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You can apply for personal loans in PEI with the following types of lenders:
You can get secured or unsecured personal loans in PEI:
To secure better rates or make it easier to qualify, you may want to ask a family member or friend with excellent credit to cosign your loan. The main downside is that your cosigner will be on the hook to pay back your loan if you default. This may be a suitable option for borrowers with lower credit scores who don’t have any assets.
Learn more about each step in the next sections.
Apply for your credit score from either Equifax or TransUnion. You should be able to qualify for most loans with a good to excellent score over 660.
Getting your credit score before you apply for a loan helps you know which loans you might qualify for. Many lenders will outline credit score requirements in their lending criteria. Knowing your score in advance can save you time and energy when comparing lenders and applying.
You can get your credit score online from Equifax or TransUnion. It usually arrives by mail within 5–10 days. You may also apply for free online credit monitoring with companies like Borrowell and Credit Karma.
Decide if you want to apply to a bank, credit union, online private lender or peer-to-peer lender. It’s easy to qualify with any type of lender if you have good to excellent credit. You may be limited to online lenders if you have fair or bad credit.
Decide whether you want an unsecured or secured loan and if you’ll need a cosigner. Also decide whether your loan should have a fixed interest rate, which means your rate will stay the same throughout the life of the loan, or a variable interest rate, which means your rate will fluctuate with the Bank of Canada’s lending rate.
Take time to compare your options through a personal loan broker or by requesting quotes individually from the lenders you’re most interested in. Remember that brokers only work with select partners, so you may want to compare additional lenders just to be sure you’re getting the best deal. You can also use the table above to compare lenders.
Apply for personal loan pre-approval with your top choices. This involves filling out a quick application specifying your personal details (name, address, phone number, etc.) and employment information. The lender will usually give you a pre-approval offer that specifies how much they’re willing to lend you and at what interest rate.
Compare your pre-approval offers to pick the best lender and rates. Provide any supporting documents your lender may need, such as pay stubs and bank statements. You’ll also need to provide your banking details so that your lender knows where to deposit your funds and withdraw payments.
Once you get an official offer from the lender you choose, make sure to read your contract carefully. Look for information such as how much you’ll pay in interest, how long you have to repay, what your monthly payments will be and whether you’ll have to pay any fees. Once you’re satisfied with your loan terms, sign your loan documents and wait for your loan to be deposited or e-Transferred.
To qualify for a personal loan in PEI, you’ll need to meet the following criteria:
Compare the following factors to find the best personal loans in PEI.
To apply for a personal loan in PEI, you may need to provide the following:
Keep in mind, if you opt for instant bank verification, you won’t need to submit documents. Learn more about bank verification for loans.
The cost of your personal loan is made up of your interest rates and fees.
The monthly payment on a $10,000 personal loan depends on your interest rate and loan term. Below is a breakdown of a $10,000 loan over three vs five years at 9.99%, 14.99% and 17.99% (for illustration purposes only).
| Interest rate | Monthly payment for 3 years | Total cost after 3 years | Monthly payment for 5 years | Total cost after 5 years |
|---|---|---|---|---|
| 9.99% | $322.62 | $11,614.50 | $212.42 | $12,745.27 |
| 14.99% | $346.60 | $12,477.76 | $237.85 | $14,270.81 |
| 17.99% | $361.47 | $13,013.06 | $253.88 | $15,232.79 |
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You can definitely get personal loans in PEI with bad credit. You just need to check the lender’s eligibility criteria to see what their requirements are. Most lenders will advertise on their website that they cater to clients with bad credit. You can also apply with a broker to figure out which lenders you’re eligible to work with, without having to manually compare your options.
To get approved for a personal loan with bad credit, you’ll need to show the lender there’s room for a new loan, given your current monthly income and debts.
Keep these tips in mind if you need to apply for bad credit loans in PEI:
Most lenders offering personal loans in PEI will require you to undergo a credit check to qualify for a loan. Some lenders will require a hard credit check, which can temporarily bring down your credit score, or a soft credit check, which has no impact on your score.
You’ll usually only be able to get away with no credit check if you apply for small amounts (up to $1,500) with payday lenders. However, these loans should be avoided wherever possible as they come with extremely high interest rates.
Personal loans can affect your credit in one of two ways:
You can borrow between $500 and $50,000. The amount you qualify for will depend on factors such as your credit score, income, employment status and collateral.
You can use personal loans for just about anything. People often take out loans to cover the cost of school, consolidate debt, renovate a home, buy a car and pay bills.
Yes. Banks and credit unions can lend to you as long as you demonstrate reliable self-employment income in the last three years. If you can't get approved by a bank or credit union, you can apply to an online lender.
It depends on the lender. Some lenders are strict on the no job, no loan rule. Others will let you qualify with income from unemployment (EI), pension (CPP or private), child tax benefit, disability, maternity and other forms of non-traditional income. Learn more about loans with no job verification.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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