Best bad credit loans in PEI

Finding a bad credit loan in Prince Edward Island is easier than you might think. Depending on the state of your credit score, you may be able to get a personal loan or payday loan. Just be prepared to pay much higher interest rates with bad credit.

Best bad credit loans in PEI

Loan provider	Interest rate	Loan amount	Loan term	Key features
	6.99% - 46.96%	$100–$50,000	3 - 120 months	Loan broker, pre-approval in 5 minutes	Go to siteLearn more
	5.4% - 46.96%	$300–$50,000	4 - 60 months	Loan broker, largest lender network	Go to siteLearn more
	9.99% - 46.96%	$500–$35,000	6 - 60 months	Fast application, same-day funding	Go to siteLearn more
	18.90% - 46.93%	$500–$15,000	6 - 60 months	Instant decisions, same-day funding	Learn more
	9.90% - 46.96%	$200–$35,000	6 - 60 months	Quotes in 3 minutes, flexible eligibility requirements	Go to siteLearn more
	19.99% - 24.49%	$5,000–$50,000	36 - 120 months	Quick quotes, secured and unsecured loans	Go to siteLearn more
	29.90% - 46.90%	$100–$50,000	12 - 60 months	Instant decisions, funding in 15 minutes	Go to siteLearn more
	28.00% - 32.00% + broker fee up to $300	$300–$1,750	3 - 12 months	No credit check, funding in 24 hours	Learn more
	19.99% - 46.80%	$1,500–$20,000	12 months - 5 years	Approval in 1 day, low income or non-employment income are okay	Learn more
	9.99% – 46.96%	$$500–$100,000	9 - 120 months	Approval in 30 minutes, flexible eligibility requirements	Learn more
	29.90% - 46.90%	$500–$15,000	12 - 60 months	Instant decisions, offers personal and payday loans	Learn more
	19% - 46.95%	$1,000–$15,000	6 - 60 months	Approval in as little as 30 minutes, debt consolidation loans	Learn more
	From 5.9%	$300–$50,000	12 - 60 months	Search platform for loans, secured and unsecured loans	Learn more
	22% + broker fee	$500–$850	90 - 150 days	Broker, short term loan, no credit check	Learn more
	18.99% – 24.99%	$5,000–$15,000	36 - 84 months	Loan to pay off consumer proposal, instant credit score increase	Learn more
	19.8% + $59 annual fee	Up to $7,000 credit limit	Not applicable	$75-$300 deposit required as collateral, pre-approval with no risk to credit score	Learn more

How do bad credit loans in PEI work?

You can apply for bad credit loans in PEI with no credit history or a poor credit score. They are distinct from traditional loans in the following ways:

• Lower amounts. You can usually only qualify for up to $10,000 with bad credit loans in PEI, unless you secure your loan with an asset or get a cosigner. Traditional loans for good credit usually let borrowers apply for up to $50,000 or more.
• Higher interest rates. You’ll usually pay higher interest rates and fees with bad credit loans in PEI (up to 46.96% interest with personal loans). Good credit loans tend to come with lower interest but stricter eligibility criteria.
• Fewer lenders. Unlike with traditional loans, you usually can’t apply for bad credit loans in PEI from banks or credit unions. Your main source for loans will be online lenders, so you need to do your research to find a reputable company.

Types of bad credit loans in PEI

There are four main types of bad credit loans in PEI to choose from. Learn more about their features below:

Unsecured personal loans

• How it works. Borrow up to $10,000 without the need for collateral
• Best for. Borrowers who want to qualify for larger amounts at lower rates, but don’t have assets.
• What it costs. 18.00% - 46.96% APR
• Pros. Higher loan amounts, lower interest rates, no need to secure your loan with an asset
• Cons. Stricter eligibility criteria than other types of bad credit loans in PEI

Secured loans

• How it works. Borrow up to $50,000 or more when you use an asset such as your home or vehicle to secure your repayments.
• Best for. Borrowers who own high value assets and don’t mind leveraging them to secure lower interest rates.
• What it costs. 9% – 49% interest rate and setup/appraisal fees.
• Pros. Higher loan amounts, lower interest rates than unsecured loans
• Cons. Requires collateral, can take longer to process, may come with origination or appraisal fees

Payday loans

• How it works. Borrow up to $1,500 and pay it back by your next payday
• Best for. Very fast financing or last resort option if you can’t qualify for personal loans
• What it costs. $15 per $100 borrowed
• Pros. Easy to qualify, no need to secure loan with an asset
• Cons. Extremely high APR, low amounts, must be repaid by next payday, won’t help you to build credit

How much do bad credit loans in PEI cost?

