Fairstone
Happiness score is 36 out of 100
3.7 out of 5 stars.
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Fairstone Employee Reviews for Loan Specialist

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Job Title
Loan Specialist31 reviews
Location
Canada31 reviews

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3.6Work-life balance

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Just wish the bonuses were as competitive as before the pandemic. But it will get there as the growth continues. Great compensation for managers and above but rarely hire positions higher than a lending specialist 2.

Pros

Hour long lunch, family oriented, positive atmosphere

Cons

Training programs lacking.
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Great learning experience in selling

Great place to start learning the sale carrier in financial products , by selling the Loan. All the time need to call the people and asking them to borrow.

Pros

Non

Cons

High target
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Insights into Fairstone

Based on 22 survey responses
Areas for improvement
  • General feeling of work happiness
  • Trust in colleagues
  • Energizing work tasks

Really sad to have to quit, had no other option.

I felt I could be really great at this job and thrive in the position but my manager was a scatter brain. Always too busy, ignored my messages. Their method of training was throw you in and each mistake you make is a learning experience but in reality this just takes a toll on your mental health. Lots of attitude and micro management but only at randoms times. I could not keep up with the mood swings. Tha absolute worst part was the victimization that came from employees oh I'm so overwhelmed I help me with this untill your pile never ends cuz your busy helping everyone but no one has "time to help you" if I can manage my time why can't you? Also I would always get an excuse, oh well u can't teach an old dog new tricks. Well if your comparing urself to a dog that's one problem the other becomes in a world that's evolving if you can't keep up leave the workforce and let others lead who can adapt to change.It was also impossible to speak up because every single person loved to talk and talk but not one person could listen or even reply to a message properly like actually reading it and respond instead they'd just reply with something that was useless and a waste of time it became routine to avoid asking for help until I eventually just quit cuz I was set up for failure.

Pros

Work from home, helping ppl get emergency money, talking to people all over the world, selling something that aligns with your values.

Cons

Rediculous interest rates, outdated management, nobody listens
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Official response from Fairstone

17 May 2022
Thank you for taking the time to write about your experience at Fairstone. We're sorry you feel this way. We work hard to support managers in creating a positive work environment for all employees that reflect our core values and leadership principles. We strongly believe that through open dialogue and discussion among our employees, we always perform better.

A lot of micromanagement and high pressure sales

Depending on the (district &/or branch) manager you get, you might experience a lot of micromanagement. You will also learn a lot as you collect, underwrite, and book loans, but the salary does not reflect all the job duties performed.
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Official response from Fairstone

4 April 2022
We're sorry to hear about your experience. Providing excellent employee experience is one of our priorities. We offer competitive and market-benchmarked benefits and compensation packages. Thank you for your posting.

Good place to work at

Great place to work at, especially if you are considering a career in finance and like sales. Very good benefits, pension, easy job and extra perks such as discounts and you learn so much. They will go over and beyond for you if you do your job properly. My team was awesome and manager worked so hard to make our team successful.
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Official response from Fairstone

4 April 2022
Your views are appreciated! We're glad you enjoyed your time at Fairstone. We work hard to provide a positive work environment for all employees. Thank you for leaving a review.

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productive place, with great people.

Good structure and schedule. Paid time off and flexible hours. Good benefits and room for growth.
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Workload is too much. Always short staffed. Garbage falls down hill, landing solely on the little people

I'm sorry I ever took a job here. The pay is ok but could be better. The benefits packages are amazing, if you are willing to pay for it and the time off available has just recently adjusted to 2 days less then previous years.

Pros

If you can attain multiple targets, the bonuses are tremendous

Cons

Too many policy changes, no proper training, forced to sell product. If the customer declines, you get berated for not selling it. It's a lose lose scenario
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Official response from Fairstone

8 February 2022
Thank you for taking the time to write about your experience at Fairstone. We're sorry to hear that you feel you have been penalized by our new paid time off policy.We have consolidated various planned time off days into a simpler, more flexible and wellness-focused approach. It gives the opportunity to all our employees to use their planned time off whenever needed and we encourage them to use them towards the year. We invite you to reach out to your manager or your HRBP to better understand this initiative. Your manager will also be able to provide guidance.

