Bad Credit Loans in Manitoba: Compare Rates & Terms

If you have bad credit, your options to get a loan may be more limited, but you do have choices. There are several lenders that specialize in bad credit loans in Manitoba. They have easier eligibility criteria than bank and credit union loans, but be prepared for higher rates.

Alternative lenders won’t focus on your low credit score when reviewing your application. Instead, to approve you for a loan, they’ll want to make sure there’s room in your monthly income to take on new debt.

Compare personal loans in Manitoba for bad credit

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.5 Great Spring Financial Installment Loan	Finder score 8.5 Great	9.99% - 34.95%	$300 - $35,000	6 - 84 months	Key features: Same-day funding, fast application	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Installment Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $2,500	3 - 6 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Loan search platform, pre-approval in 5 minutes	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.6 Great Loans Canada Installment Loan	Finder score 8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform, largest lender network	Go to site More info Compare product selection Compare	loading

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How we picked these

Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare cash advance apps for bad credit

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Finder Score	Costs	Loan Amount	Loan Term	Rebate	Key Features
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	Go to siteMore info Compare product selection Compare	loading
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $500	Next pay cycle	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading

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Finder Score for cash advance apps

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare payday loans for bad credit

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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Key features: 24/7 instant approval and e-Transfer, accepts bad credit	Go to siteMore info Compare product selection Compare	loading
Money Mart Payday Loan	$14 per $100 borrowed	$100 - $1,500	1 - 62 days	AB, BC, NS, ON, SK and MB	Key features: In-store and online no credit check loans, accepts many income types	More info Compare product selection Compare	loading
GoDay Payday Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	AB, BC, MB, NB, NS, ON, PEI, SK	Key features: Instant approval, accepts bad credit	More info Compare product selection Compare	loading

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How do bad credit loans work?

Bad credit loans are designed for people with poor credit scores or no credit history who may be denied traditional loans. Typically, with bad credit loans, repayment terms are shorter, interest rates are higher and loan amounts are smaller because lenders worry that people with bad credit scores are more likely to default on their payments.

When you apply for a bad credit loan, your lender will make sure that you have a regular source of income and that you don’t already have too many debts. Some may perform a credit check.

Depending on the type of loan, you have to pay it back monthly, with flexible payments or a one-time payment on your next payday. Ensure you make your payments on time so that you don’t damage your credit score further.

Types of bad credit loans in Manitoba

If you have bad credit and are looking for a loan, alternative lenders are a solid option because traditional lenders like banks and credit unions may not approve you. Alternative lenders offer different types of bad credit loans:

• Personal loan. Borrow a lump sum that you’ll repay in installments over time. Secure your loan with collateral such as your car to increase your chances of approval. Unsecured loans are also available and are more common for bad credit, but they come with higher interest rates and stricter credit score requirements. Learn more about installment loans in Manitoba.
• Payday loan. Borrow up to $1,500 and pay $14 for every $100 borrowed. These are very short-term loans typically due on your next payday that are easier to qualify for, but they come with extremely high interest rates of up to $14 for every $100 borrowed. Learn more about payday loans in Manitoba.
• Cash advance app. Get a small loan to pay for an emergency bill or expense. These apps typically don’t require a credit check, but you may only be able to borrow $20 to $500.

Eligibility requirements for a bad credit loan in Manitoba

Every lender has its own eligibility requirements, but here are some general criteria you may need to meet.

• Must be at least 18 years old
• Must be a Canadian citizen or permanent resident
• Have proof of steady income (employment, self-employment, government benefits)
• Have an active bank account in your name
• Have a valid government-issued ID
• Meet the minimum monthly income

How do I apply for a bad credit loan?

Applying for a bad credit loan in Manitoba is easy if you follow the steps below.

1. Choose a lender. Choose a lender based on the loan amount, interest rates, fees and eligibility requirements.
2. Fill out the application. You’ll need to provide basic personal information like your phone number, address, birth date and email address.
3. Wait for pre-approval. Most online lenders will use technology to swiftly determine whether they can approve you or not.
4. Get verified. If the lender wants to approve you and you want to sign with them, provide more information, such as proof of identity (e.g., government-issued ID) and proof of income (e.g., pay stubs, tax returns, bank statements).
5. Get approved. The lender will provide final approval if everything checks out. Sign the contract after reviewing the terms and conditions.
6. Get your funds. Online lenders typically send funds in 24 hours.

