Loans Prince Edward Island

Find Financing, Leasing and Loan Providers in PEI.

If you live in Prince Edward Island and are in need of some extra money to either consolidate your debts, pay bills and expenses, purchase equipment, grow you business or any other situation – Smarter Loans can help.

In the Smarter Loans directory you’ll find only the most reputable providers of personal loans, business loans, equipment loans, car loans and any other loan providers in Prince Edward Island. Even bad credit scores in PEI can be provided by the elite lenders you’ll find on this page.

You are welcome to read expert and customer reviews to decide which lender suits you best. Select one of the PEI loan providers below and click “Apply Now” next to the company you wish to apply with. You can also “Pre-Apply” with Smarter Loans and we’ll connect you with the most appropriate provider. This way, you can get any type of loan in PEI fast and easy.

Frequently Asked Questions About Loans in Prince Edward Island


How do I qualify for a loan in PEI?

To qualify for a loan in Canada’s smallest province, there are only three absolutes:

  1. You must be at least 18 years old
  2. You must be a resident of the province
  3. You must have an active bank account

If you meet these criteria, you should be able to find a loan company to qualify you, but bear in mind that each lender has their own extra set of requirements for you to meet. These usually relate to income, credit score (typically a minimum credit score of 600 is required), and existing debts. Most lenders have some rules that relate to these factors, but some have more lenient eligibility standards than others.

How long does it take to get a loan in PEI?

Processing times for loans vary by lender; traditional lenders like banks and credit unions generally take the longest, sometimes weeks. This compounds their already more stringent application processes, and can mean it takes a month or more to actually receive your loan money. If you need to go into branch to apply for your loan, and you live outside of PEI’s few urban centres, this can be especially frustrating.

Alternative lenders can sometimes fare better, especially if they are dedicated loan companies, and especially if they offer fast turnaround as a perk. Depending on the type of loan and who is offering it though, you may have limited access to a brick-and-mortar location in PEI. Online lenders tend to be the fastest and most convenient, and can process a loan application in just a few days. There are even same day lenders for certain types of personal loan.

Where can I get a loan from in PEI?

PEI is Canada’s least populated province, and does not have as many lenders as some of its brethren. However, there are still options. These fall into four main categories:

  • Banks and credit unions
  • Online lenders
  • Alternative financial companies (including auto loan providers, boat loan companies, etc.)
  • Payday lenders

The best type of lender for you will depend on what you need a loan for, how much you want to borrow, and your personal financial circumstances (which dictate who is likely to approve you).

How do I pick the right lender in PEI?

Picking the right lender starts with understanding your options. This relies on two factors: your personal financial circumstances – such as your credit score, income and so on – and the type of loan you need. Your finances will determine which lenders you are eligible to get a loan from, and your need will narrow that list down further, as not every loan company offers every type or size of loan. Once you have a list of possibilities (those who have what you need and who will work with you), it’s time to look at costs. Understand each company’s interest rates, fee structure, and other loan terms to find a competitive deal. It’s also important to check a company’s customer reviews to ensure their reputability.

What kind of loan can I get in PEI?

PEI may only have 150,000 residents, but it still caters to a wide range of financial needs. You can get many different types of loan, including:

  • Mortgages
  • Home equity lines of credit
  • Auto loans
  • Truck/trailer loans
  • Boat loans
  • Bad credit loans
  • Personal loans
  • Credit cards
  • Payday loans
  • Installment loans
  • Same day loans
  • Title loans
  • Debt consolidation loans
  • Commercial loans

Can I get a loan with bad credit in PEI?

The average credit score in PEI is 648 (636 in Charlottetown), and banks and credit unions usually have a minimum credit score requirement of 600. But if you’re a local with a score of less than this (or a bankruptcy in your past) then you still have loan options – just probably not at the bank. Alternative lenders tend to be more flexible about their eligibility requirements, and some will accept a lower credit score if you have extenuating circumstances – such as a high income. Or there are dedicated bad credit lenders, who cater specifically to those with poor credit. Just bear in mind that you may have to pay more in interest to access these loans.

How much does a loan cost in PEI?

The cost of a loan comes in two major parts: the interest you pay on the amount you borrow, and fees. Fees can range in number and scale; most lenders charge an application fee and origination fee, though many also have late payment penalties, early prepayment fees, closing fees, and even sometimes monthly or yearly service fees. Be sure you understand a lender’s fee schedule before agreeing to a loan, as these can add up.

The interest is a little more transparent: the lower the rate, the better. But remember that a lower rate over a longer loan life may add up to more interest than a higher rate for a shorter period of time; and a low variable rate can escalate in the future. Do the math on how much you’ll be paying over the whole life of the loan, as well as considering the monthly cost.

Can I get a small business loan in PEI?

PEI is home to a booming small business community, with over 5000 small businesses already – and that number is growing. Accessing financing is one of the most important concerns of small business owners, and there are several options for local companies.

The first is obtaining a loan through a private lender. This takes some paperwork; generally, you will need to be able to show the following:

  1. A business history lasting at least two years, including bank statements and tax returns
  2. A business plan
  3. Proof of revenues, profitability, and projected future revenues
  4. Collateral (for property, equipment, invoice and vehicle loans)
  5. Credit history for the business and the business’s owners

An alternative to a private loan is a federally or provincially-backed loan. The Government of PEI is especially keen to cultivate PEI’s reputation as a home for small businesses, and there are currently 13 different provincial financing programs offered, for a variety of needs.

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