The total cost of bad credit loans in PEI will vary based on features such as your loan type, amount, term and interest rates/fees. Below is a hypothetical breakdown of how much you might pay for a $1,500 loan.

You can expect to pay the highest APR with the payday loan, especially since payday loans in PEI have some of the highest fees in the country. Secured or guarantor loans will usually come with the lowest cost.

How to apply for bad credit personal loans in PEI

Follow the steps below to apply for bad credit personal loans in PEI:

Eligibility criteria for bad credit loans in PEI

It depends what type of loan you get and which lender you go with. You’ll usually need to meet the following criteria when applying for bad credit loans in PEI.

• Be a Canadian citizen or resident who is at least 18 years old.
• Have a valid Canadian bank account
• Meet eligibility criteria such as income and employment requirements, as well as credit score requirements in some cases
• Not be in bankruptcy or consumer proposal (requirement by some lenders)

What information and documents will I need to provide?

To apply for bad credit loans in PEI, you may need to provide the following:

• Identity documents. Government-issued ID such as your passport or driver’s licence.
• Proof of income and employment. Bank statements, pay stubs, tax records, proof of government benefits (such as EI) or letter of employment.
• Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.
• Social Insurance Number. You may also need to input your SIN so your lender can check your credit.

Keep in mind, if you opt for instant bank verification, you won’t need to submit documents. Learn more about bank verification for loans.

Can I get a bad credit loan with no credit check?

You may be able to get a no credit check loan if you apply for a payday loan. The majority of personal loan lenders will expect you to undergo a credit check, especially if they are lending you an amount over a few thousand dollars. If a lender offers a no credit check loan for a large amount, be wary as it could be a scam.

Which lenders offer guaranteed approval?

It will be difficult to find any lenders that offer guaranteed approval for bad credit loans in PEI. Most lenders will check factors such as your income, employment, credit history and bankruptcy/consumer proposal status before they give you a loan. If they promise guaranteed approval, be cautious. They could be fraudulent, or they may charge predatory interest rates.

How to get the best bad credit loans in PEI

Compare the following features to find the right loan for you:

• How much it costs. Your loan cost is made up of fees and interest rates. Compare the annual percentage rate (APR) for various loans to find the one with the lowest fees and best interest rates.
• The amount you can borrow. Most bad credit loans in PEI will max out at $10,000 unless you secure them with an asset or get a cosigner. Only borrow as much as you can afford to pay back (with the total cost of rates and fees factored in).
• How long it takes to repay. Depending on your loan size, bad credit loans in PEI can usually be paid back in 3 to 60 months. Payday loans expect full repayment by your next paycheque.
• How fast you’ll get the money. With payday loans, you’ll usually get your money on the same day you apply. Your funds should be released in 24 hours with most personal loans, but you may have to wait weeks to get funds from a secured or guarantor loan.
• How it will impact your credit score. Some lenders will report your repayments to the credit bureaus while others won’t (for example, payday lenders). Look for a loan that will help you increase your credit score, and make sure you repay your loan on time.

How can I improve my chances of approval?

You may be able to increase your chances of getting approved if you follow these steps:

1. Apply with multiple lenders. Shop online and compare quotes from at least 3-4 lenders. Make sure you apply to pre-qualify to get a better sense of the rates you’ll pay (vs what’s advertised) and what kind of customer service you can expect to receive.
2. Sign up for a secured or guarantor loan. Use an asset to secure your loan or ask someone to cosign a loan on your behalf. Just be aware that you could lose your asset or damage your relationship with your cosigner if you default.
3. Fill out your application properly. Many people get denied due to simple errors or omissions on their application. Take time to review your application and make sure all of your information is correct, and can be supported by documentation.
4. Work on your credit score. Take measures to improve your credit, including decreasing your credit utilization ratio and fixing errors on your credit report.

How will a bad credit loan affect my credit score?

Bad credit loans in PEI can affect your credit in one of two ways:

1. Your credit score goes up. Your score will go up if you make regular on-time payments as long as your lender reports your payments to the credit bureaus.
2. Your credit score goes down. Your score may temporarily decrease when your lender checks your credit report at the time of application. It will also go down if you miss payments, make late payments or fail to pay back your loan altogether.

