{“menuItems”:[{“label”:”Best bad credit loans in PEI”,”anchorName”:”#best-bad-credit-loans-in-pei”},{“label”:”How do bad credit loans in PEI work?”,”anchorName”:”#how-do-bad-credit-loans-in-pei-work”},{“label”:”Types of bad credit loans in PEI”,”anchorName”:”#types-of-bad-credit-loans-in-pei”},{“label”:”How much do bad credit loans in PEI cost?”,”anchorName”:”#how-much-do-bad-credit-loans-in-pei-cost”},{“label”:”How to apply for bad credit personal loans in PEI”,”anchorName”:”#how-to-apply-for-bad-credit-personal-loans-in-pei”},{“label”:”Eligibility criteria for bad credit loans in PEI”,”anchorName”:”#eligibility-criteria-for-bad-credit-loans-in-pei”},{“label”:”Can I get a bad credit loan with no credit check?”,”anchorName”:”#can-i-get-a-bad-credit-loan-with-no-credit-check”},{“label”:”Which lenders offer guaranteed approval?”,”anchorName”:”#which-lenders-offer-guaranteed-approval”},{“label”:”How to get the best bad credit loans in PEI”,”anchorName”:”#how-to-get-the-best-bad-credit-loans-in-pei”},{“label”:”How can I improve my chances of approval?”,”anchorName”:”#how-can-i-improve-my-chances-of-approval”},{“label”:”How will a bad credit loan affect my credit score?”,”anchorName”:”#how-will-a-bad-credit-loan-affect-my-credit-score”},{“label”:”What other options can I use if I don’t want a bad credit loan?”,”anchorName”:”#what-other-options-can-i-use-if-i-don-t-want-a-bad-credit-loan”},{“label”:”Learn more about the best bad credit loans in PEI”,”anchorName”:”#learn-more-about-the-best-bad-credit-loans-in-pei”},{“label”:”Frequently asked questions”,”anchorName”:”#frequently-asked-questions”}]}Finding a bad credit loan in Prince Edward Island is easier than you might think. Depending on the state of your credit score, you may be able to get a personal loan or payday loan. Just be prepared to pay much higher interest rates with bad credit.Best bad credit loans in PEI6.99% – 46.96%$100–$50,0003 – 120 monthsLoan broker, pre-approval in 5 minutesGo to siteLearn more5.4% – 46.96%$300–$50,0004 – 60 monthsLoan broker, largest lender networkGo to siteLearn more9.99% – 46.96%$500–$35,0006 – 60 monthsFast application, same-day fundingGo to siteLearn more18.90% – 46.93%$500–$15,0006 – 60 monthsInstant decisions, same-day fundingLearn more9.90% – 46.96%$200–$35,0006 – 60 monthsQuotes in 3 minutes, flexible eligibility requirementsGo to siteLearn more19.99% – 24.49%$5,000–$50,00036 – 120 monthsQuick quotes, secured and unsecured loansGo to siteLearn more29.90% – 46.90%$100–$50,00012 – 60 monthsInstant decisions, funding in 15 minutesGo to siteLearn more28.00% – 32.00% + broker fee up to $300$300–$1,7503 – 12 monthsNo credit check, funding in 24 hoursLearn more19.99% – 46.80%$1,500–$20,00012 months – 5 yearsApproval in 1 day, low income or non-employment income are okayLearn more9.99% – 46.96%$$500–$100,0009 – 120 monthsApproval in 30 minutes, flexible eligibility requirementsLearn more29.90% – 46.90%$500–$15,00012 – 60 monthsInstant decisions, offers personal and payday loansLearn more19% – 46.95%$1,000–$15,0006 – 60 monthsApproval in as little as 30 minutes, debt consolidation loansLearn moreFrom 5.9%$300–$50,00012 – 60 monthsSearch platform for loans, secured and unsecured loansLearn more22% + broker fee$500–$85090 – 150 daysBroker, short term loan, no credit checkLearn more18.99% – 24.99%$5,000–$15,00036 – 84 monthsLoan to pay off consumer proposal, instant credit score increaseLearn more19.8% + $59 annual feeUp to $7,000 credit limitNot applicable$75-$300 deposit required as collateral, pre-approval with no risk to credit scoreLearn moreHow we chose the best bad credit loans in PEIWe’ve chosen the products on this page based on the providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market.When choosing our picks for the best online bad credit loans in PEI, we considered each lender’s rates, fees, terms, borrowing amounts, application process, funding speed, eligibility requirements, customer support and feedback, associations, accreditations and perks for borrowers. No single personal loan will be the best choice for everyone, so compare your options before applying.How do bad credit loans in PEI work?You can apply for bad credit loans in PEI with no credit history or a poor credit score. They are distinct from traditional loans in the following ways:Lower amounts. You can usually only qualify for up to $10,000 with bad credit loans in PEI, unless you secure your loan with an asset or get a cosigner. Traditional loans for good credit usually let borrowers apply for up to $50,000 or more.Higher interest rates. You’ll usually pay higher interest rates and fees with bad credit loans in PEI (up to 46.96% interest with personal loans). Good credit loans tend to come with lower interest but stricter eligibility criteria.Fewer lenders. Unlike with traditional loans, you usually can’t apply for bad credit loans in PEI from banks or credit unions. Your main source for loans will be online lenders, so you need to do your research to find a reputable company.Types of bad credit loans in PEIThere are four main types of bad credit loans in PEI to choose from. Learn more about their features below:Unsecured personal loansHow it works. Borrow up to $10,000 without the need for collateralBest for. Borrowers who want to qualify for larger amounts at lower rates, but don’t have assets.What it costs. 18.00% – 46.96% APRPros. Higher loan amounts, lower interest rates, no need to secure your loan with an assetCons. Stricter eligibility criteria than other types of bad credit loans in PEI
