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Use our loan payment calculator to understand your loan payment options

Affordable payments are a key priority when it comes to deciding whether or not a personal loan is the right fit. A good loan solution is designed with payments that can work within your budget, so you feel comfortable knowing you’ll be able to pay off your loan and stay in control of your finances.

All Fairstone loans offer three loan payment options — monthly, semi-monthly and bi-weekly payments — so you can choose the option that matches their budget, pay schedule and financial priorities.

How does payment frequency impact loans?

Your choice of monthly, semi-monthly or bi-weekly payments will impact:

  • How regularly you make loan payments
  • How much you pay each time you make a payment
  • How long it takes to pay back your loan, and
  • How much interest you pay on your loan balance overall
Increasing your payment frequency is one of the easiest ways to pay off your loan faster and stay in control of your loan."

Because Fairstone loans use daily simple interest, the more often you make loan payments the less interest you’ll pay on your loan in the long run. That’s because when you reduce the amount of time between your payments, you’re also reducing the time interest has to build up, or accrue, so more of your payment amount will go to the actual balance, or principle, of your loan.

Increasing your payment frequency is one of the easiest ways to pay off your loan faster and stay in control of your loan, but it’s important to ensure the payment schedule you select fits in your budget and matches your pay schedule.

Watch our payment options at work:

We used our loan payment calculator to understand the impact of loan payment frequencies on an estimated loan payment.

Monthly payments Semi-monthly payments Bi-weekly payments

Loan amount: $4,000
Payments: Monthly
Province: Quebec
Secured: No
Borrowing history: Good
Loan term: 36 months

Loan amount: $4,000
Payments: Monthly
Province: Quebec
Secured: No
Borrowing history: Good
Loan term: 36 months

Loan amount: $4,000
Payments: Monthly
Province: Quebec
Secured: No
Borrowing history: Good
Loan term: 36 months

Payment: $183* Payment: $91* Payment: $84*


Try our loan payment calculator for yourself to find out which payment cycle is the right fit for you.

Payment options explained

Option 1: Monthly payments

By choosing this option you'll make loan payments once a month, on the same day every month, until your loan is paid off. Monthly payments are a simple, affordable option that works best if you prefer a standard payment date. It may also be the right option if you’re paid once per month, so you can line your loan repayments up with your pay cycle.

Option 2: Semi-monthly payments

Choosing semi-monthly payments means you’ll pay twice a month, and make 24 payments per year. This option is ideal if you’d like to split your monthly payment into two smaller amounts, and could be best if you’re paid more than once a month.

Option 3: Bi-weekly payments

Bi-weekly payments are slightly different than semi-monthly payments; rather than paying twice a month, by choosing this option you’ll make loan payments every other week. That means you’ll make 26 payments a year rather than 24. Bi-weekly payments are the best option if you’d prefer to make smaller, more frequent payments, have a steady bank balance and/or are paid more than once a month.

Our Lending Specialists can work with you one-on-one to design a loan solution that meets your needs and fits your budget. Visit or call your branch today or apply online and find out if a personal loan is right for you.


*Our personal loan payment calculator provides an estimated loan payment only. For more accurate results please call or visit one of our local branches today.

This article is for informational purposes only. For personalized financial advice, you should contact a qualified financial advisor.