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Bad credit loans in Manitoba

Explore Manitoba loans for bad credit and find out key factors to consider before applying.

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If you have a bad or poor credit score (below 560), your options to get a loan may be more limited, but you do have options. There are several lenders that specialize in bad credit loans in Manitoba. While these loans can be a good quick fix, they tend to come with higher interest rates, so it’s better if you can pay them back over a shorter term.

Option 1: Personal loans for bad credit

If you have bad credit with steady employment income, below are some loan providers in Manitoba who can consider you.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
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Option 2: Installment loans

An installment loan, which falls under the umbrella of personal loans, is a fixed amount that you pay back over time. They are shorter-term personal loans that come in smaller loan amounts than the average personal loan but in larger loan amounts than a payday loan.

Installment loans are usually unsecured, which means you don’t need to put up collateral like your vehicle or jewelry. They often come with higher interest rates than a secured loan, which has collateral. Installment loans are usually good for people who don’t have any regular employment income but receive other forms of steady income like employment insurance (EI), Canada Child Benefit (CCB), disability income or retirement income.

Compare installment loans in Manitoba

Loans Canada and LoanConnect are online brokers that can match you for free with lenders who can consider your application.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Installment Loan
32% + brokerage fee
$500 - $2,500
3 - 6 months
Currents debts must total less than 60% of income
Min. credit score: 300
Go to site
More Info
Get approved by different lenders in as little as 60 seconds with any credit score. Access resources to help you work toward better finances.
Loans Canada Installment Loan
8.00% to 46.96%
$500 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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More Info
An online broker with the largest lender network in Canada. Get matched with lenders for free through one quick application regardless of your financial situation.
Mogo Installment Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
Go to site
More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
SkyCap Installment Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering installment loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
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Option 3: Credit builder loans

Credit builder loans are designed to help you improve your credit score by reporting all of your on-time payments to the credit bureaus. They’re usually targeted towards people with bad credit or no credit history.

When you sign up for a credit builder loan in Canada, you agree to make your loan payments with interest before you get your loan deposited into your bank account. So instead of getting funds at the beginning, you get funds at the end of your loan term.

Apply for a credit builder loan in Manitoba

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
Refresh Financial Credit Builder Loan
19.99%
$1,250 - $25,000
3-5 years
No min. income or employment requirements
Min. credit score: 300
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No funds are provided by Refresh upfront. Instead, funds are placed into a secured account to be accessed later. Your payments are reported to the credit bureaus, potentially impacting your credit score.
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How do bad credit personal loans work?

With a bad credit personal loan, you borrow money at a higher interest rate and pay it back regularly over a period of time (the loan term). Lenders charge higher interest rates for a bad credit loan because they worry that people with bad credit scores are more likely to default on their payments.

When you apply for a personal loan, your lender will usually check your credit score, make sure you have a regular source of income and make sure you already don’t have too many debts before they approve you. If you qualify, you’ll begin making monthly payments on your loan as soon as it’s issued. You’ll need to make your payments on time so that you don’t damage your credit score further.

Can I afford the repayments?

Use the calculator below to determine your potential monthly payments. When searching for a loan, aim as much as possible for the lowest interest rate and shortest loan term so you pay less interest overall. At the same time, you don’t want your loan term to be so short that your monthly payments become too high and unmanageable.

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What bad credit loan options do I have in Manitoba?

If you have bad credit and looking for a personal loan, online lenders are a solid option, because traditional lenders like banks and credit unions may not approve you. Online lenders offer different types of personal loans:

  • Secured loans. This type of loan will require you to put up an asset (like your home or vehicle) to “insure” your payments, which you risk losing if you fail to make your loan repayments.
  • Unsecured loans. Unsecured loans do not have collateral. They rely more on credit scores and proof of income to show that you can repay your loan.
  • Guarantor loans. You may be able to qualify for lower interest rates if you take out a guarantor loan, which requires a cosigner with good credit to vouch for you.

How do I apply for a bad credit loan?

Applying for a bad credit loan in Manitoba is easy if you follow the steps below.

  1. Choose a lender. Choose a lender based on the loan amount, interest rates and fees, and eligibility requirements.
  2. Fill out the application. You’ll need to provide basic personal info like your phone number, address, birth date and email address.
  3. Wait for pre-approval. Most online lenders will use technology to swiftly determine whether they can approve you or not.
  4. Get verified. If the lender wants to approve you and you want to sign with them, provide more information, such as proof of identity (i.e. government-issued ID) and proof of income (e.g. pay stubs, tax returns, bank statements)
  5. Get approved. The lender will provide final approval if everything checks out. Sign the contract after reviewing their terms and conditions.
  6. Get your funds. Online lenders typically send funds in 24 to 48 hours.

How do I increase my chances of approval?

  • Review the eligibility criteria. Before you apply for a loan, make sure you meet the eligibility criteria. Look for things like minimum income, credit score, employment and age requirements.
  • Consider a joint application or cosigner. If you don’t meet the credit score requirements, consider applying with a cosigner or another applicant.
  • Submit all necessary documents. Check what documents are needed and make sure you’re able to submit everything that is required. Having your information handy can help speed up the loan process too.

Alternatives for people struggling with bad credit

  • Government subsidies. The Manitoba government provides funding through its Employment and Income Assistance program as well as Rent Assist.
  • Credit counselling services. The Credit Counselling Society of Manitoba is one option that can help you with budgeting and consolidating your debts.
  • Borrowing from friends or family. Your friends and family might be able to help you out with a loan if you’re struggling with bad credit.
  • Debt relief services. If you’re facing legitimate financial hardship, a debt relief company is an option. Find out if a debt relief company is right for you.

Bottom line

There are lenders that provide bad credit loans in Manitoba, but they often come with steeper interest rates to offset the risk. Compare lenders to find the lowest rates and best terms possible. If you’re approved for a loan, make sure you can afford the repayments before signing the contract.

Frequently asked questions about bad credit loans

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