Secured loansHow it works. Borrow up to $50,000 or more when you use an asset such as your home or vehicle to secure your repayments.Best for. Borrowers who own high value assets and don’t mind leveraging them to secure lower interest rates.What it costs. 9% – 49% interest rate and setup/appraisal fees.Pros. Higher loan amounts, lower interest rates than unsecured loansCons. Requires collateral, can take longer to process, may come with origination or appraisal fees
Payday loansHow it works. Borrow up to $1,500 and pay it back by your next paydayBest for. Very fast financing or last resort option if you can’t qualify for personal loansWhat it costs. $15 per $100 borrowedPros. Easy to qualify, no need to secure loan with an assetCons. Extremely high APR, low amounts, must be repaid by next payday, won’t help you to build credit
How much do bad credit loans in PEI cost?The total cost of bad credit loans in PEI will vary based on features such as your loan type, amount, term and interest rates/fees. Below is a hypothetical breakdown of how much you might pay for a $1,500 loan.Loan amount$1,500$1,500$1,500Loan term14 days1 year1 yearInterest rate or fees$15 per every $100 borrowed42%22%Monthly paymentTotal amount paid on payday$155.23$140.39Total interest/fees$375$362.71$184.70Total loan cost$1,875$1,862.71$1,684.70Total APR652%42%22%You can expect to pay the highest APR with the payday loan, especially since payday loans in PEI have some of the highest fees in the country. Secured or guarantor loans will usually come with the lowest cost.How to apply for bad credit personal loans in PEIFollow the steps below to apply for bad credit personal loans in PEI:Payday loansFind a reputable lender.Check the loan requirements to make sure you qualify (you may need to meet income/employment requirements).Apply online by inputting your contact info and personal details into the online application.If approved, make sure you fully understand how much interest you’ll pay and when you need to repay your loan.Pay your loan back in full by the date specified in your contract (usually within 2 weeks of borrowing).Unsecured loanCompare several lenders manually or through a broker to find the best loan for your needs.Apply for pre-approval in advance to make sure you qualify.Fill out an application and upload supporting documents as needed (including your ID, proof of income and employment).If approved, review your loan offer and check your interest rates, fees and other terms of your loan.Repay your loan over a set term (usually 6 months to 5 years).Secured loanFollow the steps above to get an unsecured loan.Extra step: Discuss the asset you want to use to secure your loan with your lender. Provide detailed information about the asset and fill out any additional paperwork, as needed.Eligibility criteria for bad credit loans in PEIIt depends what type of loan you get and which lender you go with. You’ll usually need to meet the following criteria when applying for bad credit loans in PEI.Be a Canadian citizen or resident who is at least 18 years old.Have a valid Canadian bank accountMeet eligibility criteria such as income and employment requirements, as well as credit score requirements in some casesNot be in bankruptcy or consumer proposal (requirement by some lenders)What information and documents will I need to provide?To apply for bad credit loans in PEI, you may need to provide the following:Identity documents. Government-issued ID such as your passport or driver’s licence.Proof of income and employment. Bank statements, pay stubs, tax records, proof of government benefits (such as EI) or letter of employment.Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.Social Insurance Number. You may also need to input your SIN so your lender can check your credit.Keep in mind, if you opt for instant bank verification, you won’t need to submit documents. Learn more about bank verification for loans.Can I get a bad credit loan with no credit check?You may be able to get a no credit check loan if you apply for a payday loan. The majority of personal loan lenders will expect you to undergo a credit check, especially if they are lending you an amount over a few thousand dollars. If a lender offers a no credit check loan for a large amount, be wary as it could be a scam.
