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Best bad credit loans in Prince Edward Island

Compare the rates and requirements of the best bad credit loans in PEI.

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, youโ€™ll need to show lenders thereโ€™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.

Best bad credit loans in PEI

How we found the best bad credit loans in PEI

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.

464+

hours invested

112

lenders vetted

4,608

data points analyzed

1. LoanConnect

LoanConnect Personal Loan
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$500 โ€“ $50,000
Loan amount
8.99% โ€“ 46.96%
APR
3 - 120 months
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile. Full Review

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 โ€“ $50,000
APR 8.99% โ€“ 46.96%
Term 3 - 120 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 provinces

Most Recommended

LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

2. Loans Canada

Loans Canada Personal Loan
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$300 โ€“ $50,000
Loan amount
6.99% โ€“ 46.96%
APR
3 - 60 months
Term
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 โ€“ $50,000
APR 6.99% โ€“ 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 โ€” 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.

3. Spring Financial

Spring Financial Personal Loan
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$500 โ€“ $35,000
Loan amount
10.8% โ€“ 46.99%
APR
6 - 60 months
Term
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 โ€“ $35,000
APR 10.8% โ€“ 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.

4. Mogo

Mogo Personal Loan
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$500 โ€“ $35,000
Loan amount
9.9% โ€“ 46.96%
APR
6 - 60 months
Term
Mogo is a Canadian fintech company that offers various financial products, including personal loans and lines of credit for bad credit. Full Review

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 โ€“ $35,000
APR 9.9% โ€“ 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

Best-Rated

Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

5. Get Loan Approved

getloanapproved.com Vehicle Title Loan
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$1,000 โ€“ $50,000
Loan amount
9.95% โ€“ 29%
APR
12 - 72 months
Term
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.
  • No credit check
  • No employment requirement
  • 24/7 customer service
  • Potentially high rates
  • Vehicle must be fully paid off
Loan amount $1,000 โ€“ $50,000
APR 9.95% โ€“ 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

FlexMoney Personal Loan
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$500 โ€“ $15,000
Loan amount
18.9% โ€“ 46.9%
APR
6 - 60 months
Term
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 โ€“ $15,000
APR 18.9% โ€“ 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.

7. Magical Credit

Magical Credit Installment Loan
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$1,500 โ€“ $20,000
Loan amount
19.99% โ€“ 46.8%
APR
12 - 60 months
Term
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 โ€“ $20,000
APR 19.99% โ€“ 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.

8. easyfinancial

easyfinancial Personal Loan
Finder Award
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$500 โ€“ $100,000
Loan amount
9.99% โ€“ 46.96%
APR
9 - 120 months
Term
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 โ€“ $100,000
APR 9.99% โ€“ 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.

9. Money Mart

Money Mart Installment Loan
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$500 โ€“ $15,000
Loan amount
29.9% โ€“ 46.9%
APR
6 - 60 months
Term
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
Loan amount $500 โ€“ $15,000
APR 29.9% โ€“ 46.9%
Term 6 - 60 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

24Cash Installment Loan
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$500 โ€“ $850
Loan amount
Starting at 22%
APR
90 - 120 days
Term
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 โ€“ $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 โ€” 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. Youโ€™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 canโ€™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 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.

Payday loansInstallment loanSecured loans
Loan amount$1,500$1,500$1,500
Loan term14 days1 year1 year
Interest rate or fees$15 per every $100 borrowed42%22%
Monthly paymentTotal 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 APR652%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 typeSteps 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 youโ€™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. Youโ€™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 driverโ€™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 wonโ€™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 youโ€™ll get the money. With payday loans, youโ€™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 wonโ€™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 donโ€™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 donโ€™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 youโ€™ve exhausted other options, and you want to reduce your total debt load without taking out more loans.

Frequently asked questions

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