Fairstone
Happiness score is 36 out of 100
3.7 out of 5 stars.
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Fairstone Pay & benefits reviews: Loan Specialist

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Job Title
Loan Specialist31 reviews
Location
Canada31 reviews

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3.6Work-life balance
3.8Pay & benefits

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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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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.

Insights into Fairstone

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

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.

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.

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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.

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.

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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Fun team environment with attainable targets

I am still new with the company (3 months in) but having come from a similar company in the same industry, I can confidently say that I made the right decision in joining the Fairstone team. Typical workday involves selling personal loans and insurance products to new and to existing clients. Solicitation & delinquency calls, as well as administrative work, round out your day. Excellent and supportive management and team environment. Base salary is competitive with attainable targets - monthly bonus if you hit your target which is very doable. Three weeks paid vacation after your 90 days is up - say whaaat?! Management really wants to see you succeed and so far has done an excellent job making me feel supported in this role. Consistent schedule with the option to flex if necessary - great work/life balance.

Pros

Monthly bonuses, work/life balance, team environment

Cons

None come to mind!
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Great hours, a sense of community, and amazing perks.

Working here for almost a year I can safely say the support from all levels of management are there to help if you ask! Team work is important when working in this type of setting. Getting along with co-workers is key. The company has amazing incentives to keep morale up and nothing beats the Monday to Friday setting. Advancement is available as long as your committed and fine with relocating. I see myself staying here until retirement.

Pros

Room for advancement. Good hours and benefits

Cons

Needing to turn down customers.
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Fun worplace, Healthy work environment

Fairstone is a great company to work for the team here always supports each other and while it can be stressful at time the great incentive program and benefits more then make up for it and make your hard work completely worth your while. This is a company where hard work is celebrated and rewarded not just in your branch but through out the whole company.

Pros

great benefits, Great incentive program, healthy work environment

Cons

Can be stressful at times
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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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