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Credit Improvement Prince Edward Island

Save time and money with Loans Canada

Written by Bryan Daly

Best Credit Improvement Prince Edward Island (Online) 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
FinanceIT
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Customer First Financing
$500 - $7,500 - -
$500 - $7,500
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% to 47.72% 24 - 60
$300 – $35,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Provider Loan Amount Rate Term (Months) Rating
Loop
- -
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 5.49% - 22.79% 12 - 60
$5,000 - $150,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Bryden Financing & Auto Sales
- +4.99% -
-
Alphera Financial Services
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Cars on Credit Financial
- 14.5% to 29.9% -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Dominion Lending Center
- - -
-
First National
- 2.84% - 7.30% -
-
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...

Living with bad credit is definitely not ideal for your finances, whether you’re living in Prince Edward Island or anywhere else in Canada. The worse your credit is, the less chance you’ll have of being approved for loans with affordable interest rates. That’s why credit improvement is so important, even if your credit score has not yet reached the point of being bad. In fact, improving your credit is one of the key steps to a healthy financial lifestyle. Looking for help with credit improvement in Prince Edward Island? We have all the information you need. 

What is a Credit Score and How is it Calculated?

Your credit score is a tool that P.E.I. lenders use to determine your worthiness for new credit. It’s a three-digit number ranging from 300-900 and is assigned to you when you start using credit products. The closer your score is to 900, the better your approval chances and interest rate will be for any new credit products. There are also 5 different factors that go into the calculation of your score, which we’ve listed below.

How is a credit score calculated?

Payment History – 35%

The way you pay off your credit products makes up the most significant portion of your credit score calculation. On time payments will cause your score to rise, eventually giving you good credit. Late payments will cause your score to fall, eventually giving you bad credit. Potential lenders can see your payment history and judge your creditworthiness based on it. Obviously, a record of good payments has a positive outcome, while bad payments have the opposite effect.

Paid a bill late? Here’s how you can rebuild your credit

Debts Owed – 30%

The debt you’re already carrying is also very important to the health of your credit, particularly when it comes to revolving credit products (credit cards, lines of credit, HELOCs). That’s because you’ll have a set credit limit or amount (for non-revolving products) with every active credit account listed in your credit report. The more available credit you use up, the further your credit score drops. In addition, having too much outstanding debt can make potential lenders skeptical of your financial ability. For the best results, try to keep your credit utilization at or below 30% of your credit limit.

To find out how the money you owe affects your credit, check this out.

Length of Account Histories – 15%

How long your credit accounts have been active is another essential factor for credit improvement in Prince Edward Island. The longer you’ve been using say, a credit card, the more valuable it will be, assuming you’ve been making responsible payments. New credit accounts don’t really tell your lender anything when you apply, while a lengthier, responsible credit history shows them you’ll be able to keep up with your potential payments. Avoid applying for too many new credit accounts within short periods of time and see your credit score grow as a result.  

Number of Credit Inquiries – 10%

Applying for new credit can decrease your score in another way. Whenever a lender checks your credit report, they’ll be performing a “hard” inquiry. While “soft” inquiries, (done anyone who’s not considering you for credit) do not affect your score, hard inquiries decrease it by a few points. This is another reason why it’s bad to apply for too much new credit within a short period of time. Furthermore, hard inquiries remain listed in your credit report for several years, depending on which credit bureau you look at (3 years with Equifax, 6 years with TransUnion). If a lender sees multiple hard inquiries on your report, all within a short period, it will make them question whether you’re being rejected for some reason and may cause them to deny your application.

Types of Accounts – 10%

It’s also good for your credit score when you have a variety of revolving and non-revolving products listed in your credit report. Again, as long as you’re making timely payments for each product, your credit score will rise and show your potential lenders that you know how to properly handle credit.

Read this to see more ways that your credit types affect your credit score.

What is My Credit Score Range?

It can be tough to know when it’s the right time to apply for new credit. Remember, your credit score can be one of the determining factors toward your interest rate and approval odds, so it’s best to wait until it’s reached the “good” range if it hasn’t already.

