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.

  4 2601 Highway 6 Vernon, BC V1T 5G4

  
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  Fairstone Financial

  20-1100 Princess Royal Ave Nanaimo, BC V9S 5R5

  

Review Details

• Review fromSwathi V

  Date: 05/07/2024

  1 star
  ** ***** ** *** ****** ***** **** * *** **** ** ** ********** **** *** *** ********* I purchased a washer and dryer and took a financial plan from Fairstone. The plan was zero percent interest for up to 12 months. They gave 2 dates on monthly statements they mentioned that the top payment due date was 8th Mar. In the same statement, they mentioned the plan end date as 03rd March. Every month monthly statements were generated on the 8th and I remembered that date and paid my complete payment on the 7th. On March month also similarly I made a complete payment on the 7th and they charged me interest for the complete year saying there was a 4 4-day delay and the plan ended on the 3rd of March. They confuse us by giving 2 dates and this is the big trick they play with us. *** ******** ******* ****** *** ***** **** **** **** **** ****** **** *** They don't know how to talk with customers. ****** ***** *** ******* **** ** ***** ******** *** ***** **** *****
  

  Fairstone

  Date: 08/07/2024

  Hello Balaswathi. We are not 'cheaters' and we do not cheat our customers out of anything. The confusion here is regarding the details on your monthly statement and the difference between the Plan Expiration Date and Minimum Payment Due date.In 2023 we updated retail statements for the No Pay Same As Cash plan to include clarifying details. When a plan is nearing expiration - with two months remaining in the promotional plan - the statement is updated to note that "Your Same as Cash Plan expires soon. Per your Agreement, for the Total Accrued Interest of $__.__ to be waived, pay $___.__ by MM/DD/YY" (the Plan Expiration Date noted below).As you note, this payment was not made by the date listed here, meaning the interest is not waived and it is now applicable to the account, having accrued since the day you initiated the plan. There is no 'trick' here and if there are ever issues interpreting the statement, we are more than happy to assist and provide clarification. Rudeness is not how we want our customer service to be characterized and we apologize for the experience that led to you feeling this way. It is unacceptable and your feedback will be referred to the management team to review.

• Review fromGaylene L

  Date: 03/07/2024

  1 star
  Obtaining a loan from Fairstone is super easy and a relatively smooth process. You receive your funds quickly at very high interest rates. ** ** ********* *** ***** ** **** *** when push comes to shove "get the money and deal with the consequences later". I worked super hard to set myself up to pay off my loan in full. The branch I spoke with knew my loan was being paid in full and when I asked that my next payment would not be coming out, I was reassured by the agent I was speaking with that it will not come out. The agent I spoke to today at the branch said there was no notes to support this conversation- of course there's not. **** ***** ***** My payment came out and when I spoke to the branch, they told me there was nothing they could do with it as my money is now with head office and that I need to wait for 20 business days to receive my money back. I said that is not acceptable, I was told this is because the cheque that paid my balance in full could bounce, ok fair but even banks hold cheques for 5 business days not 20. I was firmly insistent that I want my money back today if possible and after a back-and-forth conversation of company policy blah blah blah I was told basically that was not their problem and I could talk to head office. I thought I was speaking to a manager but was told the manager was in a meeting- even though I requested to speak to a manager. The agent I was speaking with told me to have a nice day and HUNG UP ON ME!!! I have since called head office to look for resolution. I hope we can come to a reasonable solution, and I can have my money returned to me in the same manner that they took it out - electronic money transfer and not a check to the branch where I can pick it up-why wouldn't they mail it to me? IF I was late on my payment there would be interest or penalty fees.....does this work for the customer too when the company take your money? Do I get interest or penalty fee returned to me??? Probably not.
  

  Fairstone

  Date: 08/07/2024

  *******, while we're happy to hear that you found our processes as simple and efficient as we intend them to be, it's very disappointing to hear your dissatisfaction with the remainder of your experience.In a situation where regular payments are set up, there can be a situation where the extra payment to pay off your loan and your regular auto-payment will both be processed. This is simply due to processing times and a lack of auto-payment cancellation.It can take ~3 business days for an additional payment to be processed on the account. So if you make a payment today and your regular auto-payment comes out in two days, it's possible that both payments will be processed. This could result in over-payment.In an over-payment situation like the one you describe, a 20-day hold is applied to ensure the account stays in the good standing the borrower intended to maintain. If a payment is returned immediately and the un-refunded amount fails to cover the due payment, it would put the account in a state of delinquency which would lead to increased interest charges. This hold is in place to avoid this situation and protect borrowers. However, if the account holder is able to provide documentation from their bank proving the payment has been processed ahead of this timeline, refunds may be processed sooner.

