needs. You’ll discuss the following:

  • Payment options: At Fairstone, you can choose biweekly, semi-monthly or monthly payments. Read this article about our payments options to find out which one is best for you.
  • Automated payments: We recommend setting up automated payments since you won’t have to worry about forgetting your payment deadline. You can set up automated payments to come out of your account on a day that’s convenient for you. Another tip? Align automated payments with your payday.
  • Loan term: A longer loan term lends itself to more affordable payments, but you’ll pay more interest over the course of your loan. On the other hand, a shorter loan term will make your payments higher, but you’ll pay less interest over time.
  • Loan insurance: Loan insurance can help cover some or all of your loan payments in the event of an unexpected job loss, disability or illness. Learn more about Fairstone’s loan insurance options to find out if it’s right for you.

After you and your Lending Specialist finalize the loan details, your Lending Specialist will give you a folder and loan documents that summarize everything you need to know about your new loan.

Step 6: Stay in touch

After you get your loan, stay in touch with your Lending Specialist. If you anticipate a late or missed payment, your Lending Specialist can offer tools and solutions to help you stay on track with your repayment schedule and to protect your credit rating. Read this article to learn more about managing late or missed payments.

Plus: want to get loan management tips delivered straight to your inbox? Ask your Lending Specialist to sign you up for our customer newsletter. And since you’re already here, stay up to date with our blog – it’s packed with loan tips, budgeting tips and other helpful financial resources.

Lastly, don’t forget to register for Online Account Management. View your loan balance, make payments and edit your account details anywhere, anytime.

Now that you have a better understanding of what to expect during the loan application process, you’re ready to get started.