Bad credit loans in Winnipeg, Manitoba

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

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Name	Product	Interest Rate	Loan Amount	Loan Term	Requirements
Loanz Personal Loan 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	Go to site View details	Compare	loading Fetching your data...
Loans Canada Personal Loan Loans Canada Personal Loan		5.4% - 46.96%	$300 - $50,000	4 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Spring Financial Personal Loan 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	Go to site View details	Compare	loading Fetching your data...
LoanConnect Personal Loan LoanConnect Personal Loan		6.99% - 46.96%	$100 - $50,000	3 - 120 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Mogo Personal Loan Mogo Personal Loan		9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500	Go to site View details	Compare	loading Fetching your data...

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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.

Option 2: Compare payday loans for bad credit in Winnipeg

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Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
iCASH Payday Loan 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.	Go to site View details	Compare	loading Fetching your data...

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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.

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.

Regulations for payday loans in Manitoba

Frequently asked questions

• Are there no-credit-check loans in Winnipeg?

  It depends on the lender. Some payday lenders in Canada conduct credit checks while others don't. Most personal loan lenders conduct credit checks before approving a loan. Those who don't will focus on your income instead of your credit score, but watch out for high interest rates.

• Are there loans with guaranteed approval in Winnipeg?

  No. Lenders need to assess your financial situation to decide whether you can afford to repay a loan. If a lender promises guaranteed approval, this is a sign that they may not be legit. Consider other lenders instead.

• Where can I apply and get approved for bad credit loans in Winnipeg?

  There are many alternative lenders that offer bad credit loans in Winnipeg. Most allow you to apply online, but some providers also operate branches in Winnipeg if you'd prefer to apply in person.

• Can you pay off bad credit loans early in Winnipeg?

  Yes. Most lenders of bad credit personal loans in Winnipeg do not charge prepayment penalties. Payday lenders in Winnipeg are required to allow you to pay your loan off early with no charges.

• Can a bad credit loan in Winnipeg improve my credit score?

  If you take out a payday loan, the answer is no. However, if you take out a bad credit personal loan, whether it will improve your credit score depends on the lender. Some lenders report on-time loan payments to the credit bureaus but others don't, so check with your lender for more details.