• Review fromConnie G

  Date: 02/07/2024

  1 star
  I filed for bankruptcy four years ago, which included Fairstone. I only had one account with them when I filed my bankruptcy, with the original amount being $10,000, and now it shows as "0" and the account is closed. Now, when I check my credit reports through *******, it shows that I have two accounts with **********************. One account shows the original amount I owed, which is already closed with a balance of "0". However, there is a second account with ********************** showing that I owe them nearly $25,000 as of this date, with the same borrowing date as the original one, and the amount is $12,000. It shows as "closed," but they are still reporting it as of April, 2024. How could I have borrowed money at the same time and not included it in my bankruptcy in the first place? This report is ridiculous.I have tried to report this to ******* for many months, but apparently it does not remove. It is just marked as closed. ** **** **** ** ** **** * ********* **** *** **************** ** ****** *** **************** ********* ******* ****** ** ***** ** **** **** ******* **** ** *** ****** ******* *** *** *** ****** ******* *** *** ******* ** **** Thank you.
  

  Fairstone

  Date: 03/07/2024

  Hello ******. If there is an error on your credit report, the usual process is to file a dispute claim. We've outlined that process here: ************************************************************************************************************* As it sounds like you have already pursued this path to no success, we'd be happy to help follow up from our end. The best next step is to reconnect with your Lending Specialist. They can request a copy of your credit bureau report to initiate an investigation into the presence of the second account you mention. If a request needs to be made to update the credit bureau from our end once the details are validated, the branch can facilitate this.In any situation where there are account issues or inaccuracies resulting from errors on our end, we will always correct them. We know how important credit scores and reports are and we will never do anything to negatively impact those that doesn't accurately reflect the reality of the account.

• Review fromChris E

  Date: 26/06/2024

  1 star
  ** * ***** **** ******* ** ********. ******** *** *********** business practises that somehow manage to skirt the law without repercussions. You'll get your loan, you'll pay it off and you'll be charged interest all the way back to the start of your loan even if you've paid it off during the grace ******************* Look out for the auto-renewing $21 Fairstone Credit Card <---------------^ This is how they get ya. *** **** **** **** ****** **** ***** ** *** ****** it doesn't matter that you paid off your sectional and patio furniture. It doesn't matter if you call the office and they tell you your account is closed. It's all technically true, I guess. *** ***** *****  If you don't pay off the card, that pesky little $21 fee, if you don't CLOSE that card, you are on the hook for ALL the interest on your initial loan. Happened to us. * *** *** **** *** *** * ***** **** ** ** ****** ** **** ***** ** *** ****** *** ***** *** ** *** ** ** *** ******* *** ***** ********* ******* **** ******* ***** ******* ** ************ * ** ******** **** **** *** **** ********** **** **** *** ******* ***** **** *** *****
  

  Fairstone

  Date: 28/06/2024

  Hello *****. It is apparent here that the issue is a misunderstanding of the terms of your retail financing plan. First, that it is not a personal loan at all. Retail financing is a revolving credit product. Personal loans are installment credit products. Installment credit ends when the balance is $0 at the end of the loan term. This appears to be an area of confusion. With revolving credit - which is what our retail financing plans offer - the amount you are approved for is available for as long as you want it to be. The same way a credit card is. Even if you reach and carry a $0 balance, you still have access to the credit to use. This access has a cost of an annual fee that in your situation appears to be $21. If this annual fee goes unpaid, the account is delinquent and can be sent to Collections. Learn more about installment vs. revolving credit here: ********************************************************************************* When a personal reaches a balance of $0, the account is automatically closed and a discharge letter is provided to the account holder.When a retail financing account reaches a balance of $0, it stays open and the credit remains available to use again. Only if the account holder reaches out to our support team and requests closure of the account will it be closed. Upon closure, a discharge letter is provided to the account holder. Only once a discharge letter is provided is the account officially closed.In regards to the promotional terms of your loan, these are outlined in the contract. The general concept of the plans we offer are also outlined on our website. If the terms are not understood, we are always available to provide clarification upon request. Without more information we cannot provide the specifics of your plan, but it sounds like a no payment no interest plan with a 12 month deferral period. While interest does not apply during the promotional period, it does continue to accrue. For these plans, the balance of your purchase must be repaid in its entirety by the end of the promotional period (the 12 months). If any amount is outstanding at that point, the promotional terms are breached and the accrued interest will apply immediately.None of these details are withheld in any way. Every customer that meets the terms of their agreement will not incur the interest charges. Those that breach the terms, will.

