Fairstone Frequently
Asked Questions (FAQ)

From applying for your first loan to managing
your account online and more, find answers to
frequently asked questions about Fairstone


Products and services



What is a personal loan?

personal loan is an installment loan that is repaid over a scheduled period of time through monthly payments. These monthly payments are fixed amounts and are applied to the loan balance over the scheduled period of time, or the term. At the end of the term, the loan will be paid off.


What’s the difference between an unsecured personal loan and a secured personal loan?

If you are a homeowner, you can choose to secure your loan with the equity in your home and receive a lower interest rate than on an unsecured personal loan or a credit card. Borrow up to $35,000 with a secured personal loan, to a maximum of 100% of the value of your home. Unsecured personal loans require no collateral to borrow.


What is the interest rate on a loan from Fairstone?

Interest rates vary based on your credit score and payment history. Our rates start at 19.99% for secured personal loans, and 27.99% for unsecured personal loans.


Will the personal loan interest rate and payment amount always stay the same throughout the life of the loan?

Every personal loan from Fairstone has fixed rates, which means your rate and payment will not change for the entire term of your loan. However, if you have an adjustment of terms to your loan, your monthly scheduled payments, rate and term may change.


Are there any fees?

Fairstone does not charge any administration fees on personal loans. On a secured personal loan, fees may apply and vary by province/territory. Fees may include a home valuation, title examination and insurance fees, administration fees and other applicable fees.


Can I pay off my personal loan early? Will I incur charges for paying off early?

You can pay off your unsecured personal loan at any time without a pre-payment penalty or extra charge. On a personal loan for homeowners, prepayment fees may apply and vary by province/territory.


I received a Fairstone “Loan Card” in the mail. What do I do with it?

Your Loan Card can be removed from the top of the letter and brought into your local Fairstone branch. Find your branch here.


I received a Fairstone “Loan Certificate” or “Loan Notice” in the mail. What do I do with it?

Your Loan Certificate or Loan Notice tells you how much you may qualify for borrowing. Detach your Certificate or Notice from the body of the letter and bring it in to your local branch. Find your branch here.