Personal Loans in Prince Edward Island

Prince Edward Island is Canada's smallest province by area and population. It has strict land ownership restrictions for non-residents and a tight lending market. Charlottetown has seen rapid price appreciation making it one of Canada's fastest-growing housing markets per capita in recent years.

170,000

Population

$358,000

Avg. Home Price

$50,000

Max Personal Loan

60% effective annual rate

Rate Cap

Prince Edward Island Lending Regulations & Rules

Regulated by: PEI Office of the Superintendent of Securities & Insurance

PEI Land Transfer Tax: 1% on first $30K, 2% on balance — relatively low for Atlantic Canada
Non-residents face a 1% additional property acquisition tax and are subject to PEI's non-resident ownership restrictions
PEI has some of the strictest non-resident land ownership restrictions in Canada
Charlottetown's real estate market has seen significant price appreciation due to in-migration
Credit unions (Verdura Credit Union, Provincial Credit Union) serve a significant share of PEI's banking needs

Common Loan Types in Prince Edward Island

Personal Loans

Mortgages

Auto Loans

Agricultural Loans

Top Lenders in Prince Edward Island

RBC Royal Bank

From 5.14% APR · 24-48 hours

TD Canada Trust

From 5.19% APR · 24-48 hours

Scotiabank

From 5.09% APR · 2-3 business days

BMO Bank of Montreal

From 4.99% APR · 24-48 hours

CIBC

From 5.14% APR · Same day to 48 hours

EQ Bank

From 4.79% APR · 3-5 business days

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