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Personal Loans Prince Edward Island

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Written by Bryan Daly

Best Personal Loans Prince Edward Island 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
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% - 45.9% 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
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
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...

 A personal loan can be a very useful financial tool when used responsibly. Residents of Prince Edward Island can take advantage of these loans for a wide variety of reasons, from covering the cost of unexpected expenses to paying for large purchases. If you’re currently looking to apply for a personal loan in Prince Edward Island, Loans Canada can help. 

Personal Loans and Credit Cards: What’s the Difference?

Before applying for your personal loan in Prince Edward Island, it’s good to get an idea of how it will differ from your other financial products, namely your credit cards.

Personal Loans

  • Come in the form of cash, usually deposited directly into your bank account (ask your lender how they plan to transfer your loan funds)
  • Are often a better choice when you want an amount of money that surpasses the spending limits of most credit cards
  • Often have lower interest rates than the average credit card
  • Are divided into equal payments, spread out over a predetermined schedule
  • Give you the option of using your valuable assets (car, house, land, etc.) to secure more money and a lower interest rate

Credit Cards

  • Come with a credit limit that you can borrow from (and payback) as needed
  • Have a set payment period of 30 days
  • Come with a minimum monthly payment, which you can follow to avoid penalties
  • Are often a better way to pay for small to moderate consumer/retail expenses, such as groceries, clothes, gifts, etc.
  • Sometimes come with added benefits, such as travel/reward points
  • Usually, come with higher interest rates than most personal loans in Prince Edward Island
  • Don’t give you the option of offering an asset as collateral

Personal Loans Application Check List

How Much Can I Get and What Can I Use it For?

The amount of personal loan money you’re approved for hinges on your lender’s preferences, as well as your ability to pay it back on schedule. For that reason, your lender might inspect your:

  • Financial information (bank statements, savings, debt and payment history, etc.)
  • Employment information (employment record, current job, regular income, etc.)
  • Credit information (credit score, credit rating, credit report, credit history, etc.)
  • Assets (optional)
  • Co-signer’s financial, employment, and credit information (optional)

If approval is reached, you can use your personal loan for:

  • Any larger expenses that you don’t want to charge to your credit cards
  • Any unexpected costs that need immediate attention
  • Voluntary or necessary medical costs that aren’t insured by your Medicare
  • Household repairs, renovations, additions, landscaping, etc.
  • Vehicle-related costs (purchase, fuel, repairs, insurance, registration, etc.)
  • Travelling, vacations, holidays, etc.

To learn the difference between a payday loan and a personal loan, watch our video.

Your Credit: How it’s Affected by a Personal Loan

Before you apply for a personal loan in Prince Edward Island, one very important consideration to take into account is how your credit fluctuates in accordance with your loan payments. Here’s what a basic loan-to-credit agenda might look like:

  • After you’re approved, your lender will begin relaying your payment activity to one of Canada’s major credit reporting agencies (Equifax and TransUnion).
  • The agency they do business with will then compile your information into a “credit report”, which is a record of all your credit accounts and the transactions you’ve made (good or bad) over a certain number of years
  • On-schedule, full payments = a rise in credit score and improved credit report
  • Late, short or missed payments = a penalty fee, followed by a drop in credit score and damaged credit report
  • The health of your credit directly affects your ability to get approved for loans and various interest rates in the future

Check out this infographic to see how bad credit affects your daily life.

Your Credit Score: What’s the Minimum Number for Approval?

In PEI and the rest of Canada, credit scores range from 300-900. The closer to 900 your score is, the better.

  • 650 or above (good credit) = better chances of approval and a lower interest rate (costing you less over time)
  • 650 or below (moderate to poor credit) = worse chances of approval and a higher interest rate (costing you more over time)

Before applying, it’s essential to raise your credit score as much as possible by:

  • Paying down your other debts on time and in full
  • Lowering your credit utilization ratio below 30-35% (your ratio = total debts / credit limit)
  • Requesting a free copy of your credit report and disputing any errors you find

For more methods of improving or fixing your credit score, read this.

Applying: What Else Can I Do For Better Chances of Approval?

Every lender’s loan application process will be slightly different. So, when you find yourself a legitimate lender (look them up in the Better Business Bureau database to be sure they aren’t scammers), ask them to clarify their own procedures.

Generally speaking, however, there are a few measures you can take to make yourself look better to your lender (raising your creditworthiness), such as:

  • Pay down all your other, more pressing debts
  • Try not to take on any more unnecessary debt
  • Have a stable source of employment/income
  • Arrange all your personal and financial information for inspection
  • Find a co-signer (if your credit is poor)
  • Get an idea of what your assets are worth (if you’re applying for a secured loan)

What Does Loans Canada Recommend?

Our team is always on the lookout for new clients to set up with the best sources for personal loans in Prince Edward Island. Prior to applying, however, we recommend that you carefully consider how much loan money you want, what you’ll use it for, and your ability to finance your payments. When you’re ready, all that’s left for you to do is apply below!  

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