Customer ReviewsforFairstone

Wicked ! Wicked wicked !! there is no place in h*** for these people I took out a loan and have being paying automatic payments from my bank from last year January of 206 every fortnight , check from last year January until December , do the math there has not being one miss payment ! They said I have only pay $1000 Then in the beginning they said this does not come up on my credit score lies !!! This loan has ruin me to the ground The principal has being payed if thats the case that what they are using to hold me hostage ! These people are evil Am gonna get the fraud department involved and some form of law enforcement they are evil , my life is ruin cause of these people !

Hello C Brown. There is clearly some confusion around the lending process and your specific contract.First, we offer fixed rate installment loans. That means that your rate and your payment stay the same for the entirety of your loan term (say, 60 months). This is to make the loan as manageable as possible with consistent payments you can plan for. While the rate and payment amount do not change, what does change is how your payment applies across the various pieces of your balance (what you owe). You must remember that interest charges are always paid first. This is the case with any lending product - here or elsewhere - because interest charges are your borrowing costs. They are what you pay to the lender for access to funds over the term of your contract. When your balance is highest at the start of your loan (say you took $5,000), your interest will also be at it's peak (30% of $5,000 is more than 30% of $4,500). Because of this, payments early in your term will apply largely to your interest costs, but as your term progresses, this balance shifts. Mid-term, more equal shares will apply across your interest charges and principal costs (principal is the amount you borrowed, the $5,000 in this example). As you near the end of your term this will have shifted to where a larger portion of your payment applies to principal because your interest charges are covered more easily (again, 30% of $5,000 is more than 30% of $500). So, if you took a $5,000 loan with a 60-month term, there will be a period early on where your payments will mostly cover interest. But because of the fixed rate installment loan format we offer, your entire loan cost is divided equally over the total number of payments you will make. This means that if you make your payments in full and on time without fail for the entire loan term, you will repay your loan in full.A critical section of your loan contract outlines what these costs will look like in your specific situation. You can find a sample of the contract document here that includes the Loan Summary table: ******************************************************************************** The Loan Summary table appears on page one of your contract and it outlines all of the figures associated with your loan. To your comments specifically, you would want to refer to the last two figures: Total Of Payments Including Interest and Cost of Credit. These values are precisely the figures you suggest you were never made aware of. If you take a loan of $1,000 and only have to repay $1,000 after any amount of time, you have an interest-free loan. We do not offer interest-free personal loans and the interest costs that do apply are clearly outlined in the contract you review and sign to initiate your loan.In regards to credit score impact, we can clarify. The online application on our website (****************************************) has absolutely no effect on your credit score. This is because it does a soft credit check, not a hard credit check. A soft credit check does not impact your credit score. Learn more about the difference here: ************************************************************************************ If you follow up on the online application to a full submission, a hard credit check is always required and your permission to run a hard credit check is also required. This would have been requested of you by your Lending Specialist.We understand that the lending process is very intimidating and that it can be frustrating, but neither of those outcomes makes our services illegitimate or 'evil' in any way. We work every day to build tools and resources that can help borrowers understand all aspects of the lending equation; in the end, it will always depend on the borrower. If there is something confusing about the product or process, questions must be asked so we can provide clarification and support. When a contract is signed by the borrower, it is an acknowledgement that the terms within it are known and understood and until that is the case, we would never expect someone to sign.We will continue to be here to support you and provide resources that can hopefully guide some helpful, productive conversations with your Lending Specialist. One of those would be this article on the potential to reduce costs by adjusting your payment strategy: ******************************************************************************************

It took me 2 hours on the phone, with 4 different phone numbers to find someone who was able to access my loan account and tell me my account number. At this time I found out my account number was actually different than the one on my loan application. There is no correspondence or communication easily available. I also paid off my loan in full and the amount I owed was MORE than what I borrowed initially due to daily interest fees. This makes zero sense to me. None of my payments had been applied to the principal. These loans are a scam and not helpful at all. They prey on desperate people who need money without properly explaining you will pay back almost double in interest.

Hello ***. Thank you for taking the time to share your experience with us. We apologize for the difficulty in connecting with the right member of our team to receive support. The contact information of all 250+ branches across the country are listed on our website here: *********************************************** you are looking for account support, your branch team is always going to be your best resource. They can provide you with the details you were looking for.In regards to your comments about loan costs and explanations, we can elaborate.First - a loan will always cost more than your principal amount (the amount you borrow initially). This is the case with any lender on the market whether it's us, a traditional bank, a payday lender, or a credit union. Interest always applies because interest is the cost of borrowing.When you look at how your payments are applied, you'll see that the amount that went to interest and the amount that went to the principal vary throughout your term. That is because we offer fixed rate installment loans. That means that your interest rate and your payment are fixed for the entirety of your loan term. They do not change. What does change however, is how those payments are applied to these two portions of your balance - interest and principal.Because interest charges are the costs of borrowing, these are always paid first (again, this is the case with any lender). Any amount beyond the interest costs will be applied to the principal. Early in your loan term when your balance is highest, your interest charges will be too. That is why most of your payment in the early days of your term goes toward interest charges. As you progress through the term, this will shift. More equal shares will apply to interest and principal until near the end of your term, a majority applies to the principal amount until it is paid off. This is how installment loans work everywhere in the lending market and there is nothing about this structure that is a scam.Furthermore, these costs are outlined clearly in the contract you reviewed and signed to initiate the loan. In this article, you will see a sample of our unsecured personal loan contract. In that is an image of the Loan Summary table. This appears on page one of your contract. In the Loan Summary, all key figures are listed for easy reference. The most important one to your review is Total of Payments Including Interest. This is the figure that depicts precisely what you note you were not made aware of. Next to that is Cost of Credit. This is the amount the loan will cost you in interest and any other applicable fees. Both of these figures address your concern about not being made aware of the cost of your loan: ******************************************************************************** We understand that the lending process can be intimidating and frustrating, but neither of those things make our services illegitimate in any way. We work every day to improve our processes and build new resources to ensure our customers can make the most informed decisions possible.

