The Fairstone unsecured loan lets you borrow between $500 and $25,000 without putting up a car, a home or any other collateral. Fairstone has been lending in Canada for a century and still runs branches in every province, which helps when you want someone to walk you through the contract.
Why we recommend the Fairstone unsecured loan
It is a plain instalment loan: a fixed amount, a fixed payment and an end date, with terms from 6 to 60 months. Annual rates range from 29.99% to 34.99%, depending on province and credit profile, and there is no application fee and no prepayment penalty.
An online quote takes minutes and has no impact on your credit score. You answer a few questions and receive a personalized estimate; only if you proceed does Fairstone run a full check. Funds can be available as soon as the same day.
Pricing is unusually transparent for this segment, with the rate band, term limits and a representative example printed on the page. Paperwork is standard: government-issued photo ID, proof of income such as pay stubs, a benefit statement or tax documents if you are self-employed, and a utility bill or lease if your address differs from your ID. Payments are reported to the credit bureaus, and optional loan protection insurance is offered.
Author’s opinion
For someone with fair credit who has been turned down by a bank and needs a fixed sum quickly, this is a legitimate, regulated alternative to payday products, with a far longer term and a lower cost.
It is still expensive. Fairstone’s example shows a $10,000 loan over 60 months at 34.99% costing $354.84 a month, about $11,290 in interest, more than doubling what you borrowed. Pick the shortest term you can handle and keep money in the account on payment dates, since a returned payment brings a $45 NSF charge.
Homeowners should ask about the secured option first, and anyone with a score above roughly 660 should get a bank or credit union quote before accepting a rate near 30%.
I want to learn more about the Fairstone unsecured loan!
Requirements, the full pricing, the documents Fairstone asks for and the link to the official page are on the next page. Tap the button below.