What other options can I use if I don’t want a bad credit loan?

There are a few options you can tap into if you want to avoid bad credit financing in PEI. These include:

• Government subsidies. PEI offers housing assistance, disability benefits and other subsidies that can give you access to quick cash that you don’t need to pay back.
• Credit counselling. You may be able to access credit counseling to get assistance with financial tasks such as creating a budget or developing a debt consolidation or debt management plan.
• Debt relief services. Look into debt relief companies if you feel you’ve exhausted other options, and you want to reduce your total debt load without taking out more loans.
• Borrow from friends or family. Ask a friend or family member for a loan if you need a few bucks between paycheques. Be sure you pay them back on time to avoid straining your relationships.

Learn more about the best bad credit loans in PEI

1. LoanConnect

Finder Rating: ★★★★★ 4.6 / 5

Go to site

$100 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 120 months
Term

• Our Take
• Pros + Cons
• Details

LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile. Full Review

Why we chose it

• Large lender network. LoanConnect works with over 30 verified lenders.
• Easy to compare offers. Fill out one application to compare offers from multiple lenders, and log in regularly to see if new offers are available.
• Secured and unsecured loans. Find a secured bad credit loan if you have an eligible asset or get a loan with no collateral.

• Pre-approval in five minutes
• Many bad credit loan options
• BBB-accredited with an A+ rating
• Fast funding

• Not a direct lender
• High rates for bad credit
• Miss out on offers from lenders not partnered with LoanConnect

Loan amount	$100 – $50,000
APR	6.99% – 46.96%
Term	3 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	No application, origination or brokerage fees
Turnaround Time	Receive funds within as little as 24 hours.
Serviced Provinces	All provinces

2. Loans Canada

Finder Rating: ★★★★★ 4.5 / 5

Go to site

$300 – $50,000
Loan amount

5.4% – 46.96%
APR

4 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review

Why we chose it

• Save time. Your application will be cast wide and you'll get your results right after you apply.
• Get approved. Only see lenders that match your profile.
• Established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.

• Easy online application
• Quick deposits
• High loan amounts of up to $50,000
• No collateral required to secure your bad credit loan

• Interest rates can reach as high as 46.96%
• No online quotes provided

Loan amount	$300 – $50,000
APR	5.4% – 46.96%
Term	4 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	No application, origination or brokerage fees
Turnaround Time	Receive funds within as little as 24 hours.
Serviced Provinces	All of Canada

3. Spring Financial

Finder Rating: ★★★★★ 4 / 5

Go to site

$500 – $35,000
Loan amount

9.99% – 46.96%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Spring Financial offers fast approval and funding. If you don't qualify for a bad credit personal loan, however, it'll offer you its credit builder loan. With this loan, you won't access the loan funds until after you've made all your payments on time. Full Review

Why we chose it

• Established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees.
• Helps improve your credit score. It reports payments to the credit bureaus.
• Same day funding. If you provide the required documents, you can get your bad credit loan the same day you apply.

• 100% online
• Fast funding via e-Transfer
• No prepayment penalties

• High rates for bad credit
• C- BBB rating, received complaints about the credit builder loan

Loan amount	$500 – $35,000
APR	9.99% – 46.96%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	No fees except $30 NSF fee
Turnaround Time	Within 24 hours
Serviced Provinces	All of Canada

4. FlexMoney

Finder Rating: ★★★★★ 4 / 5

$500 – $15,000
Loan amount

18.9% – 46.93%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

FlexMoney offers an easy online application with no need to upload documentation. Funds are usually released in 24 hours and you can prepay your loan with no penalty. Full Review

Why we chose it

• Instant decision. FlexMoney says it will make a decision on your application within 15 minutes.
• Same-day or next-day funding. Funds are released within 24 hours, directly to your bank account.
• Helps rebuild credit. FlexMoney will report regular, on-time payments to the credit bureau.

