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Payday Loans in PEI, Canada

Prince Edward Island poses as the smallest province in Canada. Nevertheless, it is a beautiful place full of sandy beaches and exciting activities to do. Even better, it is easy to get payday loans in PEI to take care of unforeseen circumstances. One disadvantage of payday loans in PEI is that they are charged the highest APR in all of Canada. Unlike in most other provinces where the annual percentage rates range between 300 and 500 percent, interest rates stand at 650 percent per annum. 

This high interest does not stop borrowers from taking emergency loans. Payday loans are approved within minutes and not on the basis of your credit score. Where banks and credit unions will not offer credit, quick funds lenders will gladly approve your application. Unlike applying for loans from traditional lenders (which takes between a day and a week), payday lenders will only need you to send online applications and you can get money in your account within minutes. 

Before making your application, ensure you are applying from the right lender. Even with payday loan regulations, predatory lenders exist. This guide was created to help you navigate the payday loans arena without falling prey to scams online.

Do You Qualify for Payday Loans in PEI?

There are no minimum credit score requirements for payday loans. You do not even need a credit history to get approved. All you need is proof of three months’ steady income and active chequing account with a Canadian Bank, proof of PEI address (the fast loan lender might ask for a utility bill as proof of residence), and you are approved for short term loans.

These payday loans will be a good option if you have an expense that won’t wait until the next payday, you do not qualify for other personal loans, you are confident that you can make payment within two weeks, and you do not mind the high interest that comes with these loans.

How Much Can You Borrow?

The Payday Loans Act, 2015, was drafted to regulate payday lending in Prince Edward Island. It outlines the licensing requirements and lending regulations. The act allows the lender to:

  • Lend you not more than $1,500
  • Charge you $25 for every $100 borrowed
  • Offer you between one week (minimum) and 62 days (maximum) to repay the loan
  • Charge additional fees if a borrower fails to repay a loan in due date

You are allowed to cancel your loan within two days after application – and you do not need a reason to do that.

Can You Get Payday Loans with Bad Credit History?

Traditional lenders relied on credit scores to assess the ability of a borrower to repay a loan. It is easy for credit scores to fall, and building them back up is a hassle. Payday loans do not unjustifiably cut you off loans but will instead offer you a loan based on your income.

While most of the online payday lenders will conduct a credit check before approving a loan, your application will not be rejected based on a low credit score. This means that anyone with an income is eligible for a payday loan.

Where to Find Online Payday Loans in PEI

Payday lenders are awash online in PEI. Whether you need payday loans in Charlottetown, PEI, or payday loans in Summerside, PEI, there is a lender online to approve your application. You can also walk to the nearby payday loan store and apply for a loan. Applications through online shops and payday loan storefronts are similar and are both regulated by the Payday Loans Act.

Ensure You Only Borrow with Legit Lenders

Before you borrow a loan from a lender, ensure that the lender is licensed by checking out their credentials with PEI’s Consumer, Labour, and Financial Services. You can call them at 1-800-658-1799 and ask whether a lender is licensed. Most lenders will display their license numbers as required by the payday loans act, and all you need is to verify the payday license number provided.

Some of the telltale signs of a legit payday lender include:

  • The lender displays their license number in a visible location in their physical offices and online
  • The lender also displays fees – this includes all the costs related to the loan. The total cost of the loan should not exceed $25 for every $100 borrowed.
  • The lender should follow all regulations set out in the payday loans act
  • The lender should not offer loan renewals, multiple loans, or loan rollovers
  • The loan agreement should be provided in a language that you understand

There are many predatory lenders online – as such, you need to be careful who you borrow from. Stay away from lenders who charge more than $25 for every $100 borrowed. Stay away from lenders who do not offer you all the details you ask before application. The lender is mandated to tell you your rights before a loan application and your right to cancel in the loan agreement.

There are risks involved with applying for payday loans, both online and offline. Therefore, you need to read the fine print carefully to ensure you know everything you are supposed to know.

You can report lenders who go against the payday loans act to Consumer, Labour, and Financial Services at ccs@gov.pe.ca or 1-800-658-1799. The commission will conduct an investigation, and if they believe a lender breached the set regulations, the lender might face a huge tax penalty or lose their license to operate.

Apply for a Loan Through Loans Geeks

The application process gets longer when you have to check whether a lender is licensed, compare payday loan rates and do other background checks on lenders. However, Loans Geeks has already done the background checks for you. On the platform, you will only see licensed lenders whose loan rates have been compared. If you need the best loan rates, see the comparison on Loans Geeks and apply. This will save you the time you’d otherwise use comparing lenders and checking the licensing status. You can also see lenders who offer payday loans with no credit check in Canada and those that provide payday loans with no bank statement in Canada.

