Customer ReviewsforFairstone

You receive your loqns quickly at very high interest rates. We as consumers are aware of this but 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 was never told that my automatic payment will still process . The agent I spoke to today at the branch said there was no notes to support this conversation- of course there's not. Well guess what? 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 . 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.

Hello *******. In a situation where an additional, unscheduled payment like yours is made around the same time (typically within 3 days) of an automated payment, this can occur because processing times overlap. It can take ~3 days for the additional payment you made to be processed, bringing your balance to $0. So, because during that 3-day period, your automated payment is scheduled to come out and there is technically still a balance on the account, it is withdrawn as usual. The only way this doesn't happen is if you cancel the automatic payment ahead of making the payment to pay off your entire balance. Again, you would need to do this quite early to ensure there isn't an overlap in processing times of that request.The information your branch provided is absolutely right. There is a 20-day hold on payments made to the account to ensure it stays in the good standing you intend it to be in. For example, if your automated payment is set to come out tomorrow, but you pay your balance off today, both payments are likely to be processed by week's end. This would of course result in over-payment. You request that the refund is issued immediately, and it is. However, the refund being processed at this time leaves a balance on the account, despite your additional payment (perhaps due to the daily interest accrual). Because we issued the refund, your account is not delinquent and incurring charges it would not have. This is why the hold period exists. It ensures your intentions of maintaining good account standing are upheld.However, there are instances where the refund process can be expedited. If you are able to provide confirmation from your financial institution that payments have been effectively processed ahead of this 20-day hold period, your refund could be issued sooner.

If there is any rating below zero I can give it to Fairstone. They are big cheaters. 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. The customer service people are super rude they talk very rudely with us. They don't know how to talk with customers. Please don't get cheated like me don't purchase any plans from them.

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.

Obtaining a loan from Fairstone is super easy and a relatively smooth process. You receive your funds quickly at very high interest rates. We as consumers are aware of this but 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. Well guess what? 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.

*******, 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.

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 Equifax, 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 Equifax for many months, but apparently it does not remove. It is just marked as closed. My next move is to file a complaint with the **************** of ****** and **************** Delivery. Viewers should be aware of what this company does on our credit reports and how the credit bureaus are not helping at all. Thank you.

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.

In a word, this company is terrible. ******** and underhanded 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. You MUST MUST MUST cancel that card. If you don't, 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. But guess what? 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. I may not know you but I don't want it to happen to you. AVOID AT ALL COSTS. And while I'm at it, be on the lookout for other predatory lenders that employs these tactics of obfuscation. I am positive that it's not just Fairstone. Good luck out there.I don't know how these

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.

I had a horrible customer service agent today. She was insulting and implied that it was a lie. I tried to explain what statement showed me different things I saw, but she was unwilling to help and denied that she was rude to me, and I honestly don't care. It's not my money. What time agent can say an elderly 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.

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.

Let's be honest here, no one is looking up Fairstone to leave a positive 5 star review. This within itself is shady and should be investigated by the BBB. But that aside, Fairstone needs to be investigated by the ****************************************** Securities Commissions, and Financial *************** of ******. They're out to lunch and pushing the legal boundaries of what should even be allowed in ******. They are blatantly taking advantage of Canadian citizens who may not read 5 pages of small print while standing in line at BestBuy or any retail chain using their financial services which I am sure they pay lucratively for in order to secure the loan services ... but these guys are a hair under what's considered Loan Sharking anywhere else in the world. 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. Absolute worst company I've ever dealt with, cancelled my card immediately, will be reporting them to a lot more than just the BBB. Might need a politician to sway in on this company, this $hit shouldn't even be legal with so many Canadians financially struggling these days.

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.

The service was good , intense but it all worth it

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.

Staff does not do their due diligence in asking for the correct information which then results in their customers chasing paperwork around for days at a time. I believe this specific branch would greatly benefit in reviewing the training procedure used when hiring new staff on the etiquette of customer service as well as asking the right questions to ensure their customers have a smooth process. In result id highly advise future Fairstone clients to strongly reconsider their decisions to move forward with this highly disorganized company. If I could leave zero stars I would.....

Hello ****. We appreciate your feedback on the service you received and we're sorry to hear that it was unsatisfactory. The lending process is one that changes with every application and every applicant because everyone brings a unique set of qualifications and circumstances. This means that no matter how much we standardize the process, there will always be some elements that require additional steps. If we don't pursue these steps, it becomes more likely that we cannot support our applicants with loan offers. Part of that pursuit is asking questions and following the leads those questions provide until we are able to gather the right information. This takes time and effort on all parts, and if there is no desire to complete the process, we understand. But it is our process and it's in place to ensure we provide responsible lending solutions.

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. I would recommend never to get any type of loan from here.

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: *************************************************************************************************************