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.
⚠️ Warning: Be cautious with payday loansHigh-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.
Popular payday loans in Manitoba
These payday loan lenders in Manitoba also typically offer the option to apply online.
|Payday lender||Loan details||Turnaround time||Non-employment income it accepts|
|As little as 2 minutes with INTERAC e-Transfer®||Many types, such as employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance|
|As little as 15 minutes with INTERAC e-Transfer®||CPP, child tax credit, unemployment, disability|
No credit check required
|As little as 1 hour after getting approved||Many types, such as child tax credit, EI, disability and pensions|
No credit check required
|Funds will be sent in as little as 15 minutes via Interac e-Transfer||CCB, disability, pensions|
|As little as 2 minutes with INTERAC e-Transfer®||CCB, disability tax credit, OAS, CPP and private pensions|
No credit check required
|24-hour application process with funding on the spot for in-person payday loan approvals, and up to 1 business day to e-Transfer for online applications||Child tax credit, CPP, private pension and disability income; does not accept EI or CERB.|
Maximum borrowing costs of payday loans per provinceAlways refer to your contract for exact repayment amounts and costs.
|Province||Max. cost of borrowing a $100 payday loan||Cooling off period to cancel loan||Max. penalty for returned cheque or pre-authorized debit|
|Alberta||$15||2 business days||$25|
|British Columbia||$15||2 business days||$20|
|Manitoba||$17||48 hours excluding Sundays and holidays||$20|
|New Brunswick||$15||48 hours excluding Sundays and holidays||$20|
|Newfoundland and Labrador||$14||2 business days||$20|
|Nova Scotia||$17||Next business day (2 days for online loans)||$40 (default penalty)|
|Ontario||$15||2 business days||$25|
|Prince Edward Island||$15||2 business days||N/A|
|Quebec||Limit of 35% AIR||N/A||N/A|
|Saskatchewan||$17||Next business day||$25|
How can I apply for a payday loan in Manitoba?
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
Are payday loans in Manitoba regulated?
Yes, in Manitoba the Consumer Protection Act and the Payday Loans Regulation help protect those who take out payday loans.
Here are the rules surrounding every payday loan in Manitoba:
- Maximum Manitoba payday 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 on a payday loan in Manitoba.
- 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 in Manitoba without facing a penalty. You also don’t have to provide a reason for cancelling.
Can I get a no credit check payday 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.
Can I get payday loans on child tax in Manitoba?
Yes, there are several options for payday loans while on child tax in Manitoba. Payday lenders, in general, tend to have more lenient income requirements compared to other types of loans. Examples of payday loan lenders in Manitoba that accept child tax benefits include Cash Money and iCASH.
Can I get 24/7 online payday loans in Manitoba?
Yes, many online payday loans in Manitoba offer 24/7 applications, approval and e-transfer to your bank account. An example of one such lender that operates fully online is iCASH. You can read our full guide to getting e-transfer payday loans in Canada 24/7 to learn more about your options.
Can I get EI payday loans in Manitoba?
Yes. Certain payday loan providers in Manitoba will accept EI as a valid source of income, including Cash Money and iCASH. That said, an often cheaper option for Manitobans looking for a loan while receiving EI is an installment loan, which has larger loan amounts, lower APRs and longer loan terms compared to payday loans.
How much does a payday loan in Manitoba cost?
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. Payday lenders can’t give you a loan for more than 30% of your net paycheque.
Example: Let’s say your net pay is $1,000, the most you can borrow as a Manitoba payday loan 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 fee||Total cost||APR (%)|
|$1,000||$300||$17 per $100||$51||$351||517%|
Pros and cons of getting a payday loan in Manitoba
- The opportunity of flexible repayments. Flexible repayment options let you line up your repayments with your paycheques. By making extra repayments, you can repay the loan ahead of time.
- Online payday loans in Manitoba. If a payday lender in Manitoba is online, the entire process can be streamlined and faster. You will usually be given multiple options during the application process to submit documents, information and track your application’s progress.
- Bad credit is OK. People living in Manitoba with bad credit credit scores can still qualify for a payday loan. Some lenders, like Money Mart, even offer no credit check payday loans.
- Higher fees. Payday loans attract higher fees due to the risk the lenders are taking on. It’s important to consider whether you can afford the loan before you apply.
- Short loan terms and repayment schedules. Most cash advance and payday loans in Manitoba require that you repay the entire amount in a few weeks or months, resulting in high repayments.
- Predatory lenders. Some payday loan lenders prey on people who urgently need cash, so it’s important to do your research and apply for a loan with a reputable lender.
Watch out for unlicensed payday loan lenders in Manitoba
You may see some of these red flags with unlicensed lenders offering payday loans in Manitoba:
- 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 can I tell if a payday loan 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 lender offering payday loans in Manitoba.
- 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.
How to file a complaint against a payday lender in Manitoba
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 for a payday loan in Manitoba?
Payday loans in Manitoba are an expensive form of debt that should be avoided whenever possible. If you do decide to take one out, it’s important to borrow only as much as you’ll be able to repay and to budget your repayments accordingly. If you don’t think you can meet the repayment terms, you should consider alternative short-term financing options.
If you default on your Manitoba payday 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. You should also be sure that the lender you use is licensed in your province of residence.
Payday loan alternatives in Manitoba
There are several alternatives to getting a payday loan in Manitoba 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 in Manitoba
Even with its fee, a credit card cash advance is much 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.
You could also consider getting an installment loan instead, which is a type of personal loan offered by alternative lenders to borrowers with bad credit. Interest rates on installment loans can range from 18% to 47% with loan terms anywhere from 3 - 60 months and amounts typically up to $10,000. However, the loan terms you’re offered will depend on factors like your credit score and income.
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 interest rates on personal lines of credit tend to be lower than both payday loans and credit card cash advances.
The table below shows the fees on a Manitoba 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)|
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.
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.
Compare payday loans in Manitoba
If you find yourself in need of a short-term loan, consider other options before opting for a payday loan in Manitoba. 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.
Have more questions about payday loans in Manitoba?
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