Bad credit loans in Winnipeg: 6.99% – 35% APR

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 popular bad credit loans that might suit your financial needs.

Compare bad credit personal loans in Winnipeg

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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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Compare other products

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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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Bad credit loans in Winnipeg at a glance

You can realistically get a personal loan, payday loan or cash advance if you have bad credit.

If you need large loan amounts: Personal loans

Personal loans offer the highest amounts out of the three. You can get up to $10,000, possibly more if you have a paid-off car to use as collateral. If you only need a small amount, cash advances range from $20 to $500, while payday loans offer $100 to $1,500.

If you need low interest: Cash advance apps

Cash advance apps can cost you nothing (no interest or mandatory fees) depending on the app and delivery option you go with. Bad credit personal loans have APRs of up to 35%, while payday loans are over 300%.

If you need flexible payments: Cash advance apps or personal loans

Cash advance apps allow you to extend the deadline if you need to, while personal loans let you pay off the loan anytime without penalty. Payday loans are the least flexible, requiring full payment by your next payday.

If you need instant funding: Cash advance apps or payday loans

Cash advance apps offer e-Transfer funding within minutes for an extra fee. Payday loans, by default, have instant payouts.

Before you apply for a payday loan

Thinking a payday loan might be best for you? They are extremely expensive and are only suitable as a last resort, so be sure to do the following first:

• Consider all alternatives. Getting a credit card cash advance or a cash advance app may be a better option. You can also seek free credit counselling to help get your finances back in shape.
• 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.

How to qualify for bad credit loans in Winnipeg

Eligibility requirements vary by lender, but typically, you need to have a steady income and can’t be spending more than you’re earning. Cash advance apps and payday loans have easier criteria to meet than personal loans. With some lenders, you can skip the credit check and qualify with non-employment income, such as disability benefits, pension and Canada child benefit.

How to increase your chances of approval

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 to 90 days if you have NSF activity. If you have recent NSF transactions in your bank account, make on-time payments for 60 to 90 days before applying.
• Get a cosigner. Applying for a personal loan with a cosigner could 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 online for bad credit loans in Winnipeg

You can apply for bad credit loans by completing the following steps:

1. Compare lenders. Research bad credit loan lenders in Winnipeg to find out what’s available. Consider factors such as the annual percentage rate (APR), loan amount, loan term and repayment flexibility.
2. Submit an application. When you’ve found the right loan, fill out an online application form. Get a decision instantly.
3. Review the loan offer. Read over the loan offer to make sure all the details are correct, you understand the cost, and there are no hidden surprises.
4. Get your money. You’ll typically be able to access the money within minutes via e-Transfer if you get a cash advance or payday loan. Personal loans take 24 to 48 hours.

Bad credit loans in Winnipeg, if you prefer to visit a branch

If you’d rather visit a branch to apply for a bad credit loan in Winnipeg, check out the options in the table below.

Cash advance apps, as the name suggests, are completely online, so in-person service is not an option. You can apply on their website or download their app to access funds.

Frequently asked questions

• Are there no credit check loans in Winnipeg?

  It depends on the lender. You can get no credit check loans from lenders of payday loans, cash advances and short-term personal loans.

• Are there loans with guaranteed approval in Winnipeg?

  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.

• Can you pay off bad credit loans early in Winnipeg?

  Yes, you can pay off unsecured personal loans, cash advances and payday loans early.

• Can a bad credit loan in Winnipeg improve my credit score?

  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.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

Writer

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. See full bio

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