Fairstone is a financial institution that provides different kinds of loans to Canadians. If you are interested in getting a loan from Fairstone, it is important to know their basic requirements and qualifications for these loans. Hence, this article is designed to keep you informed on the basic requirements you need to access a loan from Fairstone. Let’s go through it together.
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Fairstone Loans Overview
Fairstone offers different kinds of loans like personal loans, secured personal loans, home equity loans, etc. Personal loans can be used for different purposes, like debt consolidation, home improvements, or unexpected expenses. However, to get a secured personal loan from Fairstone, you will be expected to provide collateral. The collateral can be a car or a savings account. Meanwhile, home equity loans are loans that use your home’s worth as collateral.
Meanwhile, the loan amounts, interest rates, and repayment terms for a Fairstone loan may vary depending on the type of loan you choose, your credit score, and your income. Additionally, Fairstone also offers loan protection insurance, which is a scheme that can help you repay your loan if you become disabled or lose your job.
Fairstone Loan Requirements
To be eligible to access a Fairstone loan, there are eligibility requirements that an applicant must meet. Some of the criteria are outlined below:
1.Age
Before a Canadian resident can access a Fairstone loan, the citizen must be at least 18 years old. This means that if you’re not 18 years of age or older, you won’t be eligible for a Fairstone loan. In the simplest terms, a Fairstone loan is only for adults.
2. Credit Score
Credit score is one of the major criteria that Fairstone takes into consideration when reviewing your loan application. Although Fairstone doesn’t have a specific credit score as a benchmark for loan approval,. But there are greater chances of getting your loan approved if your credit score is high, though this is not a must since there are scenarios where you may still have a good credit score and your loan request will be declined. However, it is best to have a good credit score since it can also help you qualify for a loan with a lower interest rate.
3. Income Or Financial Status
As it is with other financial institutions where your income source will be checked before your loan request can be approved, the same thing is applicable to Fairstone. Hence, to qualify for a Fairstone loan, you’re expected to have a steady income source. This income source can come from employment, self-employment, government benefits or any other source, but the source must be steady.
4. Residence
A Fairstone loan is only available to Canadian residents. This simply means that if you’re not a resident of Canada, you are not eligible for a Fairstone loan.
5. Debt-To-Income Ratio
Fairstone will look at your debt-to-income ratio when considering your loan application. This ratio compares your monthly debt payments to your monthly income. If your debt-to-income ratio is too high, you may not be approved for a loan.
6. Collateral.
If you are applying for a Fairstone-secured personal loan or a home equity loan, you will be required to provide collateral. This collateral can be in the form of a car, a savings account, or home equity. But if you’re applying for an unsecured loan, there may not be a need for collateral
Applying For A Fairstone Loan
If you meet the above requirements, you can apply for a loan from Fairstone. There are different means that you can use to apply for the loan, such as online, by phone, or by visiting any Fairstone outlet nearest to you. The amazing thing is that the application process is simple and straightforward, and you can get a decision on your loan application within hours.
However, to apply for a loan from Fairstone, you will need to provide personal and financial information, such as your name, address, income, and employment history. You will also need to provide information about the loan amount you are requesting and the purpose of the loan.
Once you have submitted your application, Fairstone will review your information and determine whether you are eligible or not. If you’re eligible, your loan will be approved, and you will receive the loan amount you applied for, which you can use for your intended purpose.
Conclusion
Fairstone is a popular financial institution that offers a variety of loan options to Canadians. To qualify for a loan from Fairstone, you must meet certain requirements, such as having a steady income and being a Canadian resident. By understanding these requirements and applying for a loan that suits your needs, you can obtain the funds you need to achieve your financial goals. If you’re considering a loan from Fairstone, it’s important to do your research and compare rates and terms with other lenders to ensure you’re getting the best deal possible.
