Cash Money Payday Loan
Borrow from $100
- Simple application process
- Fast turnaround time
- Extended business hours
Payday loans are short-term high interest loans that are designed to help you through unexpected financial difficulties. These loans are a quick and easy way to cover your expenses between paycheques, but are also one of the most expensive forms of debt.
We’ve designed this guide to help you navigate the ins and outs of cash advance payday loans in Manitoba, so that you have as much information as possible to make an informed decision before you sign on the dotted line.
Yes, short-term loans are legal in Manitoba. Each province has its own rules that govern payday loans. In Manitoba, the Consumer Protection Act and the Payday Loans Regulation help protect those who take out payday loans.
Here are the rules surrounding payday loans in Manitoba:
Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.
|Province||Maximum allowable cost of borrowing|
|Alberta||$15 per $100 borrowed|
|British Columbia||$15 per $100 borrowed|
|Manitoba||$17 per $100 borrowed|
|New Brunswick||$15 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Ontario||$15 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
|Saskatchewan||$17 per $100 borrowed|
The most you can be charged for a payday loan in Manitoba is $17 per $100 borrowed – or 17% of the principal amount of the loan. Payday lenders can’t give you a loan for more than 30% of your net paycheque.
Example: If your previous net pay is determined to be $1,000, the most you can borrow is $300. If you take out a 14 day payday loan, the chart below shows you the maximum you can be charged.
|Net Pay||Max loan||Max charge||Cost of interest||Repayment Amount||APR (%)|
|$1,000||$300||$17 per $100||$51||$351||517%|
The table below shows the fees on a payday loan compared to the typical costs of a credit card or a line of credit.
|Loan Amount (over 2 weeks)||Payday loan fee||Credit card fee (23%)||Line of Credit (7% + $5 fee)|
Most lenders won’t do a credit check when issuing a payday loan. Instead, they’ll be more interested in you having:
This lenient criteria can be easy to meet – with the added bonus of not having to prove you’re a responsible borrower. However, some lenders who don’t do credit checks might be more likely to be predatory and illegitimate. This is why it’s important to do your research and use a reputable lender – whether they do a credit check or not.
Payday loans are an expensive form of debt that should be avoided whenever possible. You should also be sure that the lender you use is licensed in your province of residence. If you don’t think you can meet the repayment terms, you should consider alternative short-term financing options.
If you do decide to take out a payday loan, it’s important to borrow only as much as you’ll be able to repay and to budget your repayments accordingly. If you default on your loan or the loan goes into collections, you’ll receive a negative mark on your credit report that can stay there for up to six years. Make sure to budget for the amount of money you plan to take out, and use a licensed lender.
The best way to make sure a lender is legit is to check their credentials with the Consumer Protection Office. Look for the following signs to make sure you’re working with a reputable business.
Canadians who take out payday loans online are more likely to encounter unlicensed lenders than those who visit a physical location. If you’re thinking about taking out an online payday loan in Manitoba, be aware of the potential risks and make sure to read the fine print before you borrow.
The best way to protect yourself online is to make sure that the lender you choose to use is licensed in Manitoba. Read the fine print to make an informed decision about your loan and watch out for red flags to avoid running into further financial difficulties along the way.
You can contact Manitoba’s Consumer Protection Office at 1-800-782-0067 to discuss your options for filing a complaint. They will pursue an investigation to find out if the payday lender in question has breached provincial consumer protection laws.
There are alternatives to payday loans that may cost you less. These include social assistance programs, borrowing from credit unions or accessing credit counselling. Find out more about the services on offer in Manitoba below.
Manitoba has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet.
There are likely a handful of local credit unions and banks that offer short-term loans at much lower interest rates than payday lenders. Some institutions even offer credit builder programs which provide small loans that can help build your credit score. Once your score is higher, you could be eligible for much more competitive loan rates and terms from trustworthy providers like banks and credit unions.
If you feel like you’re drowning in debt and you’re not making any headway on paying your bills down, it might be time to look into a credit counselling program. The Credit Counselling Society of Manitoba is one option that can help you with budgeting and consolidating your debts.
If you’re interested in applying for a payday loan in Manitoba, you’ll need to meet the following eligibility criteria:
To complete your application successfully, prepare to submit some basic information:
If you find yourself in need of a short-term loan, consider other options before heading to your nearest payday lender. Be aware that these lenders are typically much more expensive than other options like taking out a line of credit or withdrawing cash using your credit card. If you still want to use a payday loan provider, make sure the lender in question abides by all local Manitoba laws. Be wary of unlicensed lenders and pay back your loan on time to avoid paying additional fees or interest.
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