I had consigned for someone and they have been harrasing me all hours of the day. Unfortunately this is how they threatened you. I am not able to pay off their loan but they keep harrassing you. The start afffecting your credit within months of the loan which hit me hard as the consigner, remember that i am saying cosigner not the person that is the main on the loan. They made a house call and came to my home on Saturday early morning asking where the person who took the loan is and when I am going to make payment. Ofcourse I am not making payments for someone and invading my home like he did was inappropriate. My toddler was listening to his conversation the whole time. Disgusting people. Thankfully I have him on camera. They are very unprofessional. Even the office workers walk around in socks.

Hello *****. It is clear from your review that there is some confusion around the co-signer (co-borrower as we call it) role and obligations.As with the primary Borrower and Co-Borrower are equally responsible to the terms of the loan contract. In the event the person you signed with defaults on the loan, you will be notified and contacted for payment as you are also bound to the terms of the contract.When you agree to be a co-borrower, you sign the contract in all of the same places the primary borrower does. You sign below 6 or more different sections of the contract. They include: Authorization to Honor Funds by Personal Pre-Authorized Payments (PAD), Optional ********** ****************** Coverage (if this product is selected), at the end of the contract below Assignment details, Consent to credit report viewing as well as consent to communications from Fairstone, and finally, Privacy. If optional products are selected, you would also sign alongside the primary borrower for that coverage.These signatures are required after you review and choose to agree to the outlined terms. Once you sign, you are bound to the terms and will be responsible for any breach of them in equal share to the primary borrower.As impact to your credit goes, this is dependent upon the loan management. A credit check is required of all applicants to initiate the loan, but ongoing credit reports are also provided monthly to the credit bureaus. These reports reflect the ongoing management of the loan - whether payments are complete and on time. If they are not, this could have a negative effect. If they are complete and on time, this can have a positive effect on your credit score. We do not determine that effect, the borrower(s) do, we simply report on the reality of the account activity.If an account defaults and goes to Collections, a house call may be done. This is common practice in the lending market and is done to ensure we can guarantee that the borrower(s) are aware of the state of the account and so we can do everything possible to facilitate repayment. Though these visits may not feel positive, they should never be inappropriate in any way and we apologize for any unbecoming conduct that occurred.If you require any further clarification - especially details specific to your account - please contact your nearest branch. They are the team assigned to your file and will be able to assist you.

Complete fraud of a company. I have taken a bestbuy credit card with them and bought something. I make my usual payments which have interests on them and after 1 year they add another lump sum of 450$ interest saying that the adreement is expired and the payment was not complete. My agreement is same as credit card and not financing. Chatted with their CSR and they said nothing they can do it is their policy. I highly urge you to not do business with them.

Hello Ridoy. Fairstone does not offer a credit card, the service we offer with Best Buy is retail financing. There are a few different financing plans we offer, and a couple that have interest deferral promotions that you appear to be referring to. You can see the full list of plans here: ******************************************************************* With a deferred interest promotion, the balance of your account must be paid in full by the end of the promotional period in order for the accruing interest not to apply to the account. Missing that deadline by any time or amount will result in the accrued interest being applied in full. These are the terms of the contract the borrower signs and these details as they relate to your specific account were outlined in the application you reviewed and signed, and in the contract provided to you.If there is any adjustment required because the terms were met and there was a system error, that adjustment would be made. An adjustment will not be made if it is simply a case of late or incomplete payments to meet the terms of the promotion. That is not just policy, but a contract both of us - you and Fairstone - are bound to.

Manager and staff at the North Bay Branch have poor customer service they are rude and constantly harass you some staff can not speak proper English and push loans over the phone that you do not understand The manager at the branch leaves threatening voice messages to call your employer of you dont return her call ! How absolutely inappropriate is this practice The staff are also deeming and ignorant

Hello *******. The service you describe is not representative of our priorities and values and we apologize for that. We're a ******** company and we always want our organization to mirror that incredible quality. All of our staff is trained to provide services that support members of the local community. While first language preferences may not align with every member of your branch team for you, there will be a representative who can serve you.