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Best Personal Loan Rates in Prince Edward Island

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Personal Loan In Prince Edward Island

Despite its small size, Prince Edward Island is dense with verdant farmlands and lovely coastline landscapes. as a dormitory for families and people seeking to develop their lives. And if you want a personal loan for self-improvement, you may have many options on Prince Edward Island.

Online loan lenders are one of the most convenient ways to take out a personal loan in Prince Edward Island. Personal loans in Prince Edward Island are usually provided with pocket-friendly interest rates and flexible terms for paying them back, which makes these loans a good option for everyone. These loans additionally provide financing in as little as two days.

When seeking a personal loan in Prince Edward Island, working with a trusted lender is crucial. Finding the appropriate lender might be difficult, but Comparewise makes the process simple with our extensive loan research.

Prince-Edward-Island-Personal-Loan-Comparewise-Scaled 1

8 Best Prince Edward Island Personal Loans

From extensive research and personal experience, we have come up with the top lender in Prince Edward Island.

Here are the 8 top PEI personal loans you can explore.

1. LendDirect

LendDirect offers a great financial product called “Line of Credit. It is an unsecured personal loan that people in Prince Edward Island and the rest of Canada who qualify for it can use to get up to $15,000 in cash advances without having to pay any fees.

Even though most of their business is done online, they have a few places in Southern Ontario where you can visit them. People who live in Alberta, British Columbia, and Prince Edward Island can also send in an application.

You can choose to get a direct deposit from this company. However, when you choose this option, be sure to get your open credit line within 24 hours on a typical business day.

However, if you apply during their normal business hours, Monday through Friday, and want to use an Interac e-Transfer, you might be able to get your money as soon as 15 minutes after being approved. Please remember that how much credit you can get depends on how good your credit is. 

Loan Terms for LendDirect

Before submitting a formal loan application to LendDirect, it’s good to know these important loan terms from the company.

Amount You Can BorrowLoan RateLoan Term
$1,500 up to $15,00019.99% to 46.93%It has no set minimum term
Mogo-Mortgage-Comparewise 2

2. Mogo

Mogo is a Canadian company that offers financial services. Its headquarters are in Vancouver, British Columbia. Mogo kicked off over 17 years ago and currently  has offices in three provinces:

  • Vancouver
  • Winnipeg
  • Surrey

 Since its start in the Canadian financial industry, Mogo has helped more than 1.6 million happy customers.

Mogo is a platform for alternative financial products that offers a wide range of these products to residents of Prince Edward Island and Canada at large. Mogo is best known for its Mogo Credit Score, which lets people check their credit score right away, for free, and without any bad effects.

Today, Mogo offers many financial products designed to help the average person get ahead financially.

 Loan Terms for Mogo

Before you apply for a loan from Mogo, it’s important to know these important loan terms from the company.

Amount You Can BorrowLoan RateLoan Term
$500 up to $15,00029.99% – 47.72%Between 12 to 60 months

3. SkyCap Financial

SkyCap Financial has been helping Canadian clients take charge of their finances since 2013. The main goal of this company is to help Canadians get alternative financing, no matter how much money they have or what their credit history is like.

They have a strong presence in Prince Edward Island and offer quick and easy approval for short-term loans from $500 to $10,000. This can be done in as little as 24 hours.

Residents of Prince Edward Island may benefit from SkyCap Financial’s quick application process and knowledgeable staff who work hard to make your experience as good as possible.

SkyCap Financial makes loan decisions based on three main things: current income, trustworthiness, and stability. This lets them accept more Canadians, especially those who have been turned down before because of credit problems.

Loan Terms For SkyCap Financial

Before submitting a formal loan application to Skycap Financial, it’s a good idea to get to know the company’s most important lending terms. 

Amount You Can BorrowLoan RateLoan Term
$500 up to $10,000Between 12.99% – 39.99% Between 9 to 36 months
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4. Eastern Loans

Residents of Prince Edward Island can now borrow up to $1,000 and have the cash sent directly to their bank account within 24 hours. Eastern Loans gives you up to three months to repay your loan.

Eastern Loans, unlike other payday loan providers, allows you to extend your payback period over 5 months if necessary. They will also allow you to pay in weekly, biweekly, or monthly installments rather than all at once.

Also, this company allows you to pay-off the loan even before it is due at no cost. If you apply during regular work hours, the loan money will get into your bank account before the end of the day.

