- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
Prince Edward Island, while being the smallest province in Canada, is still home to plenty of borrowers who suffer from debt issues. Unfortunately, many of them could end up relying on payday loans just to get by. Hopefully, that’s not the case for you, but if it is or if you’re trying to avoid payday loans in Prince Edward Island, Loans Canada has some information you might consider useful.
Payday loans are easy to be approved for, which makes them appealing. You don’t need a good credit score or even any credit history. If you can prove that you have at least 3-months of steady income, an active chequing account, and a P.E.I. address, you can apply and be approved for a small amount of cash (usually less than $1,500) within a couple of hours.
Depending on your financial situation and what kinds of expenses you’re trying to cover, believe it or not, it might actually be cheaper to miss a payment than to take out a payday loan. That’s because, as was mentioned just above, the interest rate that accompanies typical payday loans in Prince Edward Island can be extremely high.
Let’s say, for example, you miss a credit card payment. As long as this isn’t a frequent occurrence, a normal late penalty fee is $15-35 (depending on how late you are and what card you have). So, if you decide to charge your expense to your card, then make a late payment, you would save a bit more money than you would with a payday loan.
Here’s how you can rebuild your credit after a late payment.
In addition, you’ll be given 30 days to make a payment (rather than 14) and the option of sticking to a minimum monthly payment (rather than having to pay in one lump sum). While it’s true that your credit cards can also lead to severe debt when not managed responsibly, they can still be a better payment method than payday loans.
Read this to learn some methods of consolidating your credit card debt.
If you’re still determined to use a payday loan, it’s best that you study the rules that the government of Prince Edward Island has set in place (apart from the maximum cost of borrowing) to regulate the way payday loan lenders do business.
If payday loans are starting to sound unappealing to you, there are a number of other financing solutions that might work better for your particular debt situation, many of which we offer right here at Loans Canada.
Make sure to ask your lender if and how you can qualify for these products. While many of these solutions will depend on your current debt level, credit health and income, they will likely be less hazardous to your finances.
Payday loans in Prince Edward Island aren’t yet outlawed, but they’re still a popular way to get quick cash. So, many predatory lenders and scam artists use this idea to their advantage. While there are some payday loan lenders that do operate legally, there are some who are out to steal your money or your personal/banking information. When it comes to payday loans, know your rights!
Remember, while payday loans in Prince Edward Island can get you out of a sticky situation, they can also ruin your finances and when you start to rely on them for every expense that comes your way. Instead, try applying at Loans Canada. We can help you find a solution today!
These are the best bad credit loan options in Canada right now. An easy list to make an easy choice. Here is everything you need to know!
A line of credit is a less rigid credit option. You only pay interest on what you use. That means flexibility. Read this article to get the
If you've been rejected a loan from easyfinancial, you'll be happy to know that there are plenty of easyfinancial loan alternatives in Canada.
If you are looking for loans like Fairstone, you can find them on Loans Canada. These Alternative lenders offer secured and unsecured loans.
easyfinancial vs. Fairstone? What is the difference? If you have bad credit, you can get a loan from this one faster
Maligayang pagdating sa Canada! Welcome to Canada! Do you know what is a soso (paluwagan)? Are they better than personal loans?
Did you get the CEBA loan? The CEBA loan repayment due date is close. Find out when and what can you do avoid default.
What happens if you lose a lawsuit and can't pay in Canada? Read on to find out what options you may have if you can't pay your settlement.
Wondering what the loan application process looks like? Find out everything you need to know on how to apply for a loan.
Did you finance an item with easyfinancial? Do you know you can manage your account online by logging into your easyfinancial account?
Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.