When your credit score is less than perfect, finding a loan from a traditional lender can be difficult. The good news is that there are several online and alternative lenders offering bad credit loans in Winnipeg. The bad news is that they come with higher interest rates.
Keep reading to learn about some of the best bad credit loans that might suit your financial needs. No single loan is best for everyone, so compare your options before you apply.
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 Winnipeg
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. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder, with partners listed first. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
We also completed the Finder: Personal Loans Best-in-Class Awards 2024 and the Finder: Personal Loans Customer Satisfaction Awards 2023, which recognize the top personal loan lenders in Canada.
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
Best bad credit loans in Winnipeg by the numbers
Loan provider
APR
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
Bad credit personal loans in Winnipeg at a glance
Loan amount: $500–$10,000
APR: 18% - 47%
Loan terms: 3 - 60 months
Processing time: Funding as soon as the same day or the next day
How to qualify for bad credit personal loans in Winnipeg
Personal loans have minimum credit score requirements. To increase your chances of approval, consider applying to alternative lenders. Many of them can approve borrowers with less-than-perfect credit scores.
Getting approved by an alternative lender
Rather than using your credit score as a key factor when deciding whether to offer you a loan, alternative lenders will consider your ability to repay what you borrow.
This means you’ll generally need to be in stable employment and have a steady source of income to qualify for a bad credit personal loan in Winnipeg. You’ll also need to meet the following criteria:
If you’ve got a bad credit score, lenders are taking on additional risk when they offer you a loan. As a result, they offer higher interest rates to applicants with bad credit, and in some cases, they may even reject your loan application. The good news is that there are a couple of simple things you can do to increase your chances of approval:
Wait 60–90 days if you have NSF activity. If you have recent NSF transactions in your bank account, make on-time payments for 60–90 days before applying.
Get a cosigner. Applying for a personal loan with a cosigner can greatly increase your chances of approval and also allow you to access a lower rate. The idea is to get a family member or close friend with strong credit to cosign your loan, and the lender will then assess the cosigner’s finances as well as your own when processing your loan application. However, take note that if you fall behind on payments, the cosigner becomes responsible for repaying the loan.
Improve your credit score first. If you can wait six months, take steps to improve your credit score before you apply. For example, paying off any existing debts, disputing any inaccurate information in your credit report and keeping your credit card balance low can all boost your credit score.
Steps to apply for bad credit loans in Winnipeg
You can apply for bad credit loans by completing the following steps:
Check your credit score. The first thing you need to do is check your credit score to find out where you stand. This will help you decide whether it’s worth considering traditional lenders that have strict eligibility criteria for loans or approaching alternative lenders that offer bad credit loans.
Compare lenders. Research bad credit loan lenders in Winnipeg to find out what’s available. Read the fine print to find out what criteria you’ll need to meet to qualify for a loan, and make sure you check whether the lender is completely legit.
Compare loans. Next, compare bad credit loans in Winnipeg to find one that suits your needs. Consider factors such as the annual percentage rate (APR), loan amount, loan term and repayment flexibility.
Submit an application. When you’ve found the right loan, fill out an online application form to get pre-approval. Getting pre-approved for a personal loan gives you a much clearer idea of how much a loan will cost. This step may or may not affect your credit score depending on the lender.
Continue. If you like a lender’s offer, proceed with the rest of the application. Your lender will run a credit check and may ask to verify your bank account to check your income and identity.
Review the loan offer. Read over any loan offer to make sure all the details are correct and there are no hidden surprises. You’ll typically be able to access the money on the same day or the next day.
Bad credit personal loans in Winnipeg if you prefer to visit a branch
If you’d rather visit a branch to apply for a bad credit personal loan in Winnipeg, check out the options in the table below.
Lender
Loan amount
Loan term
APR
Location in Winnipeg
AAR Financial
$1,000 – $50,000
24 - 120 months
14.90% - 46.70%
3 locations
Fairstone
$500 – $50,000
6 – 120 months
19.99% – 39.99%
5 locations
easyfinancial
$$500 – $100,000
9 - 120 months
9.99% - 46.96%
6 locations
Money Mart
$500 – $15,000
6 - 60 months
29.90% - 46.90%
12+ locations
Payday loans: Alternatives to bad credit personal loans
If you can’t find a lender to approve you for a personal loan, another type of loan to consider is a payday loan. Payday loans have easier requirements, but they also have lower loan amounts and higher rates.
Payday loans in Winnipeg at a glance
Loan amount: $100 to $1,500, up to 30% of your paycheque
Interest rate: $17 for every $100 borrowed
Loan term: Usually by your next payday, up to 62 days
Thinking a payday loan might be better for you? They are extremely expensive and are only suitable as a last resort, so be sure to do the following first:
Work out how much you can afford. Before you apply, calculate exactly how much you can afford to pay back. Once you pay back the loan, will you still have enough money left over to pay for all your other essential expenses? If not, you may find yourself having to borrow more money, which could develop into a vicious cycle of debt.
Be wary of scams. There are some sketchy lenders out there, so make sure you’re dealing with a reputable provider. Look for a lender that is licensed to provide payday loans in Manitoba, is transparent about the total cost of a loan and abides by all Manitoba payday lending laws.
Steps to apply for a bad credit payday loan in Winnipeg
You can apply for a payday loan by completing the following steps:
Compare your options. Research payday lenders near you to make sure you’re dealing with a legitimate provider that offers suitable loans.
Submit an application. Provide your name, address and contact details. You’ll also need to supply proof of ID, income and employment details, and your bank account information.
Get approved. Unlike personal loans, payday lenders give instant approval.
Review the loan offer. Double-check all the details of the loan offer before you sign.
Get your money. The money you borrow will typically be transferred into your bank account within an hour.
Bad credit payday loans if you prefer to visit a branch
If you’d rather apply for a payday loan in person, consider the providers in the table below.
Lender
Loan amount
Loan term
APR
Location in Winnipeg
Money Mart
$120 – $1,500
Up to 62 days
Varies by province
12+ locations
Cash Money
$100 – $1,500
5 - 40 days
Varies by province
4 locations
How much do bad credit loans cost in Winnipeg?
Want to know how much a payday loan will cost to repay compared to a bad credit installment loan? Let’s look at the example of a $500 loan.
Payday loan
Installment loan
Loan amount
$500
$500
Cost of loan
$17 per $100 borrowed = $85 (206.83% APR)
46.93% APR
Loan term
30 days
6 months
Payment amount
One full payment of $585
$95.10 monthly for 6 months ($70.63 in total interest)
Total loan cost
$585
$570.63
Frequently asked questions
It depends on the lender. Some payday lenders in Canada conduct credit checks while others don't. Most personal loan lenders conduct credit checks before approving a loan. Those who don't will focus on your income instead of your credit score, but watch out for high interest rates. Learn more about no credit check loans.
No. Lenders need to assess your financial situation to decide whether you can afford to repay a loan. If a lender promises guaranteed approval, this is a sign that they may not be legit. Consider other lenders instead. Read our guide to guaranteed approval loans.
Yes. Lenders of unsecured bad credit personal loans do not charge prepayment penalties. Payday lenders, meanwhile, are required to allow you to pay your loan off early with no charges.
If you take out a payday loan, the answer is no. However, if you take out a bad credit personal loan, whether it will improve your credit score depends on the lender. Some lenders report on-time loan payments to the credit bureaus, but others don't, so check with your lender for more details.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
Compare some of the best bad credit loans in Nova Scotia.
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