• Review fromMarion T

  Date: 26/06/2024

  1 star
  I had a horrible customer service agent today. *** *** ********* *** ******* **** ** *** * **** I tried to explain what statement showed me different things I saw, but she was unwilling to help and denied that she was **** to me, and I honestly don't care. **** *** ** *****. What time agent can say ** ******* customer and try to figure out why my statement and their information are different? Then I asked her name, and she gave me attitude, saying that's what I told her at the beginning of the call. That's not right, and she transferred to another very lovely agent who explained to me and tried to help me out. The agent name *******. I just want you train customer service agent better to be nice and be willing to help.
  

  Fairstone

  Date: 27/06/2024

  Hello ******. The service you describe receiving is unacceptable and does not meet our standards of care. For that we are very sorry, and we are grateful for your feedback so we can continue to refine and improve our processes. We are happy to hear that the second agent you spoke with was able to provide the service you needed.

• Review fromNorman R

  Date: 20/06/2024

  1 star
  ***** ** ****** ***** ** *** ** ******* ** ********* ** ***** * ******** * **** ******* **** ****** ****** ** ***** *** ****** ** ************ ** *** **** *** **** ****** ********* ***** ** ** ************ ** *** ****************************************** ********** ************ *** ********* *************** ** ******* They're *** ** ***** *** pushing the legal boundaries of what should even be allowed in ******. **** *** ********* ****** ********* ** ******** ******** *** *** *** **** * ***** ** ***** ***** ***** ******** ** **** ** ******* ** *** ****** ***** ***** ***** ********* ******** ***** * ** **** **** *** *********** *** ** ***** ** ****** *** **** ******** ... *** ***** **** *** * **** ***** ****** ********** **** ******** ******** **** ** *** ****** They can essentially almost DOUBLE your loan amount within a year, and then even if your making regular payments, none stop phone calls from various numbers making it almost impossible to block them. ******** ***** ******* **** **** ***** ****, cancelled my card immediately, will be reporting them ** * *** **** **** **** *** ***. ***** **** * ********** ** **** ** ** **** ******** **** **** ********* **** ** ***** **** ** **** ********* *********** ********** ***** *****
  

  Fairstone

  Date: 25/06/2024

  If we're being honest, Norm, when it comes to reviews they will typically always skew negatively because an unpleasant experience is more urgently motivating than a positive one. And the lending process is one that people tend to encounter at unpleasant and challenging times. But that's okay! We want to hear about the experiences that motivate our customers to leave feedback so we can continue to improve our services to better meet their needs in the future. So while you may not see positive reviews everywhere, we ask that you to consider the fact that we are highly engaged in these constructive conversations despite the negativity and what that means about our commitment to our customers.To your specific concerns.First - nothing we do is shady or illegal or even 'pushing the boundaries'. We're a middle-ground lender whose rates and products represent exactly that position in the market - the middle. It's quite hard to push the boundaries of anything from the middle. We're a regulated lender subject to both provincial and federal regulations and we operate in compliance with those regulations at all times. We operate in ******, nowhere else in the world. And we are well within legal interest rate limits at all times. For reference, loan sharking rates in ****** are currently considered those in excess of 60%. In regards to the 'fine print' of our retail financing agreement, the text is whichever size you opt for it to be as it is provided digitally and based on the settings of your device. We also recognize how cumbersome the terms and conditions of any contract can be. That's why all of the key details are outlined in a brief table. This captures all applicable interest rates and fees. There is always a balance on mobile devices between legibility and capability, so we also provide a link (below the box mentioned above) to print or download the same details.If a customer is not satisfied with their ability to read or understand the terms in the moment, they could opt to download the details, review them elsewhere, and return when they are comfortable with completing the application.The services we provide are just an option. Anyone can explore and consider what we offer and decide whether it is suitable for them.

• Review fromfolashade justina P

  Date: 20/06/2024

  5 stars
  The service was good , intense but it all worth it
  

  Fairstone

  Date: 26/06/2024

  Hello! The lending process can certainly be intimidating and intense but our goal is to make it as painless as possible with efficient and expertise service which we're happy to hear was your experience. Thank you so much for taking the time to share your feedback with us.

• Review fromSwetha K

  Date: 18/06/2024

  1 star
  Fairstone has not been reporting my regular payments to the credit bureau due to which it affected my credit score. When i called to them the employer said she will check and get back to me and it's been almost a week there is no communication and when I'm calling they are not evening answering the call. I have texted and no response. Tell me what should i do with a company like this? I'm paying *****% interest. * ***** ********* ***** ** *** *** **** ** **** **** *****
  

  Fairstone

  Date: 19/06/2024

  Hello ******. For personal loans, reporting to the credit bureaus is done on a monthly basis. If your account is brand new, you may not have met the reporting date just yet.For retail financing accounts, reporting to the credit bureaus is completed every three months. If you have a new account, this period may not have passed yet, resulting in no updates on your account to the bureau just yet. But they will come soon. If you have a longer-standing account than these periods, you may need to dispute your credit report. This article sheds light on how to check and dispute your credit report: *************************************************************************************************************

• Review fromJason Y

  Date: 14/06/2024

  1 star
  I received a loan from Fairstone Financial. They made it sound so exciting and easy, but failed to tell me the truth of what I'll be paying in the end. ** * ****** **** ******* I borrowed $3,500 to pay off some things, and the lady tells me (barely even knowing english) that it'll be around $4,500 to pay it back. ****** *** ** **** ****** Until you do the math, which I didn't do when I first signed, and I definitely should have, but I decided to trust this company with my wellbeing in their minds, or so I had thought, to end up finding out that in the end, I'll be paying close to $8,880. Maybe more. That's almost double of what I borrowed, and they failed to be completely open about this situation. Do the math yourself, I pay around $185 a month and I will be paying that for 48 months, mind you it's been a year since I started paying it, so I'm currently $2,220 in with payments, but only down by $1,000 on my loan. I'm still sitting over $3,000 remaining. * ***** ********** *** ** ***** ****** **** **** ** **** ********* ** *** *** **** *** ********** ******** **** *** **** ****
  

  Fairstone

  Date: 17/06/2024

  Hello *****. There is no need to recall from memory at all. You can refer to the top half of page one of the loan contract you reviewed and signed to initiate your loan. There you will find the Loan Summary table. This table outlines all of the key figures associated with your loan.
  
  The top row of the table outlines:

  How much money you are receiving directly
  How much money will be paid to any creditor(s) as part of a debt consolidation loan
  The total loan amount
  The cost of any optional products you purchase along with your loan (for example, the cost of optional creditor insurance or Home & Auto Security Plan fees)
  Costs associated with lien search and recording
  The total amount financed by Fairstone, which includes the loan amount plus the cost of optional products youve purchased

  
  The second row of the table details the fees and payments associated with your loan, including:
  

  The total amount financed (calculated in row one, loan amount + cost of optional products)
  Your Annual Interest Rate (AIR)
  Your loan term, in months
  Total payments including interest how much money you will pay Fairstone over the course of the loan, if you maintain the loan term and payment amount set out in the contract
  The total cost of credit how much your loan will cost you if you make all payments on time during the loan term (calculated by subtracting the total amount financed from the total of payments including interest)

  The last two figures here capture exactly the amounts you suggest were withheld from you. They are never withheld, and if you review them and find the details unsatisfactory, you can choose not to accept the loan offer. No one is ever obligated to work with us and we understand completely if what we can offer doesn't meet your current needs.

  You should absolutely do the math in any lending situation. You must understand your loan in order to be able to successfully manage it. But if you don't do the math yourself, always read your contract. With us, everything you need to know is in there and we do our best to make sure key figures like costs and interest rates can be located easily.

  We also make resources like this guide to the contract document available to help: ********************************************************************************

• Review fromBert T

  Date: 10/06/2024

  1 star
  **** ******* ***** ** *** ****** ******** * ** * *** ****** ******* I was surprised i received a $7500 loan even while i was in Bankruptcy, i got in touch with them again to renegotiate my interest rate. No can do says the guy on the phone, i would have to apply for another loan, after too long the guy said sorry we cant approve you. I asked why, he said because you have a bankruptcy.i hung up, never again! ********* ** * *** ****** ********
  

  Fairstone

  Date: 17/06/2024

  Hello ****. There is likely some confusion here.

  The Lending Specialist you spoke with is absolutely right. We could not help in a situation where bankruptcy is involved. We do not approve applications where bankruptcy is involved until at least four years after it has been discharged.
  
  However, there may be confusion around what you received. You may have received a pre-selection, which a piece of mail sent to those we believe may be interested in our services. A pre-selection is not a pre-approval and does not guarantee you a loan in any way. It is simply an invitation to explore our services.
  
  We are very sorry for any confusion that was created, but confusion is not a tactic of ours and we are always happy to provide clarification where it is needed. You will find no con-artistry here.