Bad credit loans in Prince Edward Island: Compare rates & terms

Finding a bad credit loan online in Prince Edward Island is easier than you might think. You have many options among personal loans, cash advances and payday loans.

Just be prepared to pay more in interest. To get approved, you’ll need to show lenders there’s room 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.

Compare personal loans in PEI for bad credit

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.5 Great Spring Financial Personal Loan	Finder score 8.5 Great	9.99% - 35%	$500 - $35,000	6 - 84 months	Key features: Fast online personal loans	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Personal Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $60,000	3 - 120 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Loan search platform for all credit scores	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.6 Great Loans Canada Personal Loan	Finder score 8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform with the largest lender network	Go to site More info Compare product selection Compare	loading

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How we picked these

Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare cash advance apps in PEI for bad credit

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Finder Score	Costs	Loan Amount	Loan Term	Rebate	Key Features
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	Go to siteMore info Compare product selection Compare	loading
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $500	Next pay cycle	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading

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Finder Score for cash advance apps

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare payday loans in PEI for bad credit

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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Key features: 24/7 instant approval and e-Transfer, accepts bad credit	Go to siteMore info Compare product selection Compare	loading
GoDay Payday Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	AB, BC, MB, NB, NS, ON, PEI, SK	Key features: Instant approval, accepts bad credit	More info Compare product selection Compare	loading
Focus Cash Loans	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	AB, BC and ON	Key features: No credit check, private disability income only	More info Compare product selection Compare	loading

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How do bad credit loans work?

Many alternative lenders specialize in loans for poor credit. Rather than fixating on your credit score, they’ll focus on your income, existing debts and spending activity. If you’re approved, you get a lump sum of money that you’ll repay by your next payday or in installments. Rates are very high because borrowers with bad credit are more likely to default.

Types of bad credit loans in Prince Edward Island

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 over $250 and don’t have assets.
  • What it costs. 18% - 35% APR.
  • Pros. Same-day or next-day funding, repay in installments, no need to secure your loan with an asset.
  • Cons. Stricter eligibility criteria than cash advance apps and payday loans.

  Dive deeper: Unsecured personal loans

• Secured personal loans

  • How it works. Use an asset, such as your vehicle, to boost your odds of approval and potentially get approved for more money.
  • Best for. Borrowers who own high-value assets and are certain they can manage the payments.
  • What it costs. 9% – 35% interest rate, plus 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 quick financing, as a last resort.
  • What it costs. $14 for every $100 borrowed.
  • Pros. Easy to qualify, no need to secure your loan with an asset.
  • Cons. Extremely high APR, low amounts, must be repaid by next payday, won’t help you build credit.

  Dive deeper: Payday loans in PEI

• Cash advance apps

  • How it works. Borrow $20 to $500. Repay by your next payday, but you can ask for an extension if needed.
  • Best for. Borrowers who need quick access to cash for emergencies or unexpected expenses and don’t want to go through a traditional loan application.
  • What it costs. Cash advance apps do not charge interest, but you may have to pay a subscription fee, especially if you want additional features like instant payouts.
  • Pros. Instant access to funds, easy online application, no credit check, helps avoid overdraft fees.
  • Cons. Low borrowing limits, repeated use can be expensive (if you pay the extra fee).

  Dive deeper: Cash advance apps: Borrow $25 or more instantly

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 example of how much a $250 loan might cost.

Payday loans have the highest APR, so they should only be considered as a last resort. For smaller, short-term needs, cash advance apps tend to be the most affordable option if you opt for standard three-day delivery.

How to apply

Follow the steps below to apply for bad credit loans:

Eligibility criteria for bad credit loans in PEI

It depends on which 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 a 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 a 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’re 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 compare loans

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 and some cash advance apps expect full repayment by your next paycheque.
• How fast you’ll get the money. Payday loans are instant by default, while cash advance apps are instant if you pay a fee. Finally, personal loans offer same-day or next-day funding.
• 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 applications. 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 counselling 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.
• Boost your income. There are ways to increase your income rather than increase your debt. Learn more about fast, easy ways to make money.

Frequently asked questions

• 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. But, if you're in a rough financial situation and aren't sure you can repay the funds in two 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 at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 175 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online

Co-written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio