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.
Finder’s promoted products are a result of commercial advertising arrangements or to highlight a particular feature of a Finder partner. Promoted products are not a recommendation, nor does it indicate that a product is the best in its category. It is important to compare your options and find the right product for you.
To find the best bad credit loans in PEI, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review
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 within as little as 24 hours.
Serviced provinces
All of Canada
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.
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. Full Review
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
10.8% – 46.99%
Term
6 - 60 months
Min. credit score
500
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
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. Full Review
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.
FlexMoney is an online-only lender offering fast bad credit personal loans in Canada. Full Review
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
Most Recommended + Best-Rated
FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
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. Full Review
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)
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
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 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
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
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. Full Review
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
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). Full Review
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 applies
Turnaround time
Within 24 hours
Serviced provinces
Canada-wide except Manitoba, Quebec and Saskatchewan
Finder: Personal Loan Consumer Satisfaction Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers, based on customer service scores.
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:
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
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.
Payday loans
Installment loan
Secured loans
Loan amount
$1,500
$1,500
$1,500
Loan term
14 days
1 year
1 year
Interest rate or fees
$15 per every $100 borrowed
42%
22%
Monthly payment
Total amount paid on payday
$155.23
$140.39
Total interest/fees
$375
$362.71
$184.70
Total loan cost
$1,875
$1,862.71
$1,684.70
Total APR
652%
42%
22%
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:
Loan type
Steps to apply
Payday loans
Find a reputable lender.
Check the loan requirements to make sure you qualify (you may need to meet income/employment requirements).
Apply online by inputting your contact info and personal details into the online application.
If approved, make sure you fully understand how much interest you’ll pay and when you need to repay your loan.
Pay your loan back in full by the date specified in your contract (usually within 2 weeks of borrowing).
Unsecured loan
Compare several lenders manually or through a broker to find the best loan for your needs.
Apply for pre-approval in advance to make sure you qualify.
Fill out an application and upload supporting documents as needed (including your ID, proof of income and employment).
If approved, review your loan offer and check your interest rates, fees and other terms of your loan.
Repay your loan over a set term (usually 6 months to 5 years).
Secured loan
Follow the steps above to get an unsecured loan.
Extra step: Discuss the asset you want to use to secure your loan with your lender. Provide detailed information about the asset and fill out any additional paperwork, as needed.
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.
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.
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
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.
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.
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.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial 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.
Compare some of the best bad credit loans in Nova Scotia.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