Check Consumer Reviews on BBB, PEI

Even if you choose to apply through Loans Geeks and forego checking the background details of a lender, you can still see what other borrowers have to say about the lender you are about to commit to. Better Business Bureau lists businesses and then customers review these businesses. Based on the reviews, BBB will rate a company and accredit it. The best lenders have more positive than negative reviews. A business may have BBB accreditation or not – a lack of certification does not mean a company is not legit.

Payday Loans in Charlottetown PEI

There are lots of emergency loans lenders in Charlottetown. The town, which is the provincial capital of Prince Edward Island, boasts of a diverse population. To get a loan in Charlottetown, you need:

  • To have an active chequing account
  • Proof of three months continuous income
  • Proof of residence

Most payday lenders, online and in-store, do not necessarily require that you be a resident of Charlottetown or PEI as long as you are Canadian. This is, however, common with online lenders who consider your income more than they consider your residency or your credit score.

Payday Loans in Summerside PEI

Summerside is found in Western Prince Edward Island. With a population of only 14,800 people, it is a small town that offers excellent payday loan products. You can walk into one of the payday loan stores in the city, there are at least ten shops, and apply for a loan, or send your applications online.

Residents of Summerside are eligible for payday loans offered in Charlottetown and the large PEI province. The eligibility criteria, the application process, and the payday loan regulations in the large Prince Edward Island apply to the payday lenders in Summerside. As a borrower, you are protected by the Payday Loans Act and the Payday Loans Regulations.

Applying for Payday Loans in PEI

The payday loans application process in PEI is simple. As long as you satisfy the eligibility criteria, you will get safe quick approvals for your loan and it will be sent to your account within minutes. If you have an active chequing account with a Canadian Bank, you have proof for at least three continuous months, and you are a resident of Prince Edward, you will get a loan. The lender will ask that you provide:

  • Personal details and documents including your name, age, and a form of identification among others – you need to be at least 18 years to apply for a loan
  • Contact details including residential address, phone number, email address and more
  • Employment details including income, employer, and duration you have been employed
  • Bank details

While all quick loans lenders will ask the above details, some will ask for more details just to be sure you are able to repay the loan. Some lenders will ask for employer’s contact details to confirm your employment details. Other lenders will ask for details of your spouse or someone close to you – this will be a means to reach you in case you are not available on your phone.

Online lenders use software to check your eligibility. When you submit your application, the software will run your details and give you an instant decision. After that, you only need to sign the loan agreement and have your one sent to your bank account.

Some of the rules that govern payday lending in Prince Edwards include:

  • Lenders need to give you a copy of the signed agreement. This agreement needs to include the total cost of borrowing and any other information you need at the time of signing the loan.
  • The lender should inform you of your right to cancel the loan after two days after application. This is referred to as the “Two-Day Cooling Off Period” and needs to clearly disclosed on the loan agreement
  • If you happen to cancel the loan, the lender needs to give you a receipt to show that you have returned all the money you had borrowed. Again, the lender needs to give back all payment, post-dated cheques, pre-authorized debits, and any other fees paid in advance
  • You have to repay the money within 62 days
  • You can cancel the loan any time if the lender fails to inform you of your right to cancel, the lender is not licensed at the time of signing the loan, if the lender asks for the cost of borrowing before your next payday, or if the lender does not give you a copy of the loan agreement at the time of signing
  • The law does not allow lenders to charge you a penalty for advance payment or for direct deposit
  • A lender will not ask to make a new agreement before you repay your existing loan. To get a new agreement, you need to have proof that seven days have passed since the last loan was paid in full

On the first page of your pay loan agreement, the easy cash advances lender needs to indicate clearly the following details:

  • Loan amount borrowed
  • Term of agreement in days – which should not exceed 62 days and should not be before your next payday
  • The total cost of borrowing – this includes all fees and commissions and should not exceed $25 for every $100 borrowed
  • Total amount payable at the end of the loan term
  • Payment due date
  • Your signature

How Late Fees Work for Payday Loans in PEI

If you fail to pay your fast cash advance loan on the due date as indicated on the loan agreement, the lender will apply additional fees – up to $40. Besides this charge, your bank might charge you an insufficient-funds fee if they try depositing the post-dated cheque or debit and there is insufficient money in your account. 