Loan Terms For Eastern Loans

It’s a good idea to familiarize yourself with Eastern loan’s key lending term before making a formal loan application. 

Amount You Can BorrowLoan RateLoan Term
$500 up to $1,000Rate Varies Between 3 to 6 months

5. Spring Financial

Apply for a fast personal loan of up to $15,000 from an online lender in Prince Edward Island to skip the awkward face-to-face meeting. Spring Financial only makes personal loans available online for Prince Edward Island residents.

Spring Financial helps people in Prince Edward Island and other Canadian territories who don’t have a good enough credit score to get a loan quickly from a bank.

It is possible to get your loan money in less than 24 hours or at most two working days. However, the time of your application also plays an important role in this.

 You must have a monthly income of at least $1,800 and have worked for at least 3 months in Canada to be eligible.

Loan Terms for Spring Financial

Before submitting a formal loan application to Spring Financial, it’s good to know these important loan terms from the company.

Amount You Can BorrowLoan RateLoan Term
$500 up to $15,00014.99% to 46.96%Between 3 to 6 months

6. SympleLoans

Symple’s interest rates start at 6.99%, making it an excellent choice for anyone searching for a low-interest personal loan. If you live on Prince Edward Island, you can borrow up to $50,000 with periods ranging from one to seven years.

We always recommend that you make your application online, and you will likely get your bank account credited in 24 to 48 hours.

Please also keep in mind that SympleLoans, as an online lender, only lends money to people with good credit (a credit score of 660 or higher) .

The firm was founded in Australia in January 2018, with plans to expand to Canada in January 2021. Symple’s Canadian headquarters are on Bay Street in Toronto’s business district.

Brands In Prince Edward Island - Comparewise

Loan Terms for SympleLoans

Before submitting a formal loan application to SympleLoans, it’s good to know these important loan terms from the company.

Amount You Can BorrowLoan RateLoan Term
$5000 up to $50,000Starting at 6.99% (Good Credit Only)Between 1 to 7 months

7. Fairtone

Fairstone is the largest non-bank lender in Canada for personal loans. They have helped tens of thousands of people in Prince Edward Island get the money they needed by giving them loans that were tailored to their needs and budgets.

You can borrow up to $35,000 total from Fairstone. You can use this money to consolidate your debt into one straightforward monthly payment, pay for unanticipated expenses, or for any other purpose within the parameters of the loan.

You can rely on Fairstone for all of your borrowing needs, since the firm has over 230 branches around the country and over 1,000 professional loan specialists ready to assist you with your financial needs.

Fairstone works with Canadian companies and auto dealerships to offer its clients outstanding customer financing.

Loan Terms For Fairstone

Before submitting a formal loan application to Fairstone, it’s good to know these important loan terms from the company. 

Amount You Can BorrowLoan RateLoan Term
$1,500 up to $15,00019.99% and 29.99%Between 6 to 120 months

8. Magic Credit

Did you know that if you live on Prince Edward Island, you can use your salary to get a Magical Credit personal loan for up to $20,000?

Magical Credit makes it easy for people with bad credit to get cash quickly so that they can take care of everything from monthly bills to unexpected costs.

Not only does the Magical Credit Installment Loan provide variable loan periods and borrowing quantities, but you can also qualify while getting government subsidies as income.

Loan Terms For Magical Credit

Before submitting a formal loan application to Magical Credit, it’s good to know these important loan terms from the company. 

Amount You Can BorrowLoan RateLoan Term
$1,500 up to $20,00019.99%-46.8%Between 12 to 60 months

Why You May Need A Personal Loan in Prince Edward Island

  • A personal installment loan is a flexible way to get money you can use for various things.
  • You can pay cash for those bigger bills you’d rather not put on credit.
  • There are costs for medical care that Medicare doesn’t cover, whether it’s planned or an emergency. Improvements to the inside or outside of a home, landscaping, and other similar tasks
  • Trips and vacations, financing, etc.

Criteria For Getting A Personal Loan in Prince Edward Island

Your lender in Prince Edward Island will ask for certain information to determine if you can get a personal loan. Usually, you’ll have to hand over:

  1. Information about you, such as your name, address, date of birth, S.I.N. (if you have one), phone number, email address, etc.
  2. Information about money and money matters (bank statements, savings, debt and payment history, etc.)
  3. Information about your job market, employment record, current job, regular income, etc.
  4. Information about money, credit score, credit rating, credit report, credit history, etc.

