Regardless of how financially sound your life is at the moment, there are times you’ll find yourself in a situation that requires immediate financial relief. Anyone is at risk of having to deal with a devastating accident, a medical emergency, property damage, or expensive car repairs. Unfortunately, many of us simply aren’t prepared for big emergencies like these.
This is where alternative lenders like Fairstone come in. If you’re a Canadian citizen and you need quick personal loans to help meet an unexpected expense, then Fairstone Financial may be able to provide you with the assistance you need. Read on to learn more about the types of loans that Fairstone Financial offers, the qualifications that you need to meet, and the pros and cons of their lending services.

About Fairstone Financial’s services
Launched in 1923, Fairstone has grown to become one of the leading companies in Canada when it comes to personal loans. Currently, they have more than 1000 knowledgeable loan specialists spread across more than 235 branches.
Fairstone tends to cater to borrowers who cannot get a loan from conventional financial lenders and big banks. Fairstone Financial Inc. offers both secured and unsecured personal loans, making the company an appealing option for borrowers who cannot get loans from traditional lenders. Their loans range from $500 to $35,000 with a repayment period of 6 to 120 months.
Fairstone personal loans
Fairstone offers two types of loans: secured and unsecured personal loans. Let’s look into each loan product in more detail.
Secured loans
As you may expect, secured loans are usually backed by collateral. The collateral may be a car, home, or any other asset that’s under your name. In case you fail to pay back the loan, the lender will dispose of those assets and repay themselves with the proceeds.
In Fairstone’s case, secured loans are backed by the borrower’s home. If you’re using your home equity as an asset to secure your loan from Fairstone, the maximum amount that you can borrow is $35,000. All secured loans come with an interest rate of approximately 19.99% to 39.99%, with a repayment of 36 to 120 months. The repayment options are bi-weekly, semi-monthly, or monthly.
To qualify for this loan, you must be a resident of Canada and have attained the age of majority in your province. You will also be required to provide a government-issued ID, mortgage or rent verification, and proof of income. Once you have been approved for this loan, it will be available in your bank account within 24 hours.
Unsecured loans
Unlike secured personal loans, you don’t need any form of collateral to get unsecured loans. Therefore, even if you are unable to pay back the loan, the lender cannot dispose of your assets. The drawback? Unsecured personal loans will always come with higher interest rates and shorter repayment periods. You also won’t be able to borrow amounts as big as what you can borrow if you put your home up as collateral.
With Fairstone, unsecured loans can go up to $20,000 at interest rates between 26.99% to 39.99%. The loan should be repaid within a period of 6 to 60 months. Just like secured loans, you must be a resident of Canada and have attained the age of majority in your province to qualify. You will also be required to provide a government-issued ID and proof of income. Proof of homeownership is not required for unsecured personal loans.
Fairstone pros
One of the main benefits of choosing Fairstone Financial for personal loans in Canada is its fast approval process. Their entire pre-approval process is done online, which means you’ll know within no time whether you qualify for their loans or not. You’ll also be swiftly provided information regarding your loan limit and interest rate.
If you qualify for a loan, you will be directed to speak with one of their loan specialists to help you iron out the best loan for your needs. After that, you’ll need to verify your information at one of their branches or online, and they will start processing your application right away. If your application is approved, you will have the money in your bank in 24 hours or less.
Another upside of choosing Fairstone Financial for non-conventional loans is that their interest rates are much lower compared to many of their competitors. You can check out Rate Genie to check how their rates compare with other service providers. Also, their loans are flexible and customizable according to your financial standing.
Fairstone cons
The only downside to Fairstone Financial loans is that you may need to jump through a bunch of extra hoops to apply for a secured loan. Also, Fairstone typically charges extra fees to process secured loan applications. For instance, you will be charged extra fees for title evaluation, home valuation, as well as administration fees. 
Conclusion
Fairstone Financial has established itself as a reliable lender especially for people who need secured and unsecured loans. If you’re in a situation that necessitates you to get emergency funding, then Fairstone Financial is a great option. They offer fast and flexible loans which can be customized to align with your situation.