Good – Excellent Credit (660-900)

Having good credit is particularly essential when applying for more expensive credit products in Prince Edward Island, such as mortgages and car loans. It tells your lender that you’ve been and will likely continue to be a responsible borrower. Not only will good credit give you better odds of approval, but the resulting lower interest rate could also save you hundreds, even thousands of dollars per year, which you can save or invest in other opportunities.

Fair Credit (560 – 659)

When you’re within the fair credit range, you can still receive approval for most credit products, as this may simply mean you’ve missed a few payments here or there. While some prime lenders may not approve your applications, most alternative and privately funded organizations will. However, your interest rate may end up being slightly higher, costing you more over the life of your credit product.

Wondering if it’s possible to beat your lender’s interest rate? Find out here.  

Bad – Terrible Credit (559 and under)

The further you fall into this range, the worse your approval chances and interest rates will become. Needless to say, both those negative effects can be quite hazardous to your financial life. If that’s the case, approval may only come when you apply with a bad credit lender. Otherwise, you’ll have to offer some valuable collateral or get the help of a cosigner to secure your desired credit product.

How Does Bad Credit Affect Daily Life?Want to know how bad credit can affect your daily life? Check out this infographic.       

What is a Credit Report and What’s On It?

Your credit report is another tool that lenders may use to find out how responsible you’ll be with new credit in Prince Edward Island. Like your credit score, it’s established by Canada’s credit bureaus as soon as you start using credit products and changes over time in accordance with how you’ve been handling those products. Unlike your score, however, a credit report contains a detailed record of all your credit-related transactions, including the factors listed above. It also contains elements such as:

  • Your personal information (name, address, social insurance number, etc.)
  • Your credit rating
  • Your credit history over a predetermined amount of years
  • Your employment record
  • Accounts in collections, and other negative banking information (if any)
  • Consumer proposals, bankruptcies, and other financial delinquencies (if any)

This being said, some lenders won’t bother to check your credit report prior to approving. However, in case your lender does perform a credit check as part of their application procedure, it’s better to have your report and credit score in the best shape possible. Not to mention, improving your credit has a chain effect that makes your financial life healthier as a whole.

Want to know how long certain information stays on your credit report? Find out here.

What Habits Might Be Ruining My Credit?

Credit improvement can be harder to reach if you don’t understand what’s damaging yours in the first place. Most of these habits are completely avoidable, but when they occur for an extended period of time, reversing that negative effect will be more difficult. To help you avoid these mistakes, we’ve listed some of the main bad habits that may be harming your credit right now:

  • Defaulted payments for any credit product
  • Missing mortgage payments
  • Only making minimum payments for revolving products
  • Any financial delinquencies
  • Using too much of your available credit limit
  • Closing older, more valuable credit accounts
  • Not checking for or disputing errors that may be on your credit report
  • Scams, fraud, and identity theft

Canadian Credit Score

Check out this infographic for even more information about your credit score.

How Can I Improve My Credit On My Own?

Fortunately, credit improvement doesn’t always require professional help. In fact, there are some simple solutions that you can use, including but not limited to:

  • Create a budget, factoring in every credit product and unrelated cost you have.
  • Get a free copy of your credit report yearly.
  • Check your report for errors and dispute them if you find any.
  • Collect more income, if possible (extra shifts, overtime, ask for a raise, etc.)
  • Cut down on unnecessary expenses
  • Pay for a credit monitoring service if you’re worried about fraud or identity theft.
  • Pay all your active credit accounts on time and in full whenever possible.

What if I Can’t Improve My Credit By Myself?

Of course, your credit may have reached the point when simple improvement methods are insufficient. While this is nothing to be ashamed of, it’s still very important to find a solution if you want to continue using credit products in the future. Don’t worry, plenty of these professional solutions are offered with Loans Canada, including:

  • Credit counselling
  • Secured credit cards
  • Credit rehab savings program
  • Debt consolidation loans and programs
  • Debt settlement

How Can Loans Canada Help Me?

Here at Loans Canada, helping with credit improvement in Prince Edward Island is just one of our many financial specialties. If you’re looking to improve your credit in Prince Edward Island, we can help!

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