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Payday loans in Manitoba

Learn about how to get a payday loan in Manitoba.

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  • APR & loan term vary by province
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⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
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.

To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by Province
As little as 2 minutes with INTERAC e-Transfer
AB, BC, MB, NB, NS, ON, PEI, SK
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.
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Payday loans are high-interest loans with short terms 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 types of debt. We’ve designed this guide to help you navigate the ins and outs of payday loans in Manitoba.

Maximum borrowing costs per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
ProvinceMaximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island$15 per $100 borrowed
Manitoba & Saskatchewan$17 per $100 borrowed
Newfoundland and Labrador$21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon$60 per $100 borrowed
QuebecLimit of 35% annual interest rate (AIR)

What are the rules for payday loans in Manitoba?

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:

  • Maximum loan amount: $1,500
  • Minimum loan term: 1 – 2 weeks
  • Maximum loan term: 62 days
  • Maximum interest: $17 for every $100 that you borrow
  • A lender can charge additional fees if you don’t pay your payday loan by the due date.
  • You can’t borrow more than 30% of your net income.
  • Lenders cannot ask you to sign a form that transfers your wages directly to them.
  • Unlike many other provinces, Manitoba allows roll-overs. This means you can roll-over any unpaid payday loan into a second payday loan.
  • You have 48 hours, excluding Sundays and holidays, to cancel your payday loan without facing a penalty. You also don’t have to provide a reason for cancelling.

What fees will I have to pay?

Whether you’re borrowing in store or opting for an online payday loan in Manitoba, the most you can be charged 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 PayMax loanMax chargeCost of interestRepayment AmountAPR (%)
$1,000$300$17 per $100$51$351517%

Can I get a no credit check loan in Manitoba?

Yes. Most payday loan lenders in Manitoba won’t do a credit check when issuing a payday loan. Instead, they’ll be more interested in you having:

  • An active chequing account
  • A permanent address (and proof of it)
  • Three months of continuous employment (and proof of it)

This lenient criteria can be easy to meet – with the added bonus of not having to prove you’re a responsible borrower. However, lenders who don’t do credit checks are more likely to be predatory and illegitimate. This is why it’s important to do your research and use a reputable payday loan lender – whether they do a credit check or not.

How can I tell if a lender in Manitoba is legit?

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.

  • The lender displays a Manitoba licence number. Lenders should display their license numbers at all times. You can also contact the Consumer Protection Office at 1-800-782-0067 to check if a lender is licensed in the province.
  • The lender displays fees. Payday loan lenders must display posters showing the rates they charge.
  • It provides same-language contracts. Your lender only provides contracts in a language you can speak comfortably.
  • It follows consumer protection laws. Stay away from lenders who charge more than $17 per $100 borrowed.

Watch out for unlicensed lenders

You may see some of these red flags with unlicensed lenders:

  • Illegally high interest rates or fees. You may end up paying more than $17 in fees per $100 borrowed, or face hidden charges and fees.
  • Identity theft. Unlicensed lenders sometimes sell customers information to third parties, which could lead to identity theft or a hacked bank account.
  • Funds taken from your bank account without your permission. Unlicensed lenders have been known to illegally withdraw money from customer’s bank accounts if they’re unable to make repayments.

Because unlicensed lenders can operate outside of Manitoba – or even outside of Canada – it’s much more difficult to file a complaint against them. That’s why it’s so important to make sure your lender is licensed to operate in Manitoba before you offer your personal information or apply for the loan.

How to file a complaint against a lender

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.

What should I keep in mind before applying?

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 6 years. Make sure to budget for the amount of money you plan to take out, and use a licensed lender.

Payday loan alternatives in Manitoba

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.

Other types of personal financing

Because of its high fee, a credit card cash advance isn’t the cheapest payday loan alternative. But it can still be cheaper than getting a payday loan in Manitoba. The other advantage to using a credit card cash advance is that you’ll have more time to pay it off than you would with a payday loan. Alternatively, if you have access to a personal line of credit, you should consider paying any emergency expenses from that instead of getting a payday loan.

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 feeCredit card fee (23%)Line of Credit (7% + $5 fee)
$300$51$6.15$5.81
$600$102$12.29$11.62
$900$153$18.44$17.43
$1,200$204$24.59$23.24
$1,500$255$30.74$29.05

Manitoba assistance programs

Manitoba has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet.

  • Manitoba Employment and Income Assistance Program helps people in financial need with monetary support and employment assistance.
  • Rent Assist is a financial benefit for eligible low-income private renters who are spending a large amount of their monthly income on their rent.
  • The 55 PLUS Program provides quarterly benefits to lower-income Manitobans who are 55 years of age and over.
  • The Manitoba Child Benefit (MCB) allows low-income parents not receiving EIA to access benefits to support the cost of raising their children.
  • Income support for persons with disabilities gives financial support to individuals who are struggling with long-term mental or physical disabilities.

Local financial institutions

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.

Credit counselling

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.

Before you get a payday loan, consider these alternatives

How can I apply for a payday loan?

If you’re interested in applying for a payday loan in Manitoba, you’ll need to meet the following eligibility criteria:

  • Be at least 18 years old
  • Provide proof of 3 months of continuous employment
  • Give proof of address (e.g., they can ask to see a utility bill)
  • Have an active chequing account

To complete your application successfully, prepare to submit some basic information:

  • Personal details, such as your name, date of birth, Social Insurance Number and a valid form of ID
  • Contact details, such as your residential address, email address and phone number
  • Details about your employment and income

Bottom line

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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