Koke is an independent comparison site, not a lender. We may be paid when you visit a lender or send an enquiry through Koke. How we make money

Apply now

Payday loans in Prince Edward Island: rules, costs and licensed lenders

Prince Edward Island licenses payday lenders and caps loans at $1,500 for up to 62 days, at no more than $14 for every $100 borrowed. Online lenders need an Island licence too. Check the lender with the province before you share personal details.

Last reviewed November 7, 2026

Max cost
$14 per $100
Max loan
$1,500
Max term
62 days
Regulator
Island Regulatory and Appeals Commission / Consumer Services

Payday loan rules are set by each province and can change. Figures on this page were last checked on November 7, 2026 against Island Regulatory and Appeals Commission / Consumer Services. Always confirm with the lender’s contract and your regulator.

Apply from here

$500
Most a payday loan can cost
$70
You’d pay back
$570

Based on the $14 per $100 legal maximum. Lenders can charge less, never more.

About 3 minutes. Koke is not a lender; we may be paid when you apply. No SIN or banking login asked.

How does payday lending work on PEI?

Payday lending on Prince Edward Island is regulated by the province, and the cost cap is $14 per $100, in line with the federal limit for provinces with payday loan laws. There are only a handful of storefronts on the Island, so many residents borrow online. That makes the licence check even more important.

What does a payday loan cost on PEI?

At the maximum, $300 costs $42 and $800 costs $112. If you’re paid every two weeks, that’s roughly a 365% annual rate.

What can Islanders try first?

Island credit unions have a long tradition of small personal loans for members, and many will talk to you about an overdraft or a short-term loan the same day. Maritime Electric offers payment arrangements on overdue bills, and the province’s social assistance program can help with emergencies if you qualify.

What are the payday loan rules?

Payday loan rules in Prince Edward Island
Maximum cost of borrowing$14 per $100 borrowed, all fees included
Maximum loan$1,500
Maximum term62 days
Dishonoured payment feeUp to $20
RegulatorIsland Regulatory and Appeals Commission / Consumer Services

Source: Island Regulatory and Appeals Commission / Consumer Services. Last reviewed November 7, 2026.

Which lenders are licensed here?

We haven’t verified any lenders licensed in Prince Edward Island for Prince Edward Island yet. In the meantime, the help listed below may cost you less.

Payday loans by city

What will it cost?

Pre-filled with your province’s legal maximum. Lower it if your lender charges less.

Fee
—
Total to repay
—
Due date
—
Annual rate (APR)
—

Same amount on a credit card cash advance (assuming 22.99% APR plus a $5 fee): —

Payday loans are one of the most expensive ways to borrow. These figures are estimates. Your lender’s contract shows the real cost and must follow your province’s rules.

Results are estimates for illustration only. Your actual cost, due date and terms are in your loan agreement.

Compare licensed lenders in Prince Edward Island See cheaper options first

Common questions

Can I get a payday loan online on PEI?

Yes, from a lender licensed to lend on Prince Edward Island. Confirm the licence with the province before you apply.

What does a $500 payday loan cost on PEI?

Up to $70 at the $14 per $100 maximum.

Who regulates payday lenders on PEI?

The province's consumer services office. The link to its payday loan page is in the sources at the bottom of this page.

Ready to apply from Prince Edward Island?

One application, about three minutes. Our matching partner shows you the offer that fits your answers, from a lender that works in Prince Edward Island. Read the cost before you sign.

Start my applicationJust show me licensed lenders

Sources

Update log

  • — Page published; rules checked against the provincial regulator.