Reviews

This profile includes reviews for Fairstone's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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• 

  Fairstone

  Toronto, ON M5H 1J8

  
• 

  Fairstone Financial Inc.

  A 1080 Victoria St Prince George, BC V2L 2L2

  
• 

  Fairstone Financial Inc.

  1301 Bay Ave Trail, BC V1R 4A7

  
• 

  Fairstone Financial Inc.

  306 6339 200 St Langley, BC V2Y 1A2

  
• 

  Fairstone Financial Inc.

  3 4361 Kingsway Burnaby, BC V5H 1Z9

  

Review Details

• Review fromShaghayegh M

  Date: 06/02/2025

  1 star
  Terrible experience with Fairstone! Poor communication, misleading info, and **** customer service. They failed to withdraw my final payment, then charged me $619 in interest for their mistake. When I called to resolve it, I was given the runaround, incorrect numbers, and unhelpful responses. The representative refused to let me speak with his manager or senior manager, saying they are ‘not responsible to respond to customers.’ He even hung up on me, then called back later, but instead of clarifying the process, simply said, ‘It’s your right if you don’t want to pay.’ Thankfully, their own system recorded the calls. Absolutely unacceptable—***** ********* ** *** ******
  

  Fairstone

  Date: 24/02/2025

  **********, as we noted in response to your ********** review, there is no reason or excuse for the quality of service you describe here. We understand your frustrations and we apologize for the inconvenience that was caused. We remain available and committed to providing you the best possible service and resources to ensure your account is in good standing and you are happy with the details.
  Without account-specific information (which we will not access or use in public interactions), we cannot guarantee the information we provide here applies exactly to your account and situation, but we can do our best to provide clarification.
  With retail financing plans, payment notifications are not provided regularly because borrowers have the freedom to manage their accounts as they see fit. Specifically with plans like our No Pay/Same As Cash option, where interest accrues on the purchase amount and annual fees from the start of the promotional period, but minimum monthly payments are not required. If the balance is paid in full by the promotional period expiration date, accrued interest will not be charged on the purchase amount and annual fees. If the balance is not paid in full by the promotional period expiration date, all accrued interest will be charged at the annual interest rate shown in the account agreement. A notification is included on your monthly statement for a couple months leading up to the end of your promotional period. This notification appears at the top of your statement above the Next Plan Expiration Date stating: “Your Same as Cash Plan expires soon. Per your Agreement, for the Total Accrued Interest of $XX to be waived, pay $XXX by mm/dd/yy.”
  There is also a Same As Cash plan option with minimum payment requirements. This could also be the plan you have used. Here, interest accrues on the purchase amount and annual fees from the start of the promotional period, and minimum monthly payments of 3% and 5% (Quebec only) are required. If the required minimum monthly payments are not made when due and the balance is not paid in full by the promotional period expiration date, all accrued interest will be charged on the purchase amount and annual fees. In the case of this plan, the likely issue resulting in application of your back-billed interest is a failure to meet the Next Plan Expiration date.
  On every statement there are two noted dates; Next Plan Expiration Date and Minimum Payment Due Date. Assuming you only have one purchase plan, Next Plan Expiration Date is when your promotional plan expires. This is where the deadline for repayment of the balance in full is represented. If your balance is not $0 by this date, interest will be applied from the start of your plan.
  Minimum Payment Due date is the date each month that your required minimum payment is due. It’s vital to note that the Next Plan Expiration Date will eventually precede your next Minimum Payment Due date. So, if at the end of your promotional period your Next Plan Expiration Date is February 19th, but your regular Minimum Payment Due date has always been the 25th of the month, in the final month of your plan you must ensure your balance is $0 before the 19th – not the 25th – or the interest deferral will no longer apply.

• Review fromEmma R

  Date: 06/01/2025

  1 star
  I paid back the totality of my loan in less than six months, the first payment I made was up to 90% of the loan and I took three more months to pay the rest. I called to close the loan as I was instructed to do only to find that somehow I’ve accrued 1400 and some amount of interest and capital tax. Within three months. I contacted my agent today who spoke about insurance and all other sorts of things and when I asked if that was indeed what I was paying for he said no it’s interest + capital tax so I don’t want to hear about insurance. Fairstone ****. They definitely go out of their way to make it seem like everything is very straightforward, but in the end, there will always be hidden things - and they’ll mention that it’s in the contract but on the call where they provide you the loan ~ you don’t even have time to look over the terms and conditions for the insurance that you’re supposedly agreeing to and it does feel like they ***** you into agreeing to the insurance so that’s an additional complaint as well. I still wasn’t able to get the issue resolved despite having called for about two weeks now (I don’t even bother with email), and my local branch insists that they’re understaffed and they keep telling me to call back and wait and that they’ll contact me or to come in person. So I imagine that this won’t get resolved until I actually go in person and they said that at that point, they’ll explain everything to me there. I had already insisted the system had clearly made a mistake as even with daily interest applying to my loan there’s no way it could’ve accrued to over $1000. Now I have to go in and waste one of my only days off to go argue with a bank that can’t even be bothered to call back. And, just because someone works at a bank does not mean that they understand everything about finances as this employee was under informed and unaware of the daily simple interest. If i dont get this resolved I’ll be contacting OMBUDSMAN for sure.
  