Which lenders offer guaranteed approval?It will be difficult to find any lenders that offer guaranteed approval for bad credit loans in PEI. Most lenders will check factors such as your income, employment, credit history and bankruptcy/consumer proposal status before they give you a loan. If they promise guaranteed approval, be cautious. They could be fraudulent, or they may charge predatory interest rates.How to get the best bad credit loans in PEICompare the following features to find the right loan for you:How much it costs. Your loan cost is made up of fees and interest rates. Compare the annual percentage rate (APR) for various loans to find the one with the lowest fees and best interest rates.The amount you can borrow. Most bad credit loans in PEI will max out at $10,000 unless you secure them with an asset or get a cosigner. Only borrow as much as you can afford to pay back (with the total cost of rates and fees factored in).How long it takes to repay. Depending on your loan size, bad credit loans in PEI can usually be paid back in 3 to 60 months. Payday loans expect full repayment by your next paycheque.How fast you’ll get the money. With payday loans, you’ll usually get your money on the same day you apply. Your funds should be released in 24 hours with most personal loans, but you may have to wait weeks to get funds from a secured or guarantor loan.How it will impact your credit score. Some lenders will report your repayments to the credit bureaus while others won’t (for example, payday lenders). Look for a loan that will help you increase your credit score, and make sure you repay your loan on time.How can I improve my chances of approval?You may be able to increase your chances of getting approved if you follow these steps:Apply with multiple lenders. Shop online and compare quotes from at least 3-4 lenders. Make sure you apply to pre-qualify to get a better sense of the rates you’ll pay (vs what’s advertised) and what kind of customer service you can expect to receive.Sign up for a secured or guarantor loan. Use an asset to secure your loan or ask someone to cosign a loan on your behalf. Just be aware that you could lose your asset or damage your relationship with your cosigner if you default.Fill out your application properly. Many people get denied due to simple errors or omissions on their application. Take time to review your application and make sure all of your information is correct, and can be supported by documentation.Work on your credit score. Take measures to improve your credit, including decreasing your credit utilization ratio and fixing errors on your credit report.How will a bad credit loan affect my credit score?Bad credit loans in PEI can affect your credit in one of two ways:Your credit score goes up. Your score will go up if you make regular on-time payments as long as your lender reports your payments to the credit bureaus.Your credit score goes down. Your score may temporarily decrease when your lender checks your credit report at the time of application. It will also go down if you miss payments, make late payments or fail to pay back your loan altogether.What other options can I use if I don’t want a bad credit loan?There are a few options you can tap into if you want to avoid bad credit financing in PEI. These include:Government subsidies. PEI offers housing assistance, disability benefits and other subsidies that can give you access to quick cash that you don’t need to pay back.Credit counselling. You may be able to access credit counseling to get assistance with financial tasks such as creating a budget or developing a debt consolidation or debt management plan.Debt relief services. Look into debt relief companies if you feel you’ve exhausted other options, and you want to reduce your total debt load without taking out more loans.Borrow from friends or family. Ask a friend or family member for a loan if you need a few bucks between paycheques. Be sure you pay them back on time to avoid straining your relationships.Learn more about the best bad credit loans in PEI1. LoanConnect
Finder Rating: methodology.” title=”” data-original-title=”More info” tabindex=”0″>★★★★★
4.6 / 5
Go to site
$100 – $50,000
Loan amount
6.99% – 46.96%
APR
3 – 120 months
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile. Full Review
Why we chose it
Large lender network. LoanConnect works with over 30 verified lenders.
Easy to compare offers. Fill out one application to compare offers from multiple lenders, and log in regularly to see if new offers are available.
Secured and unsecured loans. Find a secured bad credit loan if you have an eligible asset or get a loan with no collateral.
Pre-approval in five minutes
Many bad credit loan options
BBB-accredited with an A+ rating
Fast funding
Not a direct lender
High rates for bad credit
Miss out on offers from lenders not partnered with LoanConnect
Loan amount
$100 – $50,000
APR
6.99% – 46.96%
Term
3 – 120 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Turnaround Time
Receive funds within as little as 24 hours.
Serviced Provinces
All provinces
2. Loans Canada
Finder Rating: methodology.” title=”” data-original-title=”More info” tabindex=”0″>★★★★★
4.5 / 5
Go to site
$300 – $50,000
Loan amount
5.4% – 46.96%
APR
4 – 60 months
Term
Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review
Why we chose it
Save time. Your application will be cast wide and you’ll get your results right after you apply.
Get approved. Only see lenders that match your profile.
Established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
Easy online application
Quick deposits
High loan amounts of up to $50,000
No collateral required to secure your bad credit loan
Interest rates can reach as high as 46.96%
No online quotes provided
Loan amount
$300 – $50,000
APR
5.4% – 46.96%
Term
4 – 60 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Turnaround Time
Receive funds within as little as 24 hours.
Serviced Provinces
All of Canada
3. Spring Financial
Finder Rating: methodology.” title=”” data-original-title=”More info” tabindex=”0″>★★★★★
4 / 5
Go to site
$500 – $35,000
Loan amount
9.99% – 46.96%
APR
6 – 60 months
Term
Spring Financial offers fast approval and funding. If you don’t qualify for a bad credit personal loan, however, it’ll offer you its credit builder loan. With this loan, you won’t access the loan funds until after you’ve made all your payments on time. Full Review
Why we chose it
Established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees.
Helps improve your credit score. It reports payments to the credit bureaus.
Same day funding. If you provide the required documents, you can get your bad credit loan the same day you apply.
100% online
Fast funding via e-Transfer
No prepayment penalties
High rates for bad credit
C- BBB rating, received complaints about the credit builder loan
Loan amount
$500 – $35,000
APR
9.99% – 46.96%
Term
6 – 60 months
Interest Rate Type
Fixed
Min. Credit Score
500
Fees
No fees except $30 NSF fee
Turnaround Time
Within 24 hours
Serviced Provinces
All of Canada
4. FlexMoney
Finder Rating: methodology.” title=”” data-original-title=”More info” tabindex=”0″>★★★★★
4 / 5
$500 – $15,000
Loan amount
18.9% – 46.93%
APR
6 – 60 months
Term
FlexMoney offers an easy online application with no need to upload documentation. Funds are usually released in 24 hours and you can prepay your loan with no penalty. Full Review
Why we chose it
Instant decision. FlexMoney says it will make a decision on your application within 15 minutes.
Same-day or next-day funding. Funds are released within 24 hours, directly to your bank account.
Helps rebuild credit. FlexMoney will report regular, on-time payments to the credit bureau.
Make payments weekly, bi-weekly, bi-monthly or monthly
Easily make extra payments via e-transfer
Interest rates can reach as high as 46.93%
Minimum income required ($2,000 per month)
Must be employed
Loan amount
$500 – $15,000
APR
18.9% – 46.93%
Term
6 – 60 months
Interest Rate Type
Fixed
Min. Credit Score
500
Fees
No application, origination or prepayment fees
Turnaround Time
Receive funds within as little as 24 hours
Serviced Provinces
Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI and Saskatchewan
5. Mogo
Finder Rating: methodology.” title=”” data-original-title=”More info” tabindex=”0″>★★★★★
4.5 / 5
Go to site
$200 – $35,000
Loan amount
9.9% – 46.96%
APR
6 – 60 months
Term
Mogo is a Canadian fintech company that offers various financial products, including personal loans for bad credit. Full Review
Why we chose it
Quick quote with no impact to credit. Get a free quote in three minutes without lowering your credit score.
