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If you need a quick cash fix, you may consider a payday loan in PEI. These loans are typically very easy to qualify for, even if you have bad credit or don’t have a strong income. Plus, you can get the money within hours after applying. But in exchange for this convenience and speed, payday loans are usually extremely expensive and can be tough to repay in such a short amount of time.
Licensed Payday Lenders In PEI: Find A Payday Lender Near You
Payday lenders must be licensed to issue payday loans in PEI. Do not apply for a payday loan with an unlicensed lender.
Be sure to look for their license number in PEI before applying. You should be able to find this information either on the lender’s website or on their physical storefront. Here are two payday lenders that are licensed in the province:
iCash
iCash provides online payday loans to residents of PEI. You can apply via the iCash website directly to access up to $1,500 in as little as 20 minutes. Full repayment is due in 62 days, though you may be able to qualify to make 2 to 3 repayments based on your pay frequency at no extra cost. There is no physical iCash location in PEI.
- Loan amounts: Up to $1,500
- Cost: $15 per $100 borrowed
- Loan term: Up to 62 days
- Minimum income required: $800/month
- Income type accepted: Employment and various government benefit programs
- License #: 40955
GoDay
GoDay is a licensed payday lender who offers payday loans to Canadian residents in almost every province in Canada, including PEI. While there are no physical locations, you can apply for a loan online anytime and receive funding in as little as 1-hour after approval.
- Loan amounts: Up to $1,500
- Cost: $15 per $100 borrowed
- Loan term: Up to 62 days
- Minimum income required: N/A
- Income type accepted: Employment and various government benefits such as Canada Child Benefit, Disability Tax Credit, Old Age Security, private pensions, and Canadian Pension Plan.
- License #: 41825
Your Rights As A Payday Loan Borrower In PEI
You have certain rights as a consumer in PEI. When it comes to payday loans, lenders have specific rules to follow to ensure that you’re not taken advantage of or coerced into taking out a loan you can’t afford to pay back.
In PEI, these are the rules on payday loans:
| Payday Loan Amount | Up to $1,500 |
| Loan Term | Up to 62 days |
| Interest | $15 per $100 borrowed |
| Default Consequences | N/A |
| Cooling period | 2 business days |
| Loan Rollover | Not permitted; at least 7 days must pass since the full balance was paid on the first loan |
How Much Will Your Payday Loan Cost You?
As per the above chart, the most a lender in PEI can charge you for a payday loan is $15 for every $100 borrowed. To illustrate what this cost would look like, consider the following loan amounts and the total cost to borrow with a two-week loan term:
| Amount Borrowed | Cost Of Borrowing |
| $100 | $15 |
| $200 | $30 |
| $300 | $45 |
| $400 | $60 |
| $500 | $75 |
| $1,000 | $150 |
| $1,500 | $225 |
What Happens If You Miss A Payday Loan In PEI?
If you don’t repay your payday loan, you’ll likely face consequences. That said, your lender cannot arbitrarily penalize you. There are rules the lender must follow when it comes to how to deal with unpaid payday loans:
- Maximum penalty. Under the Payday Loans Act in PEI, lenders cannot impose default charges outside reasonable charges to cover legal costs that are incurred when collecting a required payment under the loan agreement. This will be up to 2.5% under the new federal Regulations.
- Maximum NSF fee. Lenders can only charge what is considered reasonable to cover legal costs associated with dishonoured cheques. However, under the new Regulations proposed by the federal government, these costs will be limited to $20 or less.
- Collections. If payday lenders are unable to collect unpaid debt, they may hand the debt to a collection agency. These agencies also have rules to follow. For instance, they must be licensed in PEI, can only contact you on certain days and times, and cannot use threatening or harassing language.
What Are The Requirements For A Payday Loan In PEI?
Getting approved for a payday loan in PEI is usually much easier compared to other loan types. Generally speaking, you’ll only need to meet the following criteria:
- Have a physical address in Canada
- Be at least 18 years old
- Earn a stable income
- Have a bank account in good standing
Can I Get A Payday Loan In Prince Edward Island With No Credit Check?