  Fairstone

  Date: 27/02/2025

  Hello ****. Without knowing the details of your account, we're unable to address your concerns here. It sounds like there may have been payment issues at some point, but your Lending Specialist and/or our Care team would be able to assist with identifying any issues and resolving them. Please contact them as soon as possible: https://www.fairstone.ca/en/contact
  
  
  
  An important clarification we can offer is that there is no 'capital tax' applied to your loan. This is absolutely not what occurred, and we are sorry that any misinformation was communicated.
  
  
  
  We do go out of our way to make loan details as straightforward as possible. Resources like this article are available to everyone to ensure those seeking support can get it if they are unable to connect with a branch team or Care agent: https:*************************************************************. The contract is a vital document to understand and be familiar with. It is the source of truth for all loan details. Any cost associated with your loan is outlined in this contract so if or when questions arise, you and your Lending Specialist are referring to the same source for information.
  
  
  
  When your branch team requests an in-person meeting, it is generally because the topic is complex and will be most easily addressed in person to avoid further confusion.

• Review fromUmer R

  Date: 02/01/2025

  1 star
  They won’t stop sending me letters, I asked them 4 separate times over the course of 6 months
  

  Fairstone

  Date: 06/01/2025

  Hello ****. We absolutely will stop sending letters, we must simply ensure that the address details are accurate.
  
  
  
  It may seem silly, but if the address you provide is even slightly different from how it appears in our system (which is based on how it was provided and presented by those vendors we receive it from), your request could be unsuccessful. For example, the address we have on file is listed as 1-234 Street but you provide 234 St. Unit #1, the request would be ineffective.
  
  
  
  We understand your frustration and we apologize for the inconvenience this has caused. Unfortunately in order to be removed from the mailing list you must call 888 243 6639. Refer directly to the mail you have received when you make your request to ensure it will be successful.

  Umer R

  Date: 18/01/2025

  I gave you the address that is on the letter, you people are so inconsiderate and *********.

• Review fromMatthew C

  Date: 24/12/2024

  1 star
  Spam spam spam
  From the second I signed up I started getting mail to sign up for a loan....which I just did.
  I called in, emailed, called the "special" number a Fairstone rep gave me, going on 4 times now.
  They give me a time frame of 8 weeks for mail to stop every time and months later I am still getting spam at least once a month.
  Not to mention the calls from the branch trying to sell me a new loan. Asked to be left alone and they still call.
  

  Fairstone

  Date: 06/01/2025

  Hello *******. Based on your comments, it sounds like the most likely error here is a discrepancy between the address we have on file for you as a mailing address and the address used in requesting your removal from our mailing list. It could be a very minor discrepancy, but we can only input your request exactly as it is communicated. For example, if your address is **** * * *** ****** *** *** **** ****** ******** ***** ** ** **** ******* *** *** this could result in the unsuccessful request for removal. We apologize for the frustration of your previous request, but if you could ensure the information submitted is an absolutely exact match to what appears on the mail you received most recently, this may clarify things.

  
  

  For reference, we get mailing lists from a variety of list vendors. These vendors
  provide information found in the public domain, such as public telephone
  directories, as well as third-party information obtained through sources like
  online websites, companies that do surveys in shopping malls, contest entries,
  and retail partners. The address information we use is exactly what was provided to these vendors.

• Review fromSetareh S

  Date: 06/12/2024

  1 star
  ***** ************ ** * ******** *****
  They refuse to have any sort of written communication through mail/email because they know they will be held accountable for providing the customers with false information about their payments, promotions, and extra interest charges.
  * **** ** **** *** **** ***** **** * ******* ******* **** *********** **** **** * ***** ********** *** ******** *******  
  Terrible service, **** and ************** representatives and a complete waste of time.
  