Easy online application. It’s easy to set up an account and Mogo aims to give approval and funding within one to two days.
Established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.
Convenient mobile app
No prepayment penalties
Free credit score monitoring for 90 days
Bank-level security
High rates for bad credit
Some negative Mogo reviews online
Loans are powered by Lendful and easyfinancial
Loan amount
$200 – $35,000
APR
9.9% – 46.96%
Term
6 – 60 months
Interest Rate Type
Fixed
Min. Credit Score
500
Fees
Non-sufficient funds fee of $20 to $50
Turnaround Time
Within 24 hours
Serviced Provinces
British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island
6. Fairstone
Finder Rating: methodology.” title=”” data-original-title=”More info” tabindex=”0″>★★★★★
3.7 / 5
Go to site
$5,000 – $50,000
Loan amount
19.99% – 24.49%
APR
36 – 120 months
Term
Fairstone offers bad credit personal loans. Apply online or visit a store at over 230 locations across Canada. Full Review
Why we chose it
Apply without impacting your credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
Fast approvals. Apply for your loan in minutes and get a quick call from a loan agent to finalize your loan details, with funds deposited in 24 hours or less.
Secured and unsecured options. Apply based on your credit score or use your house to secure your loan to get lower rates.
Quick and easy application
Multiple bad credit loan types (unsecured, secured, mortgages)
Company has an established online presence
No prepayment penalties for unsecured loans
High rates for bad credit (up to 39.99%)
Potential for extra fees
Prepayment penalties for secured loans
Several negative customer reviews
Loan amount
$5,000 – $50,000
APR
19.99% – 24.49%
Term
36 – 120 months
Interest Rate Type
Fixed
Min. Credit Score
560
Fees
Varies by province
Turnaround Time
2+ days
Serviced Provinces
All across Canada
7. Loanz
Finder Rating: methodology.” title=”” data-original-title=”More info” tabindex=”0″>★★★★★
3.5 / 5
Go to site
$100 – $50,000
Loan amount
29.9% – 46.9%
APR
12 – 60 months
Term
Loanz has a fast application process so you can get your bad credit loan on the same day. You just need to sign up for instant bank verification (you’ll wait longer for manual verification). Full Review
Why we chose it
Fast. Apply and connect with your banking details to get instant approval and receive funds in as little as 15 minutes.
Reports to credit bureaus. Loanz will report every payment to the credit agencies to help improve your credit score.
Flexible eligibility requirements. Apply with bad credit and different forms of income, including government assistance.
Simple online application
Positive customer reviews
No prepayment penalties
High starting rates (29.9% and up)
Undisclosed fees
Loan amount
$100 – $50,000
APR
29.9% – 46.9%
Term
12 – 60 months
Interest Rate Type
Fixed
Min. Credit Score
570
Fees
N/A
Turnaround Time
24 hours or less
Serviced Provinces
All of Canada (excluding Quebec)
8. LoansLoans.ca
$300 – $1,750
Loan amount
28% – 32%
APR
3 – 12 months
Term
LoansLoans.ca offers fast short-term loans to people with bad credit. It doesn’t do any credit checks and accepts many types of income as long as it’s over $1,200/month. You may be required to pay a fee of up to $300 that will be added to your payments. Full Review
Why we chose it
Payday loan alternative. LoansLoans.ca gives you longer repayment periods than payday lenders.
Quick and easy. Apply online and get a decision within the hour.
Established. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
No credit check
Apply online in minutes
Funding on the same day or next day
High rates and fees
Doesn’t give enough information about its brokerage fee
Loan amount
$300 – $1,750
APR
28% – 32%
Term
3 – 12 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee up to $300
Turnaround Time
Receive funds in less than 24 hours
Serviced Provinces
All of Canada (except Manitoba)
9. Magical Credit
$1,500 – $20,000
Loan amount
19.99% – 46.8%
APR
12 months – 5 years
Term
Magical Credit specializes in offering bad credit loans to low-income clients. It accepts many types of non-employment income. Full Review
Why we chose it
Instant decision. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent in a few hours).
Helps rebuild credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
Flexible eligibility requirements. You can apply with bad credit and you don’t have to be employed.
