📅 Last Updated: August 26, 2022
✏️ Written By Bryan Daly
🕵️ Fact-Checked by Caitlin Wood

Business Loans Prince Edward Island - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001709683200 Dashloansup to $1,250 12%-32% 90 - 150 days
up to $1,250
231700524800 Parachute$5,000 - $25,000 24.99% - 29.99% 30 or 60
$5,000 - $25,000
151695254400 GoLoans$1250 16.06% (nominal) - 31.99% (effective) 3 - 5
$1250
111692748800 BreeUp to $250 0% Up to 61 days
Up to $250
81688083200 City Lending Centers (CLC)$150 - $1,600 10 - 35% 3 - 6
$150 - $1,600
1001686182400 Northstar Brokers$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 Deposit My Cash Now$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 My Next Pay$300 - $3,000 18% + fees 6
$300 - $3,000
61683676800 Windmill Microlending$15,000 6.7% Up to 60 months
$15,000
71666051200 Nyble$150 0% -
$150
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
131639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
301637280000 Symple Loans$5,000 - $50,000 5.75% - 22.99% Up to 84
$5,000 - $50,000
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
21620777600 Spring FinancialUp to $35,000 9.99% - 46.96% 6 - 60
Up to $35,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 24 - 60
$1,000-$7,500
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001598832000 LM Credit$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001593561600 PayBright- 0+ 2 - 60
-
1001582243200 LendCare- - Up to 60
-
1001580947200 ECN Capital- - -
-
1001580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
91580860800 Refresh Financial$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
161580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579478400 MDGUp to $5,000 29.78% - 44.8% 36 months
Up to $5,000
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001562198400 Pylo Finance$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
171545955200 MarbleUp to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
191552262400 Money Mart$1,000 - $15,000 29.9% or 46.90% 6 - 60
$1,000 - $15,000
1001551830400 Payday King$100 - $1,000 546% APR 14 days
$100 - $1,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551830400 Progressa$1,000 - $15,000 19% - 46.95% 6 - 60
$1,000 - $15,000
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
151551139200 LendDirectUp to $15,000 19.99% APR Open-end
Up to $15,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001569974400 iCashUp to $1,500 15% - 17% up to 62 days
Up to $1,500
1001550534400 Focus Financial Inc.Up to $1,500 Up to 59% APR 14 days
Up to $1,500
1001550534400 Eastern Loans$500 - $1,000 28% - 32% 3 -5
$500 - $1,000
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001567555200 Cash Depot$300 - $3,000 18% + fees 6
$300 - $3,000
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
1001548720000 Amber Financial$1,000 - $50,000 4.6% – 49.96% 3 - 60
$1,000 - $50,000
1001548633600 Affirm Financial$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
1001548633600 310 Loan$50 - $1,500 - 14 days
$50 - $1,500
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
21543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
101545264000 Consumer Capital Canada$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
1001545350400 UrLoan$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
51545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Captain Cash$500 – $750 28% – 34.4% 3
$500 – $750
1001545350400 BC Loans$500 – $750 23% - 34.4% 3 – 12
$500 – $750
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
41545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
31545264000 Mogo FinanceUp to $3,500 47.72% -
Up to $3,500
101545177600 Borrowell$1,000 - $35,000 5.99% - 29.19% 36 - 60
$1,000 - $35,000
181545177600 Magical Credit$100 - $20,000 Up to 46.8% Up to 60
$100 - $20,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
21669852800 Driven$5,000 - $300,000 - 3 - 24 months
$5,000 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
1001598918400 Loop- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lionhart Capital$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575849600 CanaCapUp to $250,000 - -
Up to $250,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 CWB National Leasing$3,500+ - -
$3,500+
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 BDCUp to $100,000 6.05% + 60
Up to $100,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
101545177600 Borrowell$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
1001545264000 iCapital$5,000 - $250,000 - 3-18
$5,000 - $250,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
61545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545264000 Company Capital$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
51545177600 OnDeck$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
41545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
21679529600 ClutchVaries 8.49% + 24 - 96 months
Varies
31632960000 SafeLendUp to $50,000 15.99% + 12 -72
Up to $50,000
81624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
171607558400 Helium Loans$500 - $50,000 - 24 - 60
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 12 - 84
$1,000-$7,500
61597104000 Bryden Financing & Auto Sales- 4.99%+ -
-
1001594339200 Alphera Financial Services- - -
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001580688000 Rifco- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Coast Capital Savings- Starting at 4% Up to 84
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575590400 Canadian Truck Loan- - -
-
1001575590400 Cars on Credit Financial- 14.5% to 29.9% -
-
1001575504000 Canada Car Loans- - -
-
61569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera FinanceUp to $30,000 - -
Up to $30,000
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545177600 Splash Auto Finance by RifcoUp to $50,000 - -
Up to $50,000
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001578873600 Instant Loans Canada$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
51700524800 Rocket Mortgage- - -
-
1001695772800 QuestMortgage- - -
-
41690934400 Neo MortgageVaries 5.54%+ Varies
Varies
21688601600 nestoMin $100,000 5.34%+ 2 - 10 years
Min $100,000
31679616000 Frank Mortgage$100,000 - $2 million Fixed, variable, or adjustable rates 1 - 5 years
$100,000 - $2 million
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001580688000 Motusbank- 2.79% - 6.00% 6 - 60
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001577059200 Dominion Lending Center- - -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001560124800 Centum- 2.89% - 3.79% -
-
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
11517097600 Alpine Credits$10,000+ Based on equity -
$10,000+
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program