  Fairstone

  Date: 23/12/2024

  Hello *******. Nothing about our organization is a ****, and every detail associated with a customer's account is outlined in written communication - the financing agreement and loan contract. The document is the source of truth for everyone in the lending equation, customer and lender alike. It is the document we refer to in service of our customers and their accounts and the document we encourage them to do the same with.

  
  

  Communications with your local branch are limited on purpose. That purpose is to protect your account security and privacy at all times. Certain functions are enabled through templates for customer convenience but this only applies to functions that would not jeopardize security. You are always able to email your branch and in circumstances where they are unable to respond via email they will call you to discuss your concerns or to schedule an in-branch meeting.

• Review fromHuang wei H

  Date: 15/11/2024

  1 star
  * ** ******* ** ******** **** * ********* regarding the loan agreement I signed today, November 15, 2024.
  1. Interest and Early Repayment: I was explicitly informed by your representative that the $6,000 loan could be repaid early and that the only interest incurred would be based on the annual rate (31%), prorated over the months the loan remains active. However, after reviewing the document, it appears this may not be accurate.
  2. Insurance Charges: I was assured multiple times that the insurance amount would not affect my loan. Yet, the loan agreement clearly states that $2,450 is allocated for insurance. I never consented to this insurance, and when I raised the issue before signing, I was reassured it would not impact the loan terms or my payments.
  3. Monthly Payment Discrepancy: I was told my monthly payment would be $200. However, the actual payment amount is $283, which I was told would “go toward paying the loan back earlier.” This explanation seems misleading.
  4. Cancellation Process: When I attempted to cancel the insurance immediately after signing the agreement, I was instructed to wait 30 days and was later sent a cancellation application that must be mailed to your head office. This process feels unnecessarily complicated and unprofessional, especially since I never agreed to the insurance in the first place.
  I am concerned that the information provided by your representative was misleading and may constitute ********* practices. I request immediate clarification regarding the following:
  • The accurate breakdown of my loan and monthly payment, excluding the insurance.
  • Confirmation that I can cancel the insurance immediately without penalty.
  • An explanation for the discrepancies between the information provided verbally and the terms outlined in the loan agreement.
  I expect a prompt response and resolution to this matter. If not addressed adequately, I may need to escalate this issue to regulatory authorities for further investigation.
  

  Fairstone

  Date: 19/11/2024

  Hello. As was provided in response to the same review via **********, the requested clarification.
  
  
  
  • The accurate breakdown of my loan and monthly payment, excluding the insurance.
  
  
  
  Your entire loan is outlined in your contract. The summary table on the top half of page 1 of the captures the following:
  
  
  
  -Amount paid to you
  
  -Amount paid to your creditors
  
  -Loan amount
  
  -Other products purchased
  
  -Lien search and recording fees
  
  -Total amount financed
  
  -Annual interest rate
  
  -Term of the loan
  
  -Annual percentage rate
  
  -Total of payments including interest
  
  -Cost of credit
  
  
  
  Optional Products, including insurance, are outlined on page 2:
  
  
  
  -Loan payment with insurance
  
  -Loan payment without insurance
  
  
  
  If the Borrower Signature and Date sections here are blank, you did not opt in for insurance coverage. If you signature does appear, you opted in to insurance coverage and all summaries outlined above will be representative of the inclusion of that.
  
  
  
  More info: h******************************************************************
  
  
  
  • Confirmation that I can cancel the insurance immediately without penalty.
  
  
  
  As the Optional Products terms state:
  
  
  
  “You may cancel any or all the optional insurance products you have purchased at any time…If the insurance coverage(s) that you purchased should terminate for any reason, you authorize the insurance company to deliver any applicable premium refund to us to be applied to the balance of your loan. This repayment won’t reduce the re-payment amount but may reduce the number of payments required to fully pay off the loan.”
  
  
  
  To cancel insurance, you must contact your local branch. You may cancel insurance at any time during your loan term but you cannot add insurance back at a later date.
  
  
  
  For unsecured personal loans, if you cancel insurance within 30 days of obtaining your loan, the full cost of the premium will be refunded to you as an account credit. Should you cancel after 30 days, you will receive a credit for the unearned portion of the premium.
  
  
  
  More info: https://www.fairstone.ca/en/getting-started/loan-insurance-solutions
  
  
  
  • An explanation for the discrepancies between the information provided verbally and the terms outlined in the loan agreement.
  
  
  
  Item #1: What your Lending Specialist outlined is accurate. With unsecured personal loans, you can pay off the balance at any time. Doing so will end your loan term and as a result, reduce your borrowing costs because our interest is calculated with Daily Simple Interest. It is calculated every day based on your outstanding balance. From the date of your last payment to the date of your next payment, interest builds. After your next payment, when your balance goes down, interest is calculated on the lower balance. With daily simple interest, interest is only charged on the amount you owe each day. In other words, the more payments you make throughout the term of your loan the lesser interest you will be paying and the majority of those said payments will be going on your principal.
  
