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Bad credit loans in Winnipeg, Manitoba

Compare bad credit loans in Winnipeg and access fast financing.

When your credit score is less than perfect, finding a loan from a traditional lender can be difficult. The good news is that there are several online and alternative lenders offering bad credit loans in Winnipeg. The bad news is that you’ll need to watch out for higher interest rates.

Keep reading for a simple guide to your personal and payday loan options, and how to find a bad credit loan that suits your financial needs.

Option 1: Compare bad credit personal loans in Winnipeg

1 - 5 of 5
Name Product Interest Rate Loan Amount Loan Term Requirements
Loanz Personal Loan
29.90% - 46.90%
$1,000 - $15,000
12 - 60 months
Requirements: min. credit score 570, min. income $1,200/month, 3+ months employed
Loans Canada Personal Loan
5.4% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
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Bad credit personal loans in Winnipeg at a glance

  • Loan amount: $500–$15,000
  • APR: 18%–46.96%
  • Loan terms: 6–60 months
  • Processing time: Funding on the same day or the next day

How to qualify for bad credit personal loans in Winnipeg

Unlike payday loans, personal loans have minimum credit score requirements. As a result, if your credit score is less than 560, it’ll be hard to qualify for a personal loan from a traditional lender like a bank or credit union.

Get approved by an online lender

Fortunately, there are several online lenders that specialize in loans for borrowers with bad credit. Rather than using your credit score as a key factor when deciding whether to offer you a loan, these lenders will consider your ability to repay what you borrow.

This means you’ll generally need to be in stable employment and have a steady source of income to qualify for a bad credit personal loan in Winnipeg. You’ll also need to meet the following criteria:

  • Meet debt-to-income ratio requirements
  • Be 18 years of age or older
  • Be a Canadian citizen or permanent resident
  • Have a valid bank account

    Steps to apply for bad credit personal loans in Winnipeg

    You can apply for bad credit loans in Winnipeg by completing the following steps:

    1. Check your credit score.

      The first thing you need to do is check your credit score to find out where you stand. This will help you decide whether it’s worth considering traditional lenders that have strict eligibility criteria for loans or approaching alternative lenders that offer bad credit loans.

    2. Compare lenders.

      Research bad credit loan lenders in Winnipeg to find out what’s available. Read the fine print to find out what criteria you’ll need to meet to qualify for a loan, and make sure you check whether the lender is completely legit.

    3. Compare loans.

      Next, compare bad credit loans in Winnipeg to find one that suits your needs. Consider factors such as the annual percentage rate (APR), loan amount, loan term and repayment flexibility.

    4. Submit an application.

      When you’ve found the right loan, fill out an online application form to get pre-approval. Getting pre-approved for a personal loan gives you a much clearer idea of how much a loan will cost. This step may or may not affect your credit score depending on the lender.

    5. Continue.

      If you like a lender’s offer, proceed with the rest of the application. Your lender will run a credit check and may ask to verify your bank account to check your income and identity.

    6. Review the loan offer.

      Read over any loan offer to make sure all the details are correct and there are no hidden surprises. You’ll typically be able to access the money on the same day or the next day.

    Compare bad credit personal loans

    How to increase your chances of approval

    If you’ve got a bad credit score, lenders are taking on additional risk when they offer you a loan. As a result, they offer higher interest rates to applicants with bad credit, and in some cases, they may even reject your loan application. The good news is that there are a couple of simple things you can do to increase your chances of approval:

    • Wait 60–90 days if you have NSF activity.

      If you have recent NSF transactions in your bank account, make on-time payments for 60–90 days before applying.

    • Get a cosigner.

      Applying for a personal loan with a cosigner can greatly increase your chances of approval and also allow you to access a lower rate. The idea is to get a family member or close friend with strong credit to cosign your loan, and the lender will then assess the cosigner’s finances as well as your own when processing your loan application. However, take note that if you fall behind on payments, the cosigner becomes responsible for repaying the loan.

    • Improve your credit score first.

      If you can wait six months, take steps to improve your credit score before you apply. For example, paying off any existing debts, disputing any inaccurate information in your credit report and keeping your credit card balance low can all boost your credit score.

