6 Basic Fairstone Loan Requirements

If you’re considering taking out a personal loan, one option that you may likely opt for is a Fairstone loan. Fairstone is a Canadian fintech company that offers personal loans, among other products and services. In this article, we’ll dive deep into the requirements you’ll need to meet in order to qualify for a Fairstone loan.

Fairstone Loan Requirements

Fairstone loan requirements

As it is with other financial institutions where there are basic criteria that individuals must meet to be able to access loans, the same thing is applicable to Fairstone. Before you can access a loan from Fairstone, there are requirements that you will need to meet. The requirements are outlined below:

1.Credit Score

The borrower’s credit score is one of the most important factors that lenders look at when evaluating loan applications. Fairstone is no exception to this rule. Though Fairstone doesn’t have a specific credit score requirement, on a general note, the higher your credit score is, the better your chances of being approved for a loan with favorable terms.

Meanwhile, if you’ve got a low credit score, you may still be able to qualify for a Fairstone loan, but the implication is that you may need to pay a higher interest rate. On the other hand, if you have a high credit score, you may be able to qualify for a loan with a lower interest rate, which would invariably be an added advantage.

2. Financial Status Or Income

Apart from your credit score, Fairstone will also evaluate your income to confirm that you will be able to repay the loan. Hence, you’ll be required to provide proof of your income, like your recent pay stubs or tax returns.

Even though Fairstone doesn’t have a specific minimum income requirement, the general assertion is that the higher your income is, the more likely it is that your loan request will be approved. On the other hand, if you have a high income, you may be able to borrow more money than someone with a lower income.

3. Employment History

Fairstone will also evaluate your employment history to confirm that you have a stable, reliable, and suitable source of income. Hence, you’ll need to provide detailed information about your current job, including how long you’ve been working there and your pay.

Hence, if you have a stable job history and a steady source of income, it is more likely that your loan request will be approved. Additionally, if your job history is not consistent or if you changed jobs recently, you may have a harder time qualifying for a loan.

4. Residency

To be eligible for a Fairstone loan, you must be a Canadian resident. Hence, you’ll need to provide proof of your residency, like a Canadian passport or driver’s license.

However, if you’re a permanent resident or a temporary resident with a genuine work permit, you may still be able to qualify for a Fairstone loan. But if you’re not a Canadian resident, you won’t be eligible for a Fairstone loan.

5. Age

To qualify for a Fairstone loan, you must be at least 18 years old and older. So if you’re under 18 years old, you won’t be able to apply for a Fairstone loan.

6. Other Factors

Apart from the above-listed requirements, Fairstone will also consider other vital factors when evaluating your loan application. For instance, if you have bad debt or if you’ve had trouble repaying loans in the past, you may have a harder time qualifying for a loan.

On the other hand, if you have a solid credit history, a stable income, and a good employment history, you may have an easier time getting approved for a loan.

Conclusion

If you’re interested in taking out a personal loan, a Fairstone loan may be a good option for you. However, before you apply, it’s important to understand the requirements that you’ll need to meet in order to qualify.

In general, you’ll need to have a good credit score, a stable source of income, a solid employment history, and proof of Canadian residency. Additionally, you’ll need to be at least 18 years old. If you meet these requirements, it is more likely that your loan request will be approved, and vice versa.

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