Best bad credit loans in Prince Edward Island

Finding a bad credit loan online in Prince Edward Island is easier than you might think. Just be prepared to pay much more in interest because lenders that approve borrowers with bad credit offset the risk of loan defaults by charging steeper rates.

To get approved, you’ll need to show lenders there’s space in your monthly budget for a loan. Lenders will determine your eligibility by reviewing your income and debts via your pay stubs and bank statements.

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Loans Canada Personal Loan

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Flexible Terms

Spring Financial Personal Loan

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LoanConnect Personal Loan

Best bad credit loans in PEI

1. LoanConnect

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$500 – $60,000
Loan amount

8.99% – 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.

Why it's one of the best

• Save time. Your application will be cast wide and you'll get your results right after you apply.
• Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
• Choose between 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	$500 – $60,000
APR	8.99% – 46.96%
Term	3 - 120 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Receive funds in as little as 24 hours.
Serviced provinces	All provinces

2. Loans Canada

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$300 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 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.

Why it's one of the best

• Search a large lender network. Loans Canada works with over 60 verified lenders.
• Get approved. Only see lenders that match your profile.
• Work with an 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
• No collateral required to secure your bad credit loan

• High rates for bad credit
• No online quotes provided
• Limited to its network

Loan amount	$300 – $50,000
APR	6.99% – 46.96%
Term	3 - 60 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Receive funds in as little as 24 hours.
Serviced provinces	All of Canada

3. Spring Financial

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$500 – $35,000
Loan amount

9.99% – 46.96%
APR

9 - 84 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 The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time.

Why it's one of the best

• Get a loan from an established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees with headquarters in Vancouver, BC.
• Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
• Get quick funding. If you provide the required documents on time, 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	9 - 84 months
Min. credit score	550
Fees	No fees except $30 NSF fee
Turnaround time	Within 24 hours
Serviced provinces	All of Canada

4. Mogo

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$500 – $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 and lines of credit for bad credit.

Why it's one of the best

• Get an instant decision. Get your free quote in three minutes without lowering your credit score.
• Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
• Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.

• Convenient mobile app
• No prepayment penalties
• Bank-level security

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

Loan amount	$500 – $35,000
APR	9.9% – 46.96%
Term	6 - 60 months
Min. credit score	600
Fees	Non-sufficient funds fee of $20 to $50
Turnaround time	Within 24 hours
Serviced provinces	BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU

5. Get Loan Approved

Finder Score:

★★★★★

Read review

$1,000 – $50,000
Loan amount

9.95% – 29%
APR

12 - 72 months
Term

• Our Take
• Pros + Cons
• Details

Get Loan Approved offers personal loans with your car as collateral, also known as a car title loan. You can continue to use your car as you pay off your loan. To qualify, your car must be less than 10 years old, in good condition and fully paid off.

Why it's one of the best

• Lenient. Get Loan Approved specializes in personal loans for people with damaged credit. It doesn't do any credit checks, and you don't need to be employed.
• Apply easily. Apply online and then either drive to a Get Loan Approved agent near you or have an agent come to you for a car appraisal. The whole process can be completed within 24 to 48 hours.
• Increase your chances of approval. Since you'll be reducing the risk for the lender with collateral, you'll have a higher chance of getting approved.

• No credit check
• No employment requirement
• 24/7 customer service

• Potentially high rates
• Vehicle must be fully paid off

Loan amount	$1,000 – $50,000
APR	9.95% – 29%
Term	12 - 72 months
Turnaround time	In as little as one hour
Serviced provinces	AB, BC, MB, NB, NL, NS, ON, PEI, SK

6. FlexMoney

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$500 – $15,000
Loan amount

18.9% – 46.9%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

FlexMoney is an online-only lender offering fast bad credit personal loans in Canada.

Why it's one of the best

• Get an instant decision. FlexMoney's automated system enables it to give you a no-obligation quote within minutes.
• Get your funds fast. Funds should reach your account on the same day or the next day.
• Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.

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

• High interest rates
• Minimum income required ($2,000 per month)
• Only employment & pension income accepted

Loan amount	$500 – $15,000
APR	18.9% – 46.9%
Term	6 - 60 months
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, Saskatchewan and Yukon

7. Magical Credit

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$1,500 – $20,000
Loan amount

19.99% – 46.8%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Magical Credit specializes in online personal loans for people with bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario.

Why it's one of the best

• Get a fast loan. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent within 24 hours).
• Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
• Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.

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

• High interest rates
• May charge an administration fee
• You must show income history for six months (if you receive employment income)

Loan amount	$1,500 – $20,000
APR	19.99% – 46.8%
Term	12 - 60 months
Min. credit score	300
Fees	A single administration fee of $194
Turnaround time	Receive funds within as little as 24 hours
Serviced provinces	Canada-wide (excluding Manitoba, Saskatchewan and Quebec)

8. easyfinancial

Finder Award

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$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.

Why it's one of the best

• Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
• Work with a well-known lender. easyfinancial is one of the biggest lenders of bad credit personal loans in Canada.
• 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
• High approval rate
• 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
Min. credit score	300
Fees	you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time	Approval within 30 minutes
Serviced provinces	all provinces

9. Money Mart

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

6 - 84 months
Term

• Our Take
• Pros + Cons
• Details

Money Mart offers installment loans and payday loans to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada.

Why it's one of the best

• Get your loan fast. Same-day funding is available, depending on the transfer method.
• Apply online or in-store. Get your loan online or at one of Money Mart's 500+ store locations.
• Get some leniency. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with 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
• In-store and online availability varies across provinces

Loan amount	$500 – $15,000
APR	29.9% – 46.9%
Term	6 - 84 months
Min. credit score	300
Fees	None
Turnaround time	Less than 1 day
Serviced provinces	AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

10. 24Cash

Finder Score:

★★★★★

Read review

$500 – $850
Loan amount

Starting at 22%
APR

90 - 120 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 (the exact amount is set at the broker's discretion).

Why it's one of the best

• Get approval in one hour. Apply with instant bank verification and get approved quickly.
• Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 2:30 PM EST.
• Established online broker. 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
• Small maximum amount
• May not improve your credit score

Loan amount	$500 – $850
APR	Starting at 22%
Term	90 - 120 days
Fees	broker fee of up to $225
Turnaround time	Within 24 hours
Serviced provinces	Canada-wide except Manitoba, Quebec and Saskatchewan

How do bad credit personal 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 47% 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 Prince Edward Island

There are three 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% - 47% 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

  Dive deeper: Unsecured personal loans

• 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

  Dive deeper: Secured personal loans

• 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 for every $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

  Dive deeper: Payday loans in PEI

How much do bad credit loans 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 loans in PEI

Follow the steps below to apply for bad credit loans:

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

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.
• 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 short-term installment loan, car title loan or 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.

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?

• 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.
• 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.
• Work on your credit score. Take measures to improve your credit, including decreasing your credit utilization ratio and fixing errors on your credit report.

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

• 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.

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.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio