If you have bad credit, your options to get a loan may be more limited, but you do have options. There are several lenders that specialize in bad credit loans in Manitoba, and we cover some of the best in this guide. These loans have easier eligibility criteria than bank and credit union loans, but be prepared for higher rates.
Alternative lenders will not 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.
A "Best for" pick is a partner that scored high in a category based on Finder Canada's data-focused personal loans ratings and review methodology. Our experts vetted 112 lenders and analyzed over 4,600 data points to find the best lenders across a variety of categories. A "Promoted for" pick is a partner suited for a category, but it is not a recommendation or indication it is the best. Promoted products are based on a commercial advertising arrangement. Keep in mind that our picks may not always be the best for you – it's important to compare for yourself to find a product that works for you.
How we found the best bad credit loans in Manitoba
To find the best bad credit loans in Manitoba, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review
Why it's one of the best
Search a large lender network. Loans Canada works with over 60 verified lenders.
Get approved. Only see lenders that match your profile.
Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
Easy online application
Quick deposits
High loan amounts
No collateral required to secure your bad credit loan
High rates for bad credit
No online quotes provided
Limited to its network
Loan amount
$300 – $50,000
APR
6.99% – 46.96%
Term
3 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds within as little as 24 hours.
Serviced provinces
All of Canada
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.
Spring Financial offers fast approval and funding. If you don't qualify for a bad credit personal loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time. Full Review
Why it's one of the best
Get a loan from an established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees with headquarters in Vancouver, BC.
Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
Get quick funding. If you provide the required documents on time, you can get your bad credit loan the same day you apply.
100% online
Fast funding via e-Transfer
No prepayment penalties
High rates for bad credit
C- BBB rating, received complaints about the credit builder loan
Loan amount
$500 – $35,000
APR
10.8% – 46.99%
Term
6 - 60 months
Min. credit score
500
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
easyfinancial helps Canadians access financing when banks aren't an option. It offers bad credit loans across Canada online and in hundreds of locations. Full Review
Why it's one of the best
Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
Work with a well-known lender. easyfinancial is one of the biggest lenders of bad credit personal loans in Canada.
Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
Secured and unsecured bad credit loans
High approval rate
BBB-accredited with an A+ rating
Steep rates for bad credit
Many negative customer reviews
Loan amount
$500 – $100,000
APR
9.99% – 46.96%
Term
9 - 120 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time
Approval within 30 minutes
Serviced provinces
all provinces
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
Loanz is an online-only lender of bad credit personal loans. But if you don't qualify for a loan from them, they may direct you to another lender. Full Review
Why it's one of the best
Get funded fast. Apply to get instant approval and receive funds in as little as 15 minutes.
Improve your credit. Loanz will report every payment to the credit agencies to help boost your credit score.
Skip the documents. You won't need to send any paperwork if you choose instant bank verification.
Money Mart offers installment loans and payday loans to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada. Full Review
Why it's one of the best
Get your loan fast. Same-day funding is available, depending on the transfer method.
Apply online or in-store. Get your loan online or at one of Money Mart's 500+ store locations.
Get some leniency. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.
Established lender
Convenient mobile app
Accepts non-employment income such as government benefits and private pension
High interest rates
In-store and online availability varies across provinces
Lend for All is a loan-matching company that uses an automated process to match people with various lenders and financial institutions. It is based in Toronto, Ontario, and has an A+ BBB rating. Full Review
Why it's one of the best
Save time. It works with a network of lenders that offer quick approval for customers with bad credit.
Get fast pre-approvals. Lend for All provides quick pre-approvals within minutes by doing a soft check on your credit report.
Find a loan for various purposes. Lend for All will match you with offers based on your needs.
A+ BBB rating
AI technology gives you viable loan matches
Potential for multiple offers
Many loan types
Online broker (not a direct lender)
Small network of lenders compared to other brokers
AAR Financial offers personal loans with large loan amounts and long loan terms. The company serves customers in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia. Full Review
Why it's one of the best
Increase your odds of approval. AAR Financial claims to approve 99% of applications.
Get a secured or unsecured bad credit loan. Use your home to secure your loan and get a more competitive rate, or get an unsecured personal loan.
Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba.
Flexible loan amounts
No prepayment penalties for unsecured loans
High rates
Fees not clearly disclosed online
Loan amount
$1,000 – $50,000
APR
14.9% – 46.7%
Term
24 - 120 months
Fees
Fees may include insurance fees, administration fees and NSF/late payment fees.
Credito is a broker that helps people with bad credit find a short-term installment loan. You won't need to go through a credit check to get approved, but expect to be charged interest plus a $225 broker fee (the exact amount is at the broker's discretion). Full Review
Why it's one of the best
Qualify. Since Credito doesn't do credit checks and offers smaller loans, it may be easier to get a loan from them versus other alternative lenders.
Avoid payday loans. Credito's bad credit loans are an alternative to payday loans, allowing you multiple repayments and longer terms.
Get funded fast. You can get your money within 24 business hours.
100% online
No credit check
High Trustpilot score
High rates
High broker fee
Loan amount
$500 – $850
APR
Starting at 22%
Term
90 - 120 days
Fees
$225 brokerage fee (amount set at broker's discretion)
Turnaround time
Within 24 hours
Serviced provinces
ON, PE, BC, AB, NB, NS, NL, NU, NT, YU
Finder: Personal Loan Consumer Satisfaction Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers based on customer service scores.
Best bad credit loans in Manitoba by the numbers
Loan provider
Interest rate
Loan amount
Loan term
Key features
LoanConnect
8.99% - 46.96%
$500–$50,000
3 - 120 months
Fast pre-approvals
Loans Canada
6.99% - 46.96%
$300–$50,000
3 - 60 months
Quick pre-approvals
Spring Financial
10.8% - 46.99%
$500–$35,000
6 - 60 months
Fast funding
Mogo
9.90% - 46.96%
$500–$35,000
6 - 60 months
Easy approvals
Loanz
29.90% - 46.90%
$1,000–$15,000
12 - 60 months
Easy approvals
easyfinancial
9.99% - 46.96%
$500–$100,000
9 - 120 months
Easy approvals
Money Mart
29.90% - 46.90%
$500–$15,000
6 - 60 months
Instant approvals
Lend for All
From 2.99%
$100–$50,000
3 - 120 months
Fast pre-approvals
AAR Financial
14.90% - 46.70%
$1,000–$50,000
24 - 120 months
Easy approvals
Credito
22%
$500–$850
90 - 120 days
Quick no credit check loan
How do bad credit personal loans work?
With a bad credit personal loan, you borrow money at a higher interest rate and pay it back regularly over a period of time (the loan term). Lenders charge higher interest rates for a bad credit loan because they worry that people with bad credit scores are more likely to default on their payments.
When you apply for a personal loan, your lender will usually check your credit score, make sure you have a regular source of income and make sure you already don’t have too many debts before they approve you. If you qualify, you’ll begin making monthly payments on your loan as soon as it’s issued. You’ll need to 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 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.
Payday loan. Borrow up to $1,500 and pay $17 for every $100 borrowed. This is much more expensive than a personal loan but easier to get. Learn more about the best payday loans.
Applying for a bad credit loan in Manitoba is easy if you follow the steps below.
Choose a lender. Choose a lender based on the loan amount, interest rates and fees, and eligibility requirements.
Fill out the application. You’ll need to provide basic personal info like your phone number, address, birth date and email address.
Wait for pre-approval. Most online lenders will use technology to swiftly determine whether they can approve you or not.
Get verified. If the lender wants to approve you and you want to sign with them, provide more information, such as proof of identity (i.e. government-issued ID) and proof of income (e.g. pay stubs, tax returns, bank statements)
Get approved. The lender will provide final approval if everything checks out. Sign the contract after reviewing their terms and conditions.
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 payday loan debt. If you currently have a payday loan or short term loan debt, lenders are less likely to approved you.
Provide collateral. Using your car as collateral, for example, can help you get approved.
Guarantor. Getting a family member or friend with good credit to cosign the loan with you can also help.
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.
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
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. Eligibility requirements vary between lenders, but usually you need to be at least 18 years old with a steady income, an acceptable credit history and a bank account. Payday loans – small amount of money that you pay back by your next payday – are also an option, and they are easier to get, but since they are extremely expensive, they should only be a last resort.
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.
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.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
Compare some of the best bad credit loans in Nova Scotia.
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