Receive funds within as little as 24 hours
Accepts child tax credit, EI, CPP, OAS, private pensions and more
Refer-a-friend program
Promotes a 3.9% fixed monthly rate but the actual APR is between 19.99% and 46.8%
May charge a $194 administration fee
Must show proof that you’ve been employed for six months (if applicable)
Loan amount
$1,500 – $20,000
APR
19.99% – 46.8%
Term
12 months – 5 years
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
A single administration fee of $194 for $1,500 loans and up
Turnaround Time
Receive funds within as little as 24 hours
Serviced Provinces
Canada-wide (excluding Manitoba, Saskatchewan and Quebec)
10. easyfinancial
$500 – $100,000
Loan amount
9.99% – 46.96%
APR
9 – 120 months
Term
easyfinancial helps Canadians access financing when banks aren’t an option. It offers bad credit loans across Canada online and in hundreds of locations. Full Review
Why we chose it
Get a quick quote. Apply in minutes with no commitment and it won’t affect your credit score.
Fast approvals. Get your money through Interac e-Transfer in as little as two hours after getting approved.
Helps improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
Secured and unsecured bad credit loans
2% rate reduction with a co-applicant
BBB-accredited with an A+ rating
Steep rates for bad credit
Many negative customer reviews
Loan amount
$500 – $100,000
APR
9.99% – 46.96%
Term
9 – 120 months
Interest Rate Type
Fixed
Min. Credit Score
300
Turnaround Time
Within 30 minutes
Serviced Provinces
All of Canada
11. Money Mart
$500 – $15,000
Loan amount
29.9% – 46.9%
APR
12 – 60 months
Term
Money Mart offers installment and payday loans across Canada. It’s been in business since 2001 and has hundreds of stores across Canada. Full Review
Why we chose it
Fast. Fill out an application with quick approval and get your funds in under five minutes.
Apply online or at one of its many locations. Apply online, through the Money Mart mobile app or at a store.
Flexible eligibility requirements. You’re likely to qualify as long as you have a chequing account and a regular source of income.
Established lender
Convenient mobile app
Accepts non-employment income such as government benefits and private pension
High interest rates
Availability in provinces varies in-store and online
NSF and late payment fees
Loan amount
$500 – $15,000
APR
29.9% – 46.9%
Term
12 – 60 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
None
Turnaround Time
Less than 1 day
Serviced Provinces
AB, BC, MB, NB, NL, NS, ON, PEI, SK
12. Progressa
$1,000 – $15,000
Loan amount
19% – 46.95%
APR
6 – 60 months
Term
Progressa issues loans to help customers consolidate debts. The company pays debts directly when you take out a loan rather than depositing the funds in your account.
Why we chose it
Helps rebuild credit. Use your loan to pay off your bills and debts, and then build your credit score by making on-time payments on your Progressa loan.
Fast approvals. You can expect to get approved in as little as 30 minutes, but it could take a few days if you have a complex file.
Flexible eligibility requirements. Get approved with bad credit. It also accepts EI, disability and other forms of government assistance as long as you have employment income.
BBB accredited with an A+ rating
Progressa pays creditors directly
The company works in all Canadian provinces except Quebec
Good customer reviews
High rates between 19% and 46.95%
Loans are exclusively for debt consolidation
Must be employed for at least six months
Won’t be eligible if you’re in bankruptcy or a consumer proposal
Loan amount
$1,000 – $15,000
APR
19% – 46.95%
Term
6 – 60 months
Interest Rate Type
Fixed
Serviced Provinces
All provinces and territories except Quebec
13. Lend for All
$300 – $50,000
Loan amount
Starting at 5.9%
APR
12 – 60 months
Term
Lend for All is a loan-matching company that uses an automated process to match consumer and business applicants with various lenders and financial institutions. Full Review
Why we chose it
Partnered with lenders. It works with a network of lenders that offer quick approval for customers with bad credit.
Fast pre-approvals. Lend for All provides quick approvals within minutes by doing a soft check on your credit report.
Active presence. It has been operating for five years in the online bad credit loan space and has an A+ BBB rating.