• Make payments weekly, bi-weekly, bi-monthly or monthly
• Easily make extra payments via e-transfer

• Interest rates can reach as high as 46.93%
• Minimum income required ($2,000 per month)
• Must be employed

Loan amount	$500 – $15,000
APR	18.9% – 46.93%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	No application, origination or prepayment fees
Turnaround Time	Receive funds within as little as 24 hours
Serviced Provinces	Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI and Saskatchewan

5. Mogo

Finder Rating: ★★★★★ 4.5 / 5

Go to site

$200 – $35,000
Loan amount

9.9% – 46.96%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Mogo is a Canadian fintech company that offers various financial products, including personal loans for bad credit. Full Review

Why we chose it

• Quick quote with no impact to credit. Get a free quote in three minutes without lowering your credit score.
• Easy online application. It's easy to set up an account and Mogo aims to give approval and funding within one to two days.
• Established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.

• Convenient mobile app
• No prepayment penalties
• Free credit score monitoring for 90 days
• Bank-level security

• High rates for bad credit
• Some negative Mogo reviews online
• Loans are powered by Lendful and easyfinancial

Loan amount	$200 – $35,000
APR	9.9% – 46.96%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	Non-sufficient funds fee of $20 to $50
Turnaround Time	Within 24 hours
Serviced Provinces	British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island

6. Fairstone

Finder Rating: ★★★★★ 3.7 / 5

Go to site

$5,000 – $50,000
Loan amount

19.99% – 24.49%
APR

36 - 120 months
Term

• Our Take
• Pros + Cons
• Details

Fairstone offers bad credit personal loans. Apply online or visit a store at over 230 locations across Canada. Full Review

Why we chose it

• Apply without impacting your credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
• Fast approvals. Apply for your loan in minutes and get a quick call from a loan agent to finalize your loan details, with funds deposited in 24 hours or less.
• Secured and unsecured options. Apply based on your credit score or use your house to secure your loan to get lower rates.

• Quick and easy application
• Multiple bad credit loan types (unsecured, secured, mortgages)
• Company has an established online presence
• No prepayment penalties for unsecured loans

• High rates for bad credit (up to 39.99%)
• Potential for extra fees
• Prepayment penalties for secured loans
• Several negative customer reviews

Loan amount	$5,000 – $50,000
APR	19.99% – 24.49%
Term	36 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	560
Fees	Varies by province
Turnaround Time	2+ days
Serviced Provinces	All across Canada

7. Loanz

Finder Rating: ★★★★★ 3.5 / 5

Go to site

$100 – $50,000
Loan amount

29.9% – 46.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loanz has a fast application process so you can get your bad credit loan on the same day. You just need to sign up for instant bank verification (you'll wait longer for manual verification). Full Review

Why we chose it

• Fast. Apply and connect with your banking details to get instant approval and receive funds in as little as 15 minutes.
• Reports to credit bureaus. Loanz will report every payment to the credit agencies to help improve your credit score.
• Flexible eligibility requirements. Apply with bad credit and different forms of income, including government assistance.

• Simple online application
• Positive customer reviews
• No prepayment penalties

• High starting rates (29.9% and up)
• Undisclosed fees

Loan amount	$100 – $50,000
APR	29.9% – 46.9%
Term	12 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	570
Fees	N/A
Turnaround Time	24 hours or less
Serviced Provinces	All of Canada (excluding Quebec)

8. LoansLoans.ca

$300 – $1,750
Loan amount

28% – 32%
APR

3 - 12 months
Term

• Our Take
• Pros + Cons
• Details

LoansLoans.ca offers fast short-term loans to people with bad credit. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200/month. You may be required to pay a fee of up to $300 that will be added to your payments. Full Review

Why we chose it

• Payday loan alternative. LoansLoans.ca gives you longer repayment periods than payday lenders.
• Quick and easy. Apply online and get a decision within the hour.
• Established. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.

• No credit check
• Apply online in minutes
• Funding on the same day or next day

• High rates and fees
• Doesn't give enough information about its brokerage fee

Loan amount	$300 – $1,750
APR	28% – 32%
Term	3 - 12 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	Late payment fee (2.66% per month), $45 NSF fee, broker fee up to $300
Turnaround Time	Receive funds in less than 24 hours
Serviced Provinces	All of Canada (except Manitoba)

9. Magical Credit

$1,500 – $20,000
Loan amount

19.99% – 46.8%
APR

12 months - 5 years
Term

• Our Take
• Pros + Cons
• Details

Magical Credit specializes in offering bad credit loans to low-income clients. It accepts many types of non-employment income. Full Review

Why we chose it

• Instant decision. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent in a few hours).
• Helps rebuild credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
• Flexible eligibility requirements. You can apply with bad credit and you don't have to be employed.