Information about the co-income, signer’s job, credit history, and any assets they own.

Prince Edward Island Personal Loan Conclusion

Personal loans are available in Prince Edward Island (P.E.I.) through banks, credit unions, and online lenders (P.E.I.). When you make the best of these loans in a small province like PEI, you will surely benefit tremendously from them.

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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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September 19, 2022
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FAQs about Personal Loans in Prince Edward Island

What Is The Minimum Credit Score To Get A Personal Loan In PEI?

Credit scores in Canada, including Prince Edward Island, can range from 300 to 900. When your credit score gets closer to 900, your chances of getting a loan and interest rates will increase. Good credit, which is a score of 660 or higher, means more loans will be approved, and the interest rate will be lower (costing you less over time).

Are There Personal Loans Available In Prince Edward Island?

Personal loans are available in Prince Edward Island (P.E.I.) through banks, credit unions, and online lenders (P.E.I.). If you use it diligently, this is a great way to finance some of your impromptu expenses. Anyone living in Prince Edward Island who has taken out personal loans can use the money for things like paying for large purchases or covering the cost of unexpected costs.

What Would Happen To My Score If I Took A Personal Loan?

Like we always advise at Comapre Wise, it's essential you thoroughly think about what personal loan will cause your credit score in the event of failing to pay back when due. The question is whether or not the lender of your P.E.I. a personal loan will report that you have made payments. Once approved, your lender will start telling a Canadian credit bureau about your payment history (Equifax and TransUnion). Remember that not all loan companies tell credit reporting agencies how much you pay back.

What Would Happen To Your Credit Score If You Took Out A Personal Loan And Paid It Back On Time?

Your payment history, including on-time and late payments, will be sent to credit bureaus and used as a standard factor in determining your credit score. Your credit score is more likely to increase if you have a good track record of paying bills on time.

When Would A Personal Loan Be A Better Choice Than A Credit Card?

Before applying for a personal loan in Prince Edward Island, consider your credit cards. It is better to get a personal loan if you can pay it with a credit card or the other vice-versa. Why is it better to take a personal loan than a credit card?

  1. Want to spend more, it is best to take a personal loan. When you need more money than you can spend on a credit card, personal loans are often better than using a credit card.
  2. Reduced Interest Rate: If you plan to carry a credit card debt from month to month, the interest can add up quickly. The rate at which a personal loan is given is always lower than the rate of an average credit card issuer.
  3. Better benefits: With a personal loan, you can use your car or house as collateral to get a lower interest rate and a bigger loan.
  4. Want Monthly Payments You Can Count on? You can spread out the payments on a personal loan over a set amount of time.

Why Should I Choose A Credit Card?

Credit cards have perks. Some credit cards come with extra benefits, like insurance or points you can use to pay for a trip. Some credit cards, for example, give you an extra year of warranty if you pay for an item in full with the card. So, instead of getting a short-term personal loan, it might be better to use a credit card to buy an expensive T.V. or stereo system.

How To Get A Personal Loan In Prince Edward Island

Different institutions have different ways of applying for loans. So, once you've found a trustworthy lender (check with the B.B.B. to ensure they aren't scammers), you should ask them about their specific rules. But in general, you can do a few things to make yourself more creditworthy in the eyes of your lender. Some of these things are:

  • Pay off your other, more important debts first.
  • Keep a reliable source of income.
  • If you can help it, don't take on any more debt.
  • Find a co-signer (if your credit is poor)
  • Find out your asset's worth if you want to apply for a secured loan.
  • Put your financial and personal records in order so they can look at them in depth.

What Are The Requirements To Get A Payday Loan In Prince Edward Island?

In Prince Edward Island, here's what you need to do to get a quick cash advance:

  • You must be at least 19 years old when you fill out the application.
  • Must be a Canadian or permanent resident living in Prince Edward Island.
  • Have a cell phone, email, and physical address that all work.
  • After taxes and expenses, you'll need to make at least $800 a month to qualify. Wages, provincial and federal social assistance programs, private pensions, retirement plans, and other sources are all fair here.
  • You must have received a certain amount of money as income from reliable sources over the past three months.
  • The borrower must have an active Canadian bank account that lets them do business online.

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