Among the residents of Prince Edward Island are plenty of business owners who could definitely benefit from a solid business loan. If you’re one of those owners, rest assured that there is a business loan for you. Not only that but when you apply with Loans Canada, you can take advantage of other business financing solutions.

Business Financing Options

To learn more about these options, click here.

What Can I Use My Business Loan For?

Since business loans come in the form of liquid cash through direct deposit, you can use your loan to finance almost any part of your business, including but not limited to:

  • Training and paying your employees
  • Repairing, improving or renovating your current or future workspaces
  • Financing your marketing strategies (advertisements, online portal, etc.)
  • Purchasing the right supplies (furniture, equipment, training tools)
  • Purchasing, repairing or upgrading any company vehicles
  • Paying your business permit, property taxes, and any other business-related fees

Looking for a personal loan in Prince Edward Island instead? Read this.

What Should I Know For the Application Process?

Organization and financial strength are key factors when it comes to the business loan application process. Above all, your lender wants to know that you have a high likelihood of paying them back in full by your negotiated due date. Therefore, some important parts of the application process will include (but aren’t limited to):

  • Confirmation of your identity/residency
  • A credit check
  • An income check
  • An evaluation of your business plan (not always required, but certainly advised)
  • An evaluation of your assets (if any)
  • An evaluation of your cosigner’s financial profile (if any)

Look here to learn how to use your assets for secure funding for your business.

What if I Have Bad Credit?

In Canada, credit scores generally range from 300-900. The closer your score is to 900, the more worthy of credit you’ll be. If your credit score is 620 or lower, however, you’ll be under the “bad credit” category. If that’s the case for you, it can be hard to earn both approval and a reasonable interest rate (a high rate can cost you more over your payment term), as your lender will consider you risky.

Wondering if you can beat your lender’s interest rates? Find out here.

Don’t worry! Here are some techniques you can try for a more positive outcome:

  • Look for an appropriate lender – Some lenders cater specifically to borrowers with bad credit. While interest rates are likely to be higher, approval will come easier than it would if you were to apply at a bank or other conventional lender.
  • Review your own credit – Pulling a free yearly copy of your credit report from Equifax or TransUnion is a good way of seeing your own credit health. You may even find errors that affect your credit and therefore need to dispute them.
  • Avoid applying multiple times in a short period – “Hard inquiries”, performed when a lender checks your credit, cause your credit score to drop. They also make you look irresponsible if you applied multiple times within a few months.
  • Pay your debts – One gradual but efficient way of improving your credit score is to pay off all your current credit account bills (credit cards, lines of credit, etc.) and continue to do so in a timely fashion for a few months prior to applying.

Need more information about bad credit loans in Prince Edward Island? Look here.

Canadian Business Loans

Do I Need to Be Part of a Specific Industry in Order to Be Approved?

Absolutely not! Depending on your lender, your business plan, and your financial ability, you can receive a business loan for almost any kind of profession, such as:

Frequently Asked Questions

What can I do to increase my approval chances for a business loan in P.E.I?

When applying for a business loan, your lenders will check your credit score to see if you are creditworthy. As such, improving your credit score prior to applying can help increase your odds of approval. You can boost your credit score by paying your bills on time and reducing your credit utilization ratio. Another way you can increase your approval chances is by getting someone to co-sign your loan or by securing the loan with an asset.

Do I need a business credit score to get a business loan?

Lenders generally check both your personal and business credit score when approving you for a business loan. However, if you’re a new or young business, you likely haven’t developed a business credit score yet. As such, lenders will only evaluate your personal credit score when considering you for a business loan.

My lender requires a business plan. What should I include in it?

A business plan is a way for your lender to gauge how responsible and trustworthy you are. In general, a business plan is a 2-3 page report that encompasses your need for a loan. It should detail how you plan to use the loan and how it will grow your business. Providing future projections of your sales is also a good way to show your lender that you will be able to repay the loan.

For Business Financing and More, Contact Loans Canada

If you’re a Prince Edward Island resident and you’re looking to do right by your business, Loans Canada has plenty of solutions for you. All you have to do is apply and you’ll be on your way to better business financing.

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