Fairstone Secured Personal Loans

Fairstone’s Secured Loans provide homeowners in Canada with access to larger loan amounts at lower interest rates, using their home equity as collateral.

Fairstone

Overview of the Fairstone Secured Personal Loans program:

Fairstone’s Secured Loans are designed for Canadian homeowners looking to borrow between $5,000 and $60,000 (or more, depending on qualifications) by leveraging the equity in their home. These loans allow borrowers to consolidate debt, finance renovations, cover emergency expenses, or support other large purchases. By offering collateral in the form of home equity, borrowers receive lower interest rates and longer repayment terms than those typically available through unsecured personal loans. Loan terms range from 36 to 120 months, and borrowers can choose weekly, bi-weekly, or monthly payments. The loan is secured by placing a lien against the borrower’s home. Fairstone emphasizes quick approval, with many decisions delivered within one business day. Borrowers also benefit from fixed interest rates, meaning their payments remain the same for the duration of the loan, and the ability to pay off the loan early with no penalty. The loan is ideal for individuals with strong home equity who need affordable, long-term financing without refinancing their mortgage.

Benefits of the Fairstone Secured Personal Loans program:

Lower interest rates than unsecured loans due to collateral
Higher borrowing limitsideal for large expenses
Flexible repayment options (terms up to 120 months)
Fixed payments throughout the loan term
No prepayment penalties for early repayment
Fast approvals, often within 24 hours
Accessible to homeowners with fair to good credit scores
Option to add loan protection insurance

Eligibility criteria of the Fairstone Secured Personal Loans program:

Eligible Applicants:
Must be a Canadian homeowner (own property in their name)
Must be at least 18 years old
Must have sufficient home equity
Must provide:
- Proof of identity and homeownership
- Proof of income/employment
- Consent for credit check
Applicants with past credit challenges may still qualify, depending on debt levels and equity
Eligible Properties:
Primary residences (houses, townhomes)
Some restrictions may apply to mobile homes or condos