Usually, payday lenders do not check credit reports or report to the credit bureaus. They mainly determine approval by verifying your income, identity, address, and bank account. Applying or being approved for a payday loan alone shouldn’t affect your rating in any way.
The caveat is if you default on your payday loan. Your debt could be sold to a collections agency. They will report the unpaid loan to the credit bureaus, and having something in collections can worsen your credit rating substantially. Be sure to ask the provider in advance if they require a credit check and how they handle reporting.
How To File A Complaint Against A Lender In PEI
If you’re experiencing problems with your payday lender in PEI, you can file a complaint with the Financial and Consumer Services Division.
Make sure that your submission clearly explains your complaint, how you want it to be resolved, and what you’ve done to resolve the issue. You can also request a reasonable time for a reply and should include any relevant documents to support your claim. Someone will reach out to you either by telephone, e-mail, or mail.
| By Mail | Complete your written complaint and mail it to: Financial and Consumer Services Division Shaw Building, 1st Floor North 105 Rochford St. PO Box 2000 Charlottetown, PE C1A 7N8 |
| By email | Submit your complaint in writing by emailing it to: ccs@gov.pe.ca |
Other Options For Quick Cash
With limited payday loan options PEI, you may want to consider other options for quick cash. Here are a few alternative options you can consider:
Credit Card Cash Advances
If you’re a credit card holder, you may be able to use it to withdraw cash through a credit card cash advance. In this case, you’re borrowing money against your credit card limit and will pay interest on the amount withdrawn, much like you would on your outstanding balance.
Get Up To $350 With Bree
For a small monthly subscription fee with Bree, you’ll have access to up to $350, with zero interest. This is a great option for those who want to avoid penalty fees associated with going into overdraft with their bank.
No credit check is required and advances won’t have any impact on your credit.
Get Up To $150 With Nyble
Similar to Bree, you can gain access to a small line of credit with zero interest. No credit check is required and funds can be deposited into your within 3 days. Nyble is a good option for access to quick cash and building credit as Nyble reports your payments to the credit bureaus.
Car Title Loans
If you own a vehicle outright (with no car loan left to pay), you may be eligible for a car title loan. This type of loan is secured against your vehicle’s title.
Like payday loans, you can get the money relatively quickly and don’t need good credit to get approved. But unlike a payday loan, you’ll have a lot more time to repay what you owe, and the rates are usually lower.
Personal Loans
You can borrow anywhere from $500 to $50,000 on a personal loan and pay the funds back over a set term via installment payments. Depending on your credit and finances, rates can be as high as 49.96% APR. However, you’ll likely pay more on a payday loan, so a personal loan can be a cheaper and easier option.
Alternatives To Payday Loans In PEI
Considering how expensive payday loans are and how difficult they can be to repay in such a short time, it may be worth it to look into alternative options available. Plus, there are few options in PEI when it comes to licensed lenders, which is another reason why you might to see what else is out there.
Government Assistance Programs
There are financial assistance programs available to PEI residents on both a federal and provincial level.
| Employment Insurance (EI) | Learn More |
| Old Age Security (OAS) | Learn More |
| Guaranteed Income Supplement (GIS) | Learn More |
| Compassionate Care Benefits | Learn More |
| Social Assistance Program | Learn More |
| Provincial Disaster Financial Assistance Program | Learn More |
| AccessAbility Supports | Learn More |
Debt Relief Programs
Payday loans are only meant to be short-term solutions. If you’re having trouble dealing with your debt, perhaps it may be wise to consider a debt relief program. The one you decide to go with will depend on several factors, such as your debt load, whether you can pay your bills, and what you can qualify for.
Here are a few debt relief programs in PEI:
- Credit counselling
- Debt consolidation
- Debt settlement
- Consumer proposal
- Bankruptcy