  
  
  Item #2: There is always a cost to insurance coverage. As the contract outlines, and you note recognizing, the cost is outlined ahead of the loan offer being finalized. As an optional product, insurance must be signed for by you before it can be applied.
  
  
  
  Item #3: Without more detail it’s difficult to provide accurate clarification but based on other details this may have been an accounting of your payments before and after applying insurance coverage. The terms in your contract are the terms you will be held accountable to.
  
  
  
  Item #4: If your loan has been funded – if you/your creditors have received any funds – you are required to complete the cancellation paperwork and submit it. If your loan has not been funded, your branch may be able to void the entire contract and start over, excluding insurance.

• Review fromAbi D

  Date: 13/11/2024

  1 star
  Loan paid off in full.
  However, they continue to report to both Canadian credit ****** that there is a large outstanding balance. I've made several phone calls and provided proof, but to no avail they have not yet update their reporting to the credit unions. This has greatly impacted me negatively. * **** ** **** *** ******* ** *******. *** business practices, unfair treatment. Seeking options to bring legal actions against them.
  Will never use or recommend.
  

  Fairstone

  Date: 19/11/2024

  Hello ***. We're happy to provide some clarification here.

  
  

  Reporting to the credit bureaus is not completed on a daily basis. Nor are updates by the credit bureaus. So the fact that your report doesn't reflect the current status of your account may not be a matter of incomplete or incorrect reporting at all, but a result of processing times. It typically takes 30-45 days for credit bureaus to update their records. If you paid off your loan within this window, please allow more time for the credit bureaus to update your report.

  
  

  If you paid off your loan more than 60 days ago, there may be something more we can do and we're happy to look into it for you. Please call *** *** **** and provide your account details so our agents can investigate further.

• Review fromElizabeth B

  Date: 12/11/2024

  1 star
  ***** **** ******* ** **** **** **** ** **** *** ****** * ***** ******* ******** ** ****** **** *** ********* **** ********* *** ** ** ********** ***** ********* ****** *** ** ********** ** ***** ** * *********** ******* **** ** ******* ****** **** *** ***** ******* ***** *** ***** *** *** **** ******** **** ******* My credit rating was good UNTIL Fairstone logged TWELVE HARD INQUIRIES on my account with ******* WITHIN A TEN-MONTH PERIOD !! On TWO occasions, inquiries were made TWICE on the SAME DAY. This incompetent and very stupid error on Fairstone's part cost me my credit rating and, on applying for a mortgage on my property, I was advised that my credit rating was too poor for anyone to assist me. This was reported to **** Fairstone *** *** and, to date, NOTHING has been done to rectify the matter.
  **** ******** **** ***** **

• Review fromAlan D

  Date: 07/11/2024

  1 star
  DO NOT DEAL WITH OTTAWA BRANCH - WILL SAY ANYTHING TO GET YOU TO MAKE A PAYMENT
  Several months ago I lost my job. WAS MAKING REGUAR PAYMENTS yet still couldn't catch up. I was behind (LESS THAN $500 AT THE TIME). Sunday afternoon guy called me asking when I was going to make a payment. Told him Thursday. JUST STARTED A NEW JOB. I would make a payment of $300.00. He told me if I made a payment of $348.00 I WOULD BE ALL CAUGHT UP. I REPEATED THREE TIMES. One payment of $348.00 and then I was caught up and could resume REGULAR PAYMENTS USING A PAD. He said YES. I made the payment. Two days later I received an email saying I owed $600.00. I called back. SAME GUY IMMEDIATELY DENIED EVER SAYING THAT telling me the $348.00 was only to get me caught up for that week. I argued back and fourth getting nowhere. Finally, a branch manager named ***** contacted me. I told her that I would TRY to make 4 or 5 regular payments EVERY 2 WEEKS for $200.00...then once caught up, would go back to regular payments. She was ************* and had attitude saying I was **** to her staff. YES I WAS **** BECAUSE THEY **** TO ME THEN DENIED IT. I suggested to simple take the past due balance owed and add it to my existing loan and start FRESH. I DID NOT REQUEST MORE FUNDS. I even consulted **** to inquire about filing for bankruptcy. Head Office in Toronto. The ONLY NUMBER they have leads you in circles giving ONLY ONE option and that is to connect with your branch.. Fairstone represents about 30% of MY TOTAL DEBTS. The last thing I want to do is file for bankruptcy, however they will be SEIZING MY SALARY SOON so I am left WITH NO CHOICE TO FILE FOR BANKRUTPCY. ***** ** ******** THE FACT THAT I DON'T EVEN GET ACKNOWLEDGE IS BAD ENOUGH. When it comes time to have the creditors meeting, I will be prepared with my proof that I made EVERY ATTEMPT HUMANLY POSSIBLE AND THEY IGNORED ME...so they will be out NEARLY $10,000. MY CREDIT RATING ALREADY SUFFERED, SO I HAVE NOTHING TO LOOSE.
  

