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Compare installment loans in Manitoba

Apply online and get your funds as soon as the same day with these installment loans in Manitoba.

Installment loans in Manitoba are readily available to cover one-time expenses that need a quick fix. If you’re thinking about applying for an installment loan, read on to learn about your options and decide whether they are the right product for you.

Compare installment loans in Manitoba

1 - 6 of 6
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Fat Cat Loans Personal Loan
Finder Score:
4.84% - 35.99%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300
Spring Financial Installment Loan
Finder Score:
Customer Survey:
10.80% - 46.99%
$500 - $35,000
9 - 78 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
LoanConnect Installment Loan
Finder Score:
Customer Survey:
8.99% - 46.96%
$500 - $2,500
3 - 6 months
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.
Requirements: min. credit score 300
MDG Financial Installment Loan
Not yet rated
29.78% - 44.80%
Up to $1,600
Up to 36 months
Requirements: no min. income, min. credit score 560
Loans Canada Installment Loan
Finder Score:
Customer Survey:
8.00% - 46.96%
$500 - $50,000
4 - 60 months
Loans Canada 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.
Requirements: min. credit score 300
Mogo Installment Loan
Finder Score:
Customer Survey:
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.

Features of installment loans in Manitoba

Installment loans are a type of personal loan offered by online lenders. They share these key features:

  • They’re unsecured loans. With installment loans, you don’t have to put an asset, such as home equity or a car title, on the line to get your loan.
  • They have lenient eligibility criteria. Compared to traditional personal loans on offer from banks and credit unions, installment loans are easier to qualify for. If you have fair credit or bad credit, there are lenders that can provide you with an installment loan.
  • They come with higher interest rates. The trade-off with the convenience of installment loans is higher interest rates because lenders are taking a bigger risk without any collateral on the line and with more lenient eligibility criteria.
  • They’re repaid in installments. Installment loans are issued in a lump sum amount you’ll need to repay over a fixed time frame, usually monthly.
  • They come with smaller loan amounts. While personal loans can be as large as $50,000 or more, installment loans are typically smaller, to the tune of $500 to $15,000. The maximum amount you could get depends on your income and ability to make loan repayments.
  • They have shorter loan terms. Expect to repay your installment loan in as little as 6 months up to about 5 years, depending on how much you’re borrowing.

Where can I apply for online installment loans in Manitoba?

There are plenty of online lenders providing installment loans in Manitoba. Some of the biggest lenders include:

What are the eligibility requirements?

While each lender will have its own eligibility criteria, on a whole you’ll usually need to:

  • Be at least 18 years old and a Canadian citizen or resident. To proceed, you must have a government ID to verify your age and identity.
  • Have proof of a steady source of income. During the application process, you’ll need to provide pay stubs or bank statements to show that your income can manage the loan repayments.
  • Have a working bank account. Whether you prove your bank details via a bank verification process (logging into your bank account during the application process) or manually sending your bank account details, you’ll need to provide this information to organize loan repayments and to receive your funds if you opt for a bank transfer.
  • Submit to a credit check. Your lender will check your credit score before qualifying you for a loan.

How to apply for online installment loans in Manitoba

If you’re ready to apply for an installment loan in Manitoba, follow these steps:

1. Understand your credit situation

Check your credit report to get your bearings on where your credit score stands. With this intel, you’ll know how you’ll appear to lenders and which loans you have a better chance of qualifying for.

2. Check lenders’ eligibility criteria

Zero in on lenders with a minimum credit score and income you qualify for. With a shortlist in hand, compare your options based on loan amounts, interest rates, terms, and fees and charges.

3. Apply

Apply to your top choices online. The application process takes less than 10 minutes and while it varies from lender to lender, overall you’ll be asked for details such as your full name, contact information, employer, job title, income and housing situation.

4. Get pre-approved

Once you’ve finalized and submitted your application, personal loan pre-approval typically happens either instantly or within the business day. Lenders will provide you with an estimate of your interest rate so you can compare loan offers.

5. Complete your application

Choose 1 lender to complete your application with. You’ll need to provide them with documents, such as bank statements and a copy of your driver’s licence, to prove your identity and income.

6. Sign your loan contract

Once you’ve verified your identity and income, your lender will send your final loan offer. Pore over the document carefully, taking stock of the interest rate, loan repayment terms and any additional fees or charges you may incur. If you’re happy with the contract, sign it electronically. Your lender will issue your loan via direct deposit or e-Transfer.

Can I get an installment loan in Manitoba with bad credit?

Yes, there are online lenders that offer installment loans in Manitoba for borrowers with bad credit. Instead of fixating on your credit score, these loan providers will look at your current debts and income. You’ll need proof of a steady income via pay stubs or bank statements.

Can I use an installment loan for debt consolidation?

Yes, you can use an installment loan to consolidate your higher-interest debts, such as credit cards and payday loans. Instead of managing multiple debts and due dates, you can consolidate your debt onto a single installment loan with a better interest rate.

How much would an installment loan cost me?

That depends on a few factors, such as your loan amount, loan term, and the interest rate you qualify for.

Here’s an example: Liam, who lives in Winnipeg, Manitoba, gets a $5,000 installment loan to consolidate his credit card debts. He qualifies for a $5,000 loan with a 15% APR and a loan term of 2 years. Using a personal loan monthly payment calculator, this is what his financing will look like:

Loan amount$5,000
Loan typeInstallment loan
Interest rate (APR)15%
Loan term2 years
Additional feesNone
Monthly payment$242.43 per month
Total loan cost$5,818.40

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How will I repay my installment loan?

You’ll begin to make repayments to your lender once your money is deposited into your account. In most cases, you’ll sign up for automatic withdrawals so your cash will be automatically taken out of your bank account at the same time every month. Make sure you have sufficient funds in your bank account to avoid NSF, late or missed payment fees.

Frequently asked questions

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Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full bio

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