After you fail to repay the loan as agreed, the lender will contact you to make a new payment plan. Licensed loan places will not offer you an extension at an extra cost, rollover your loan or offer you a new agreement. However, the lender will work with you to come up with a payment plan that works for the two of you. However, money lenders will not:

  • Attempt or attempt to collect loan money from any other person other than the borrower
  • Contact any other person, other than the borrower, for loan collection.

How are Instant Cash Lenders Supposed to Contact You?

  • The lender is only allowed to call you during weekdays between 8 a.m. and 9 p.m. local time. Calling you on weekends and during public holidays is not permitted
  • The lender cannot publish or threaten to publish your failure to pay a loan as agreed
  • No lender should use threatening, intimidating, profane, or coercive language
  • The lender should not pressure you into paying the loan
  • Force you to pay the cost of contacting you or use means of communication that charges you after a call
  • Contact you or anyone close to you so many times that it passes for harassment

If you are still not able to pay your safe instant loans even after a new payment plan is put in place, the lender might sell your loan to a collection agency. With delinquent accounts, the collection agency will either seize your property as agreed by law or sue you. Lenders who choose not to sell your loan to a collection agency might sue you for the amount owed.

Tips for Avoiding Additional Fees with Payday Loans in PEI

To ensure the lender does not charge you additional fees, you need to pay your loan on time. When you pay on time, you avoid default charge, bank overdraft and insufficient funds charges, and any charges that accrue as the default period extends.

To pay your loan on time, try the following:

  • Budget your money and only take a loan amount you can afford
  • If you know you can’t make payment and the payment date is due, ask for a loan from a friend, borrow your savings account, your RRSP account, or take a salary advance
  • Use your credit card to settle your monthly bills and your income to settle the loan – the interest rate on credit cards is lower than on payday loans
  • Consider personal loans, such as car loans, which have a lower interest

Conclusion

You are guaranteed payday loans in Canada as long as you have an income and proof of it. While the funding process for payday loans will affect your cash flow a few months, you will take care of your financial needs by applying a loan on short notice. Payday loans will help take care of your financial issues when you need a financial quick-fix. Unlike other types of online loans, payday loans are high interest loans that let you take your short term loans needs but they might expose you to lenders with bad financial practice.

Whether you need to apply for payday loans in Charlottetown or payday loans in Summerside, you will have an easy time getting approved. However, be careful of predatory lenders.

5 Fun Things To Do In Prince Edward Island

  1. Visit PEI National Park
  2. Visit historic sites, Art Studios, St. Dunstan Basilica and Prince Edward Battery in Charlottetown
  3. Take a tour of the Confederation Center of Arts
  4. Visit the Lighthouse on Points East Coastal Drive
  5. Have good times on Basinhead Provincial Park

Average Income by Age in PEI

Below are the average incomes of PEI residents as at 2017 according to Statistics Canada

  • 16 – 24 years: $16,900
  • 25 – 34 years: $39,200
  • 35 – 44 years: $47,300
  • 45 – 54 years: $53,000
  • 55 – 64 years: $48,400
  • Above 65 years: $34,300

Map of PEI

PEI Travel Ideas

Frequently Asked Questions

How do payday loans work in PEI?

Payday loans in PEI allow you to get an advance on your paycheck that you can use to cover unexpected expenses.

How to get out of payday loans in PEI?

If you find yourself unable to repay your payday loan, work with the lender to create a payment plan. This will help you avoid excess fees.

Who does payday loans in PEI?

The payday lenders we’ve outlined here at Loans Geeks are among the best payday loan providers in PEI.

How to consolidate payday loans in PEI?

You should only have one payday loan at a time in PEI. If you somehow have more than one, work with a debt consolidator to receive a lump-sum that you can use to repay the loan.

Who uses payday loans in PEI?

People from all walks of life use payday loans in PEI to help them cover unexpected expenses during rough times.

Which payday loans are easy to get in PEI?

Most payday loans in PEI are designed with ease and convenience in mind. The ones we recommend are among the best in this regard.

Who does payday loans without a bank account in PEI?

You are unlikely to find payday loans without a bank account in PEI; this is one of the few requirements that do exist with payday loans in the province.

How many payday loans can you get at one time in PEI?

You are only permitted to receive one payday loan at a time in PEI.

How do payday loans check your credit in PEI?

Most payday loans in PEI do not require a credit check.

How do payday loans affect credit in PEI?

If you pay your loan on time, it will generally not have a huge effect on your credit. Failing to pay on time, however, will impact your credit much like failing to pay other loans would.

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