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Best bad credit loans in Winnipeg

Apply online and access fast financing with a bad credit loan in Winnipeg.

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.

Best bad credit loans in Winnipeg

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.

464+

hours invested

112

lenders vetted

4,608

data points analyzed

1. LoanConnect

LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $50,000
Loan amount
8.99% – 46.96%
APR
3 - 120 months
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile. Full Review

Why it's one of the best

  • Save time. Your application will be cast wide and you'll get your results right after you apply.
  • Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
  • Choose between secured and unsecured loans. Find a secured bad credit loan if you have an eligible asset or get a loan with no collateral.
  • Pre-approval in five minutes
  • Many bad credit loan options
  • BBB-accredited with an A+ rating
  • Fast funding
  • Not a direct lender
  • High rates for bad credit
  • Miss out on offers from lenders not partnered with LoanConnect
Loan amount $500 – $50,000
APR 8.99% – 46.96%
Term 3 - 120 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 provinces

Most Recommended

LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

2. Loans Canada

Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$300 – $50,000
Loan amount
6.99% – 46.96%
APR
3 - 60 months
Term
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.

3. Spring Financial

Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $35,000
Loan amount
10.8% – 46.99%
APR
6 - 60 months
Term
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.

4. easyfinancial

easyfinancial Personal Loan
Finder Award
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $100,000
Loan amount
9.99% – 46.96%
APR
9 - 120 months
Term
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.

5. Mogo

Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $35,000
Loan amount
9.9% – 46.96%
APR
6 - 60 months
Term
Mogo is a Canadian fintech company that offers various financial products, including personal loans and lines of credit for bad credit. Full Review

Why it's one of the best

  • Get an instant decision. Get your free quote in three minutes without lowering your credit score.
  • Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
  • Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.
  • Convenient mobile app
  • No prepayment penalties
  • Bank-level security
  • High rates for bad credit
  • Some negative Mogo reviews online
  • Loans are powered by Lendful and easyfinancial
Loan amount $500 – $35,000
APR 9.9% – 46.96%
Term 6 - 60 months
Min. credit score 600
Fees Non-sufficient funds fee of $20 to $50
Turnaround time Within 24 hours
Serviced provinces BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU

Best-Rated

Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

6. Loanz

Loanz Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
$1,000 – $15,000
Loan amount
29.9% – 46.9%
APR
12 - 60 months
Term
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.
  • Simple online application
  • Positive customer reviews
  • No prepayment penalties
  • High rates
  • High minimum loan amount
Loan amount $1,000 – $15,000
APR 29.9% – 46.9%
Term 12 - 60 months
Min. credit score 570
Fees N/A
Turnaround time 24 hours or less
Serviced provinces All of Canada (excluding Quebec)

7. Money Mart

Money Mart Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
$500 – $15,000
Loan amount
29.9% – 46.9%
APR
6 - 60 months
Term
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
Loan amount $500 – $15,000
APR 29.9% – 46.9%
Term 6 - 60 months
Min. credit score 300
Fees None
Turnaround time Less than 1 day
Serviced provinces AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

8. Lend for All

Lendforall Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
$100 – $50,000
Loan amount
2.99% – 46.96%
APR
3 - 120 months
Term
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
  • High rates for bad credit
Loan amount $100 – $50,000
APR 2.99% – 46.96%
Term 3 - 120 months
Min. credit score 300
Fees Varies by lender
Turnaround time Varies
Serviced provinces All provinces

9. AAR Financial

AAR Financial Personal Loan
Finder Score:
★★★★★
$1,000 – $50,000
Loan amount
14.9% – 46.7%
APR
24 - 120 months
Term
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.
Turnaround time Within 24 hours
Serviced provinces MB, SK, AB, ON, BC

10. Credito

Credito Installment Loan
Finder Score:
★★★★★
$500 – $850
Loan amount
Starting at 22%
APR
90 - 120 days
Term
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 providerAPRLoan amountLoan termKey features
LoanConnect8.99% - 46.96%$500–$50,0003 - 120 monthsFast pre-approvals
Loans Canada6.99% - 46.96%$300–$50,0003 - 60 monthsQuick pre-approvals
Spring Financial10.8% - 46.99%$500–$35,0006 - 60 monthsFast funding
Mogo9.90% - 46.96%$500–$35,0006 - 60 monthsEasy approvals
Loanz29.90% - 46.90%$1,000–$15,00012 - 60 monthsEasy approvals
easyfinancial9.99% - 46.96%$500–$100,0009 - 120 monthsEasy approvals
Money Mart29.90% - 46.90%$500–$15,0006 - 60 monthsInstant approvals
Lend for AllFrom 2.99%$100–$50,0003 - 120 monthsFast pre-approvals
AAR Financial14.90% - 46.70%$1,000–$50,00024 - 120 monthsEasy approvals
Credito22%$500–$85090 - 120 daysQuick 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:

  • Meet debt-to-income ratio requirements
  • Be 18 years of age or older
  • Be a Canadian citizen or permanent resident
  • Have a valid bank account

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 60–90 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

LenderLoan amountLoan termAPRLocation in Winnipeg
AAR Financial$1,000 – $50,00024 - 120 months14.90% - 46.70%3 locations
Fairstone$500 – $50,0006 – 120 months19.99% – 39.99%5 locations
easyfinancial$$500 – $100,0009 - 120 months9.99% - 46.96%6 locations
Money Mart$500 – $15,0006 - 60 months29.90% - 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
  • Speed: In as little as 30 minutes.

Before you apply for a payday loan

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:

  • Consider all alternatives. Getting a credit card cash advance or a pay advance app may be better options. 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.

Steps to apply for a bad credit payday loan in Winnipeg

You can apply for a payday loan by completing the following steps:

  1. Compare your options. Research payday lenders near you to make sure you’re dealing with a legitimate provider that offers suitable loans.
  2. 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.
  3. Get approved. Unlike personal loans, payday lenders give instant approval.
  4. Review the loan offer. Double-check all the details of the loan offer before you sign.
  5. 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.

LenderLoan amountLoan termAPRLocation in Winnipeg
Money Mart$120 – $1,500Up to 62 daysVaries by province12+ locations
Cash Money$100 – $1,5005 - 40 daysVaries by province4 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 loanInstallment loan
Loan amount$500$500
Cost of loan$17 per $100 borrowed = $85 (206.83% APR)46.93% APR
Loan term30 days6 months
Payment amountOne full payment of $585$95.10 monthly for 6 months ($70.63 in total interest)
Total loan cost$585$570.63

Frequently asked questions

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