  Fairstone

  Date: 12/11/2024

  Hello again, ****. Adjustments to loan terms will not be finalized via email. Branch teams are restricted to certain communications via email for privacy and security reasons. This is why your branch team has correctly requested to arrange a phone call repeatedly. You can also visit the branch for support, but these conversations cannot be facilitated via email. That is our process and your Branch Manager is correct to abide by it.

  
  

  
  If you are unable or unwilling to have account-related conversations through available channels, we simply cannot provide further assistance.
  

  
  

  
  Based on your comments, it appears there was confusion in communication regarding your outstanding balance. Our interest is calculated with Daily Simple Interest. Daily simple interest is calculated every day based on your outstanding balance. From the date of your last payment to the date of your next payment, interest builds. After your next payment, when your balance goes down, interest is calculated on the lower balance. With daily simple interest, interest is only charged on the amount you owe each day. In other words, the more payments you make throughout the term of your loan the lesser interest you will be paying and the majority of those said payments will be going on your principal. This means that your balance today is different from your balance tomorrow and every other day. The timing and frequency of your payment quickly influences the balance. There must have been a misunderstanding between you and the branch team member about the timing of the figure you were seeking (today's balance vs. next week's balance). We apologize for this confusion.

  Alan D

  Date: 14/11/2024

  I adamantly REJECT your response. To begin, it is appalling that you reply to the BBB and ***** ***** review within 48 hours, yet IGNORED all 6 of my emails. This is the FIRST time that I am aware that loan negotiations cannot be conducted via email. Why did you not reply to my SIX emails advising me of this.? After the **** your office told me, why would I want to have a verbal call? I would insist on having everything in writing. The fact that you state in your reply that I refused to contact your branch is a DOWN RIGHT ***. ***** left me ONE message and I replied within 30 minutes. All I got was silence. Furthermore, I did NOT misunderstand when YOUR so called expert advised me that making a $348.00 payment would bring me up to date. Again I state uncategorical, I asked him THREE times that once I made the $348.00 I would be 100% up to date and I could continue with bi - weekly payments and he said YES. He was on speaker and I have a witness. Why would he say I could continue with REGULAR bi-weekly payments if HE KNEW I STILL HAD AN OUTSTANDING BALANCE? Again, another method ONLY to get a customer to make a payment.
  I have filed a complaint with Fairstone Bank of Canada Commissioner of Complaints ** ***** ** ******* ** *** **** * **** *** ******** **** *** ****** *** ********* ********* **** **** ********* ****** ** ** *** ****. Had anyone from Headquarters reached out to me, this issue may have been resolved. My issue is with the manager, ***** *** ************* Branch Manager Nepean ****** UPDATE November 14, 2024. Reached out again to *****. STILL NO REPLY.

• Review fromJeffrey M

  Date: 22/10/2024

  1 star
  Fairstone sent me a letter saying they had a $3000 loan earmarked for me. They did not. It was just a loan solicitation disguised as an offer for an existing customer. This is just loan solicitation. I was sent to the same portal as all other loan applicants. It’s ********** and wrong.
  

  Fairstone

  Date: 30/10/2024

  Hello *******. We send two types of letters: pre-selections and guaranteed loan offers. The language of each of these pieces is accurate to their function. Pre-selections are just that, invitations to apply sent to those who are 'pre-selected' based upon publicly available information we've accessed that we feel suggests our services may be relevant to you. Because we only have access to public information (not details like your credit score, payment history, etc.), we do not provide any sort of guarantee that a loan is available to you because there may not be.

  
  

  A guaranteed loan offer is just that, a guaranteed offer. These offers are sent to those individuals we know enough about through public and private information to determine that an offer can be confidently provided.

  Jeffrey M

  Date: 01/11/2024

  Hey Fairstone, I met with Michael today, and he was really helpful, and he went well out of his way to get me a loan. I think my clash with him last week was mostly my fault. I apologized to him and his supervisor. Thank you!