Answers to your top 5 questions
This month, we’re celebrating the expertise our employees bring to the table, so we asked Kayla Brown, a Lending Specialist from Cornwall, Ontario, to answer the top five questions she gets from customers.
Here’s what Kayla shared:
Question 1: What do I need to apply for a loan?
Kayla’s Answer: “To apply for a loan, all you have to do is complete an application form online or in person at the branch. Once you qualify, we’ll review a few basic documents like valid identification and proof of income. Read the list of required documents on our website.”
At Fairstone you’re more than just a number — we also take into consideration job stability, credit utilization, outstanding debt and more.”
Question 2: What’s my FICO, credit or BEACON score?
Kayla’s Answer: “We can’t provide customers’ exact credit score, and actually credit score is only one of the considerations used when we review your application. At Fairstone you’re more than just a number — we also take into consideration job stability, credit utilization, outstanding debt and more.”
Question 3: What are the benefits of credit card consolidation?
Kayla’s Answer: “When you consolidate credit card debt with a loan from Fairstone, you’re turning revolving credit into an installment loan, and there are many benefits that come with this change. Typically, you’ll pay off credit cards faster if not immediately once you consolidate, especially if you’ve been only making minimum payments so far. It’s also more convenient having just one debt to pay each month (or bi-weekly, depending on the payment option you choose). Credit card debt can become overwhelming when you have to make several payments to multiple creditors in the same month.”
Question 4: I’m retired, or disabled. Do you accept government pensions as income?
Kayla’s Answer: “Absolutely! At Fairstone, we do not discriminate based on income source.”
Question 5: Can I pay off/down my loan without penalties?
Kayla’s Answer: “All of our unsecured personal loan products can be paid off or down at any time without penalty. Just keep in mind this does not apply to secured personal loans and mortgages; fees and penalties for these products vary by province.”
Lending Specialists like Kayla spend one-on-one time with customers to help ensure they choose the right loan solution and understand exactly how their loan works. Kayla says the best part of her job is the interaction she has with her customers: “I genuinely love what I do. Whether I’m helping a customer get out of a tough spot by consolidating bills or simply lending them the funds they need for everyday things, the feeling I get when I’ve helped someone achieve a financial goal is second to none.”
This article is for informational purposes only. For personalized financial advice, you should contact a qualified financial advisor.