You can apply for secured or unsecured loans in Winnipeg, Manitoba, with either fixed or variable rates. Learn more about where to shop for personal loans, how much they cost and what you need to qualify. Use this post to compare lenders and apply for the best loan for your personal situation.
Compare personal loans in Winnipeg, Manitoba
1 - 7 of 7
What are the interest rates of personal loans in Winnipeg?
You can expect to pay between 6.99% and 46.96% for personal loans in Winnipeg.
Factors that affect personal loan rates in Winnipeg
The personal loan rates you get will depend on your credit score, collateral and other factors.
Credit score. You’ll get lower interest rates if you have a high credit score. Your rates will be higher if you have fair or poor credit.
Collateral. You’ll pay lower rates for your loan if you secure it with an asset. Your rates will usually be higher with an unsecured loan.
Loan amount and term. You may pay higher rates with a shorter loan term or a smaller amount (to make it worthwhile for the lender). You’ll often pay lower rates with longer terms and higher amounts.
Types of personal loan rates you can get
Fixed rate personal loans
Fixed rate peresonal loans come with a fixed interest rate and a predictable monthly payment so you can budget ahead.
Variable rate personal loan
Variable rate personal loans come with a fluctuating interest rate that’s based on the Bank of Canada’s prime rate. Your monthly payment will generally stay the same, but the amount you pay towards your principal versus interest will fluctuate.
Types of personal loans you can get in Winnipeg
Unsecured personal loan
Unsecured personal loans are issued based on how good your credit score is, but your credit score will suffer if you default. You won’t need collateral to secure your loan, and you can borrow anywhere from $500 to $50,000 depending on your personal finances. Expect to pay higher interest rates for unsecured loans than you do with secured loans.
Secured personal loan
Secured personal loans let you borrow money by using an asset such as your home or investments as collateral. You may be able to borrow as much as the equity in your asset is worth, at lower interest rates than you’d pay with an unsecured loan. Just remember that your asset can be repossessed by your lender if you default.
Types of personal loan providers in Winnipeg
Shop with banks, credit unions, P2P lenders, online lenders and online brokers to find the best personal loans in Winnipeg:
Banks and credit unions
P2P lenders
Online lenders
Online brokers
How it works
Borrow from trusted financial institutions (usually in person)
Connect with and borrow anonymously from Canadians online
Shop online and borrow funds completely virtually
Compare lenders with a broker to find the best rates
Credit score minimum
Good to excellent
Fair to excellent
Poor to excellent
Poor to excellent
Interest rates
Competitive
Competitive
Usually higher
Not applicable
Turnaround time
Slow, 1 to 3 weeks
Fast if you have a strong financial profile, 2 days to 2 weeks
Fast, 1 to 2 business days
Fast, pre-approval within 5 minutes
Application
Online and in person, more paperwork than alternative lenders
Think about the following factors when you compare personal loans in Winnipeg:
Interest rates. Compare at least 3–4 lenders to find the lowest rates possible. Secure your loan with an asset or get a cosigner to lock in the best rates. Compare personal loan rates in Canada.
Loan amounts. Many lenders offer amounts up to $50,000. Figure out how much you need to borrow and find a lender willing to give you that amount for the lowest cost.
Turnaround time. Banks, credit unions and P2P lenders may take a few days to a few weeks. Most online lenders can get you money in under 48 hours. If speed is critical to you, learn more about emergency loans.
Loan term. Loan terms often range from 3 - 60 months. Aim for the shortest term you can afford to keep your interest costs low.
Fees. Some lenders charge origination fees, late fees and early repayment fees on your loan. Read the fine print to make sure you don’t end up with hidden charges. Learn more about personal loan costs.
Company reputation. Look for a lender with a solid reputation for customer service. Check online reviews on sites like Google, Trustpilot and the Better Business Bureau.
Personal loans in Winnipeg if you prefer to visit a branch
Can you get bad credit personal loans with guaranteed approval in Winnipeg?
It’s not possible to get guaranteed approval for bad credit personal loans in Winnipeg. Some lenders offer no credit check loans, but you may need to meet other criteria. If a lender is promising guaranteed approval, you should be suspicious. It could be a loan scam, or they may want to charge you exorbitant rates.
Most lenders won’t specify how you can use the money you borrow. These are some of the most common expenses covered by personal loans in Winnipeg:
Everyday expenses. Use your loan to cover your everyday expenses or check out a revolving line of credit if you need regular access to a steady pool of funds.
Large one-off purchases. Get fast cash to pay for a large one-off purchase such as a new vehicle, mattress or mobile phone.
Life event. Get an infusion of cash to pay for a wedding, anniversary, milestone birthday or funeral expenses.
Home improvement. Use your loan to pay for renovations to your property if you want to increase the resale value of your home.
Post-secondary education. Lock in a personal loan to cover the costs of your schooling if you can’t take out government student loans.
Debt consolidation. Use your loan to consolidate all of your outstanding debts into one easy monthly payment. Your lender will usually require you to use funds expressly for this purpose, so these loans can be less flexible. Compare debt consolidation loans in Winnipeg.
Debt in Winnipeg
While there’s no data specific to Winnipeg, based on recent Equifax data, the average non-mortgage debt for Manitoba residents in the third quarter of 2022 was $17,095. This is lower than the average level of debt for people across Canada, which was $21,183. Despite these figures, the number of delinquencies and insolvencies in Manitoba continues to increase by a few percentage points each year.
Frequently asked questions
You'll usually need some form of government-issued ID, proof of income such as pay stubs or bank statements and proof of employment, which often comes as a letter from your employer indicating how long you've held your job and specifying that you're still employed with the company. You'll also usually need your Social Insurance Number to submit to a credit check.
You usually won't be able to get personal loans in Winnipeg with no credit check, unless you secure your loan or apply for a very small amount (under $500). Even then, it's very rare that you won't be required to undergo a soft credit check. You should also be wary of lenders that offer no credit checks as they may be running a loan scam.
To apply for bad credit loans in Winnipeg, you can secure your loan with an asset or apply with a cosigner to improve your chances of getting approved. If you can wait on funds, you may want to focus on increasing your credit score before you apply to qualify for better rates.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
Find out the benefits and drawbacks of taking out a personal loan with a credit union.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
While there’s no data specific to Winnipeg, based on recent Equifax data, the average non-mortgage debt for Manitoba residents in the third quarter of 2022 was $17,095. This is lower than the average level of debt for people across Canada, which was $21,183. Despite these figures, the number of delinquencies and insolvencies in Manitoba continues to increase by a few percentage points each year.