• Receive funds within as little as 24 hours
• Accepts child tax credit, EI, CPP, OAS, private pensions and more
• Refer-a-friend program

• Promotes a 3.9% fixed monthly rate but the actual APR is between 19.99% and 46.8%
• May charge a $194 administration fee
• Must show proof that you've been employed for six months (if applicable)

Loan amount	$1,500 – $20,000
APR	19.99% – 46.8%
Term	12 months - 5 years
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	A single administration fee of $194 for $1,500 loans and up
Turnaround Time	Receive funds within as little as 24 hours
Serviced Provinces	Canada-wide (excluding Manitoba, Saskatchewan and Quebec)

10. easyfinancial

$500 – $100,000
Loan amount

9.99% – 46.96%
APR

9 - 120 months
Term

• Our Take
• Pros + Cons
• Details

easyfinancial helps Canadians access financing when banks aren't an option. It offers bad credit loans across Canada online and in hundreds of locations. Full Review

Why we chose it

• Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
• Fast approvals. Get your money through Interac e-Transfer in as little as two hours after getting approved.
• Helps improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.

• Secured and unsecured bad credit loans
• 2% rate reduction with a co-applicant
• BBB-accredited with an A+ rating

• Steep rates for bad credit
• Many negative customer reviews

Loan amount	$500 – $100,000
APR	9.99% – 46.96%
Term	9 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	300
Turnaround Time	Within 30 minutes
Serviced Provinces	All of Canada

11. Money Mart

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Money Mart offers installment and payday loans across Canada. It's been in business since 2001 and has hundreds of stores across Canada. Full Review

Why we chose it

• Fast. Fill out an application with quick approval and get your funds in under five minutes.
• Apply online or at one of its many locations. Apply online, through the Money Mart mobile app or at a store.
• Flexible eligibility requirements. You're likely to qualify as long as you have a chequing account and a regular source of income.

• Established lender
• Convenient mobile app
• Accepts non-employment income such as government benefits and private pension

• High interest rates
• Availability in provinces varies in-store and online
• NSF and late payment fees

Loan amount	$500 – $15,000
APR	29.9% – 46.9%
Term	12 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	None
Turnaround Time	Less than 1 day
Serviced Provinces	AB, BC, MB, NB, NL, NS, ON, PEI, SK

12. Progressa

$1,000 – $15,000
Loan amount

19% – 46.95%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Progressa issues loans to help customers consolidate debts. The company pays debts directly when you take out a loan rather than depositing the funds in your account.

Why we chose it

• Helps rebuild credit. Use your loan to pay off your bills and debts, and then build your credit score by making on-time payments on your Progressa loan.
• Fast approvals. You can expect to get approved in as little as 30 minutes, but it could take a few days if you have a complex file.
• Flexible eligibility requirements. Get approved with bad credit. It also accepts EI, disability and other forms of government assistance as long as you have employment income.

• BBB accredited with an A+ rating
• Progressa pays creditors directly
• The company works in all Canadian provinces except Quebec
• Good customer reviews

• High rates between 19% and 46.95%
• Loans are exclusively for debt consolidation
• Must be employed for at least six months
• Won't be eligible if you're in bankruptcy or a consumer proposal

Loan amount	$1,000 – $15,000
APR	19% – 46.95%
Term	6 - 60 months
Interest Rate Type	Fixed
Serviced Provinces	All provinces and territories except Quebec

13. Lend for All

$300 – $50,000
Loan amount

Starting at 5.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Lend for All is a loan-matching company that uses an automated process to match consumer and business applicants with various lenders and financial institutions. Full Review

Why we chose it

• Partnered with lenders. It works with a network of lenders that offer quick approval for customers with bad credit.
• Fast pre-approvals. Lend for All provides quick approvals within minutes by doing a soft check on your credit report.
• Active presence. It has been operating for five years in the online bad credit loan space and has an A+ BBB rating.