AI technology gives you viable loan matches
Potential for multiple offers
Many loan types
Online broker (not a direct lender)
Small network of lenders compared to other brokers
Most partner rates are above 20% for unsecured loans
Loan amount
$300 – $50,000
APR
Starting at 5.9%
Term
12 – 60 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
Varies by lender
Serviced Provinces
All provinces
14. 24Cash
$500 – $850
Loan amount
Starting at 22%
APR
90 – 150 days
Term
24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments. Full Review
Why we chose it
Approval in one hour. Apply with instant bank verification and get approved quickly.
Easy application. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 1:30 ET.
Established online presence. The company is active online and has solid customer reviews on Google and Trustpilot.
No credit check
Lower APRs than payday loans
No paperwork required via instant bank verification
Manual review available
Three months to repay
Government assistance not accepted as a form of income
Very expensive
Low maximum amount (under $1,000)
May not improve your credit
Loan amount
$500 – $850
APR
Starting at 22%
Term
90 – 150 days
Interest Rate Type
Fixed
Serviced Provinces
All Canadian provinces except Manitoba, Quebec and Saskatchewan.
15. marble Fast Track Loan
$5,000 – $15,000
Loan amount
18.99% – 24.99%
APR
36 – 84 months
Term
marble provides loans to people dealing with a consumer proposal. It works with your trustee to pay off your entire consumer proposal to help immediately increase your credit score. Full Review
Why we chose it
Loan to exit consumer proposal. marble offers specialized loans for people struggling to pay off a consumer proposal.
Improves credit score. Your credit score will increase as soon as you pay off your consumer proposal, and it will go up further as you pay off your marble loan.
BBB-accredited with an A+ rating. The company has been in business for seven years and has an A+ rating with BBB, with very few customer complaints.
Rates are 18.99% to 24.99% (lower than most consumer proposal exit loans)
Affordable monthly payments
Instantly improves your credit score
Funds can only be used to pay off a consumer proposal
Admin and legal fees
Rates may be higher than what you’re currently paying
Loan amount
$5,000 – $15,000
APR
18.99% – 24.99%
Term
36 – 84 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
Marble Fast-Track loans come with legal and administrative fees ranging between $295 and $1,500
Turnaround Time
Within 24 hours (during business days/hours)
Serviced Provinces
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Newfoundland & Labrador
16. Capital One Guaranteed Mastercard
Capital One Guaranteed Mastercard
N/A
Min. credit score
$59
Annual fee
n/aRewards
n/a Welcome offer
Capital One’s Guaranteed Mastercard is designed for people who want to establish or repair their credit without taking out a loan.
Why we chose it
Improves credit score. This credit card is dedicated to boosting your credit, with payments reported regularly to the credit bureaus.
Travel benefits. With this card, you’re covered under common carrier travel accident insurance, baggage delay and car rental damage.
High chance of approval. You should qualify as long as you’re the age of majority and aren’t in bad standing with Capital One. Some other criteria may apply.
The card comes with extended warranty and purchase protection
Capital One offers protection against fraud
May be able to get a $7,000 limit
Annual fee of $59
High interest rate of 19.8%
Security funds may be required
Annual Fee
$59
Purchase APR
19.8%
Cash Advance Rate
21.9%
Balance transfer APR
19.8%
Welcome offer
N/A
Rewards
N/A
Please note: All information about Capital One Guaranteed Mastercard has been collected independently by Finder and this card is not available through this site.
Frequently asked questions
Where can I get the best bad credit loan in PEI?
The best bad credit loans in PEI will usually come from online personal loan lenders with solid customer reviews. Look for well-designed websites and easy to understand interest rates and fees. Avoid payday lenders, or those that are charging extremely high interest rates.
Is it ever a good idea to get a payday loan?
It depends on your financial situation. Payday loans can be less harmful if you have a high income, and need a small amount of cash that you’ll have no problem repaying right away. If you’re in a rough financial situation, and aren’t sure you can repay the funds in 2 weeks, payday loans can be highly problematic, sometimes leading you into a cycle of debt that’s very difficult to get out of.
How can I get lower interest rates?
The best way to get lower rates is to pre-qualify with multiple lenders to find the best deal. You can also secure your loan with an asset or sign up with a guarantor (though this can take longer). The other way that you can get lower rates is to work on improving your credit score before you apply.