    Bad credit personal loans in Winnipeg if you prefer to visit a branch

    If you’d rather visit a branch to apply for a bad credit personal loan in Winnipeg, check out the options in the table below.

    LenderLoan amountLoan termAPRLocation in Winnipeg
    AAR Financial$500 – $50,00025 - 120 months14.99% - 46.70%3 locations
    Fairstone$5,000 – $50,00036 - 120 months19.99% - 24.49%5 locations
    easyfinancial$500 – $100,0009 - 120 months9.99% – 46.96%6 locations
    Money Mart$500 – $15,00012 - 60 months29.90% - 46.90%12+ locations
    Cash Money$500 – $10,0006 - 60 months46.93%4 locations

    Option 2: Compare payday loans for bad credit in Winnipeg

    1 - 1 of 1
    Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
    iCASH Payday Loan
    $100 - $1,500
    7 - 62 days
    Varies by province
    As little as 2 minutes with INTERAC e-Transfer
    AB, BC, MB, NB, NS, ON, PEI
    Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
    24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
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    Payday loans in Winnipeg at a glance

    • Loan amount: Up to $1,500
    • Interest rate: $17 for every $100 borrowed
    • Loan term: Usually by your next payday, up to 62 days
    • Processing time: Funding in as little as one hour

    How to qualify for payday loans in Winnipeg

    The eligibility requirements for bad credit payday loans vary between lenders. However, you’ll generally need to meet the following criteria:

    • Be 18 years of age or older
    • Be a Canadian citizen or permanent resident
    • Have a valid bank account
    • Have a recurring income

    Before you apply for a payday loan

    Thinking of applying for a payday loan? Make sure you do the following first:

    • Consider other options.

      Payday loans are extremely expensive to pay back and should only be considered as a last resort. That’s why it’s important to check out payday loan alternatives first. For example, getting a credit card cash advance or applying for a personal loan with a cosigner may be better options. You can also seek free credit counselling to help get your finances back in shape.

    • Work out how much you can afford.

      Before you apply, calculate exactly how much you can afford to pay back. Once you pay back the loan, will you still have enough money left over to pay for all your other essential expenses? If not, you may find yourself having to borrow more money, which could develop into a vicious cycle of debt.

    • Be wary of scams.

      There are some sketchy lenders out there, so make sure you’re dealing with a reputable provider. Look for a lender that is licensed to provide payday loans in Manitoba, is transparent about the total cost of a loan and abides by all Manitoba payday lending laws. Learn more about payday loan scams.

    Steps to apply for a bad credit payday loan in Winnipeg

    You can apply for a payday loan by completing the following steps:

    1. Compare your options. Research lenders near you to make sure you’re dealing with a legitimate payday loan provider that offers suitable loans.
    2. Submit an application. Provide your name, address and contact details. You’ll also need to supply proof of ID, income and employment details, and your bank account information.
    3. Get approved. Unlike personal loans, payday lenders give instant approval.
    4. Review the loan offer. Double-check all the details of the loan offer before you sign.
    5. Get your money. The money you borrow will typically be transferred into your bank account within an hour. Learn more about e-transfer payday loans.

    Compare payday loans in Winnipeg

    Bad credit payday loans if you prefer to visit a branch

    If you’d rather apply for a payday loan in person, consider the providers in the table below.

    LenderLoan amountLoan termAPRLocation in Winnipeg
    Money Mart$120 – $1,500Up to 62 daysVaries by province12+ locations
    Cash Money$100 – $1,5005 - 40 daysVaries by province4 locations

    How much do bad credit loans cost in Winnipeg?

    Want to know how much a payday loan will cost to repay compared to a bad credit installment loan? Let’s look at the example of a $500 loan.

    Loan featurePayday loanInstallment loan
    Loan amount$500$500
    Cost of loan$17 per $100 borrowed = $85 (206.83% APR)46.93% APR
    Loan term30 days6 months
    Payment amountOne full payment of $585$95.10 monthly for 6 months ($70.63 in total interest)
    Total loan cost$585$570.63

    Regulations for payday loans in Manitoba

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