• AI technology gives you viable loan matches
• Potential for multiple offers
• Many loan types

• Online broker (not a direct lender)
• Small network of lenders compared to other brokers
• Most partner rates are above 20% for unsecured loans

Loan amount	$300 – $50,000
APR	Starting at 5.9%
Term	12 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	Varies by lender
Serviced Provinces	All provinces

14. 24Cash

$500 – $850
Loan amount

Starting at 22%
APR

90 - 150 days
Term

• Our Take
• Pros + Cons
• Details

24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments. Full Review

Why we chose it

• Approval in one hour. Apply with instant bank verification and get approved quickly.
• Easy application. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 1:30 ET.
• Established online presence. The company is active online and has solid customer reviews on Google and Trustpilot.

• No credit check
• Lower APRs than payday loans
• No paperwork required via instant bank verification
• Manual review available
• Three months to repay

• Government assistance not accepted as a form of income
• Very expensive
• Low maximum amount (under $1,000)
• May not improve your credit

Loan amount	$500 – $850
APR	Starting at 22%
Term	90 - 150 days
Interest Rate Type	Fixed
Serviced Provinces	All Canadian provinces except Manitoba, Quebec and Saskatchewan.

15. marble Fast Track Loan

Go to site

$5,000 – $15,000
Loan amount

18.99% – 24.99%
APR

36 - 84 months
Term

• Our Take
• Pros + Cons
• Details

marble provides loans to people dealing with a consumer proposal. It works with your trustee to pay off your entire consumer proposal to help immediately increase your credit score. Full Review

Why we chose it

• Loan to exit consumer proposal. marble offers specialized loans for people struggling to pay off a consumer proposal.
• Improves credit score. Your credit score will increase as soon as you pay off your consumer proposal, and it will go up further as you pay off your marble loan.
• BBB-accredited with an A+ rating. The company has been in business for seven years and has an A+ rating with BBB, with very few customer complaints.

• Rates are 18.99% to 24.99% (lower than most consumer proposal exit loans)
• Affordable monthly payments
• Instantly improves your credit score

• Funds can only be used to pay off a consumer proposal
• Admin and legal fees
• Rates may be higher than what you're currently paying

Loan amount	$5,000 – $15,000
APR	18.99% – 24.99%
Term	36 - 84 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	Marble Fast-Track loans come with legal and administrative fees ranging between $295 and $1,500
Turnaround Time	Within 24 hours (during business days/hours)
Serviced Provinces	British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Newfoundland & Labrador

16. Capital One Guaranteed Mastercard

Capital One Guaranteed Mastercard

Credit recommended (N/A-) Read review

N/A
Min. credit score

$59
Annual fee

n/a
Rewards

n/a
Welcome offer

• Our Take
• Pros + Cons
• Details

Capital One's Guaranteed Mastercard is designed for people who want to establish or repair their credit without taking out a loan.

Why we chose it

• Improves credit score. This credit card is dedicated to boosting your credit, with payments reported regularly to the credit bureaus.
• Travel benefits. With this card, you're covered under common carrier travel accident insurance, baggage delay and car rental damage.
• High chance of approval. You should qualify as long as you're the age of majority and aren't in bad standing with Capital One. Some other criteria may apply.

• The card comes with extended warranty and purchase protection
• Capital One offers protection against fraud
• May be able to get a $7,000 limit

• Annual fee of $59
• High interest rate of 19.8%
• Security funds may be required

Annual Fee	$59
Purchase APR	19.8%
Cash Advance Rate	21.9%
Balance transfer APR	19.8%
Welcome offer	N/A
Rewards	N/A

Disclaimer

Please note: All information about Capital One Guaranteed Mastercard has been collected independently by Finder and this card is not available through this site.

Frequently asked questions

• Where can I get the best bad credit loan in PEI?

  The best bad credit loans in PEI will usually come from online personal loan lenders with solid customer reviews. Look for well-designed websites and easy to understand interest rates and fees. Avoid payday lenders, or those that are charging extremely high interest rates.

• Is it ever a good idea to get a payday loan?

  It depends on your financial situation. Payday loans can be less harmful if you have a high income, and need a small amount of cash that you'll have no problem repaying right away. If you're in a rough financial situation, and aren't sure you can repay the funds in 2 weeks, payday loans can be highly problematic, sometimes leading you into a cycle of debt that's very difficult to get out of.

• How can I get lower interest rates?

  The best way to get lower rates is to pre-qualify with multiple lenders to find the best deal. You can also secure your loan with an asset or sign up with a guarantor (though this can take longer). The other way that you can get lower rates is to work on improving your credit score before you apply.