Management will dictate your work experience

Fairstone provides a work culture that is highly based on your direct manager and their relationship with upper management. This position is more sales than I was initially led to believe with tough targets and many mitigating factors that are generally out of your control. Daily tasks are numerous and as with many other positions the better you are at your job the more they pile on your plate often without recognition or thanks. The job is stressful, but it is full time with benefits and standard office hours.

Pros

Full time, benefits

Cons

Stressful work environment, lack lusture management
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Official response from Fairstone

10 December 2021
Thank you for taking the time to write about your current experience at Fairstone. We're sorry you feel this way. We are committed to maintaining a culture that establishes a positive employee experience across the company based on our core values of Respect, Accountability, Integrity, Recognition, Diversity and Innovation- guiding us how we do business and interact with our stakeholders. In addition to a set of leadership principles outlining our collective aspirations and expectations for all leaders at Fairstone. Therefore, we strongly encourage you to discuss your comments with your manager or HR Business Partner at any time.

Great place to work

It was a wonderful experience to work at Fairstone, learned a lot about selling skills, colleagues were always supportive and amazing, work-life balance, great benefits, I enjoyed working at Fairstone and totally recommend working there.
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Great place to work

The interview process is smooth and easy. My advice is to convince them that you can be successful in this position. You need to give examples from your past experiences. I really enjoyed the interview process.They have great training which makes you ready to work after 2 weeks.A typical day in the Fairstone branch is starting by soliciting customers from different sources. If you have a loan request, it takes 10 to 15 minutes to make a decision. Then you need to call for collections. There are also administrative duties to do. The management is approachable and they want you to succeed.

Pros

benefits, bonuses, good management, regular office ours, good company culture, good training.

Cons

Soliciting
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Official response from Fairstone

12 July 2021
We’re glad you are enjoying working at Fairstone. We want to ensure our employees enjoy meaningful work experiences. Fairstone has policies and programs to help employees develop the skills they need to excel in their jobs, including training, mentorship and more. Thank you for your valuable feedback on your experience in the interview process.

Not fun

No training. Constant pressure of hitting the target, Your manager will not train you but will ask everything in return, No overtime is paid if you do work overtime. Customer are not told about all the other insurance product they have purchased with the loan, and the employee have to skip the part to hit Their targets.

Pros

None

Cons

No training, no support, you have to be con artist to survive.
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Official response from Fairstone

12 May 2021
Thank you for leaving a review. We’re sorry to hear about your experience. Fairstone has policies and programs to help employees develop the skills they need to excel in their jobs, including training, mentorship and more. We encourage you to contact your HRBP to discuss and raise your concerns for evaluation. We always value feedback from our employees, so thank you.

Great Career Starter

Fairstone was the only financial institution that gave me an opportunity when I just came to Canada 3 yrs ago. You get thrown in the deep end pretty quickly you either learn to swim or sink. I learned to swim and swam pretty well. My manager was exceptional, she is tough but fair. If you make a mistake, she doesn't make you feel stupid, she let you know that everything can be fixed not to worry. She got my back and always fights for her staff. Within 6 months of her coaching I was consistently meeting my targets winning trips and awards. The work load is a lot for the pay you receive but your job is secure and the benefits are great. While other banks cut hrs and closed branches in COVID Fairstone stayed open. Despite the constant abuse from the customers Fairstone is a great place to start your career - it teaches sales skills, patience, tolerance and builds thick skin.

Pros

Great benefits, great management, amazing team

Cons

Disrespectful customers
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Official response from Fairstone

10 March 2021
Thank you for leaving a review. We're glad you're enjoying working with us. Fairstone has a number of learning & development programs to help employees develop the skills they need to excel in their jobs, including training, mentorship and more. We're looking forward to providing you guidance to your continued growth at Fairstone!