How do I increase my chances of approval?

The following factors will help increase your chances of approval:

• Acceptable debt-to-income ratio. Lenders are more likely to approve you if your monthly debt payments are currently less than 40% of your monthly income.
• No NSF transactions in the last 60 to 90 days. If you currently have these in your account, it’s best to wait.
• No active loan debt. If you currently have a payday loan or short-term loan debt, lenders are less likely to approve you.
• Provide collateral. Using your car as collateral, for example, can help you get approved. Learn more about car title loans.
• Guarantor. Getting a family member or friend with good credit to cosign the loan with you can also help.

How to choose a bad credit loan

When comparing lenders, consider the following features to choose the right bad credit loan for you.

• Interest rate: Compare the annual percentage rate of each lender to understand the true cost of your loan.
• Fees: Watch out for hidden costs like origination fees, late payment penalties or early repayment fees.
• Loan amount: Check the minimum and maximum amounts offered to ensure they meet your needs.
• Loan term: Look at how long you’ll have to repay the loan and whether the schedule (weekly, on payday, monthly) fits your budget.
• Speed: Some lenders provide same-day or next-day funding, while others take longer, so if you need the money urgently, you might need to consider a payday loan or cash advance.
• Lender reputation: Research reviews, licensing and customer service ratings to avoid predatory lenders.
• Credit check policy: Find out if the lender does a hard or soft credit check and whether your credit score will be accepted.
• Licensing: Payday lenders in Manitoba must be licensed under the Consumer Protection Office, so ensure you verify this licence before borrowing.

Alternatives for Manitobans struggling with bad credit

• Government subsidies. The Manitoba government provides funding through its Employment and Income Assistance program as well as Rent Assist.
• Credit counselling services. The Credit Counselling Society of Manitoba is one option that can help you with budgeting and consolidating your debts.
• Debt relief services. If you’re facing legitimate financial hardship, a debt relief company is an option. Find out if a debt relief company is right for you.

Bottom line

There are lenders that provide bad credit loans in Manitoba, but they often come with steeper interest rates to offset the risk. Compare lenders to find the lowest rates and best terms possible. If you’re approved for a loan, make sure you can afford the repayments before signing the contract.

Frequently asked questions about bad credit loans

• Can I get approved for a loan in Manitoba with bad credit?

  Yes, in Manitoba, it's possible to get approved for a loan with bad credit. You can get a personal loan from online lenders who work with borrowers with bad credit. Payday loans are also an option, and they're easier to get, but since they're extremely expensive, they should only be a last resort. If you only need a small amount, consider a cash advance instead.

• Can I get a no credit check loan in Manitoba?

  Yes, there are lenders in Manitoba that won't require a credit check to approve you for a loan. The main thing they'll make sure of is that you have a stable source of income. For other lenders, you might be able to get approved if you secure your loan against some form of collateral or find a cosigner to guarantee your payments. Keep in mind that loans with no credit check and no cosigner often come with steep interest rates. Since a lender doesn't know your credit score, they offset that risk by offering high interest rates.

• Which loan company is best for bad credit in Manitoba?

  It depends on your personal financial circumstances, because lenders vary in their eligibility requirements, loan offerings and client service. If you have bad credit, you may want to research online lenders who specialize in bad credit loans, since traditional lenders like banks and credit unions may not approve your application.

• Which lenders offer guaranteed approval in Manitoba?

  Typically, reputable lenders don't offer guaranteed approval for bad credit loans, so you should be wary of any lender that does. Responsible lenders must review each loan application to assess a borrower's ability to repay by reviewing factors like their income, employment and banking history. Any company that promises guaranteed approval without checking these details is a red flag.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 175 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online

Co-written by

Claire Horwood

Associate editor

Claire Horwood was 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. See full bio

Claire's expertise

Claire has written 360 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Business Loans
• Credit Cards