We make applying for a loan quick, simple and secure
It can be difficult to know where to turn when you need to borrow money. Our knowledgeable Lending Specialists are dedicated to helping you find the loan that suits your needs, budget and lifestyle.
We’ll make sure to review every aspect of your loan documents with you in detail, so you leave your branch understanding your loan and feeling confident and secure in your decision.
How do installment loans work?
Installment loans are typically paid back at a fixed interest rate and fixed term. That means for the duration of the loan, your interest rate will not increase. And, as long as payments are made on time, the loan will be paid off at the end of the term. On the other hand, a line of credit typically has a variable interest rate, and there is no term – the loan is always open until you close the line of credit.
How do installment loans affect credit?
Similar to other types of loans, making regular, on-time payments on your installment loan will reflect positively on your credit, whereas late or missed payments will negatively affect your credit. Lenders like to see that you can proactively manage different types of credit, so having a mix of credit cards and installment loans (like a personal loan or car loan) can actually be a positive thing for your credit.
In Ontario, Fairstone Financial Inc. is licenced as mortgage brokerage 10821.
Refer a friend and get $100
Earn rewards simply by spreading the word about Fairstone. For each friend or family member you refer who takes out an unsecured personal loan, you’ll earn $100.* Just call or visit your local branch to get your unique referral number and start sharing it with interested friends and family. Talk to your Lending Specialist to learn more.CONTACT YOUR BRANCH