Not a great company to work for

If you like to make 30 calls per day while juggling other incoming phone calls, admin work, being short staffed, loan appointments, emails, and on going learning this could be good for you you’ll always be busy, the pay as a secondary lending specialist was not worth the hassle

Pros

Benefits

Cons

Collecting money over the phone from people
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Good opportunity to get some experience, otherwise Negative experience

Management; at least in the branch I worked in were catty, unprofessional, disrespectful and lacked leadership ability with an unsettling turnover rate. Upper management seemed somewhat better, but a bit disconnected from lower levels. The job overall is decent but repetitive. The 8- 9 hour days can be very long, particularly if your immediate supervisor only makes your time more miserable. I’m grateful for the experience I gained, but far more grateful I got out when I did.

Pros

Good pay, benefits.

Cons

Management, work / life balance.
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Official response from Fairstone

27 July 2020
We are disappointed to hear this, but the feedback is valuable to us as we focus on improving and developing our existing manager training programs. We hold an annual forum specifically dedicated to developing leadership skills among company management. In addition, employees have access to an employee assistance program, ethics line and an annual, anonymous employee engagement survey. We're committed to maintaining a working environment that reflects our core values of Respect, Accountability, Integrity and Recognition.

Not a job to be proud of.

The benefits are some of the best I've seen, but not worth the constant stress and moral feeling of doing something so wrong. You solicit most of the day, and make collection calls. You're expected to call people you know, who may not feel comfortable with you knowing their sensitive financial information. Policy is broken just to get the deal. The gossip that tenured employees partake in is rude and unprofessional, about each other and about customers.
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Official response from Fairstone

27 July 2020
Thank you for your review and comments. Fairstone has been providing lending services to Canadians for nearly a century. Customer service is of paramount importance to us and we've fostered an environment where everyone, both our customers and our colleagues, are treated with respect. We do not tolerate behaviours that negatively impact our customers and we encourage employees to use the channels available to them such as the ethics line and HR line to discuss any concerns they may have.

It was really nice working at fairstone. All staff members were so nice & motivating.

It was very nice working at fairstone. Learn a lot about financing and about open ended conversations with customers.Learn so much Always thankful to them for giving me this opportunity to grow in this feild.
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Not a good place to work

You’re given sales targets that continually go up. After 4 years I’m amazed I can still hit them. Numbers are all that matters you’re only as good as the last loan you get the company. Depending on when you get hired the most you will get is a month of training and then will be expected to hit normal sales targets in your first full month. Other employees gossip about everyone. Very hard to work up the chain there are not a lot of branches and upper management promote those they like, most job postings the hiring manager already has who they want in mind and that’s who gets the job. It’s a popularity contest. District managers will try to make you do things against policy. Customers and employees in the branches are just numbers. They don’t care how you get to your targets as long as you get there and you get reprimanded for not selling “optional products”. You have to call all day long unless you are closing a loan. You call to solicit people who really can’t afford it or you call to collect payments. Only thing I will say is they have a good benefit program and IF you can hit your targets they have good monthly bonuses and a points program.

Pros

Points program and bonuses if you achieve goals.

Cons

Long hours, bad management
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No fair treatment between staff

Unequal treatment of staff, minimal coaching versus 100% attainment of very high targets. Long term staff made it a toxic work environment. Stay away.

Pros

Work site is in the office and business skills are applied

Cons

discrimination
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Excellent

Super excellent place to work and nice people understanding, excellent service. Management is great and its diverse and encouraging place to work. Wi
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Can't beat the pay and benefits

If you like talking and sales then this job is for you!!! If you like an administration job where all you do is answer phones and paper work than this job isn't for you. The job isn't easy you do have to work to excel at it but the reward is there. If you are self motivated and have lots of drive you can make wicked bonus. There is also room for advancement. The benefits are top notch as well. I enjoy my job and work with a great team. Everyone here helps each other out and we have a great support system from the employer.
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Great work envrionment

The job was just not for me. But the envrioment in which I worked with my boss and co-worker was fun and relaxed. I appreciate all that Fairstone taught me and all the amazing memories made there.
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Overall rating

Based on 143 reviews

Ratings by category

3.6 out of 5 stars for Work/Life Balance
3.8 out of 5 stars for Salary/Benefits
3.7 out of 5 stars for Job security/advancement
3.5 out of 5 stars for Management
3.5 out of 5 stars for Culture

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