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Compare personal loans in Winnipeg

Learn more about personal loans in Winnipeg, including where to find them and how to qualify.

You can apply for secured or unsecured loans in Winnipeg, Manitoba, with either fixed or variable rates. Learn more about where to shop for personal loans, how much they cost and what you need to qualify. Use this post to compare lenders and apply for the best loan for your personal situation.

Compare personal loans in Winnipeg, Manitoba

1 - 8 of 8
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 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
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $50,000
3 - 120 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
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fig Personal Loans
Finder Score:
★★★★★
12.99% - 31.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $35,000/year, no payday loan debt, min. credit score 600, min. 5-year credit history. (Avg. approved rate of 15.80%)
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What are the interest rates of personal loans in Winnipeg?

You can expect to pay between 6.99% and 46.96% for personal loans in Winnipeg.

Factors that affect personal loan rates in Winnipeg

The personal loan rates you get will depend on your credit score, collateral and other factors.

  • Credit score. You’ll get lower interest rates if you have a high credit score. Your rates will be higher if you have fair or poor credit.
  • Collateral. You’ll pay lower rates for your loan if you secure it with an asset. Your rates will usually be higher with an unsecured loan.
  • Loan amount and term. You may pay higher rates with a shorter loan term or a smaller amount (to make it worthwhile for the lender). You’ll often pay lower rates with longer terms and higher amounts.

Types of personal loan rates you can get

Fixed rate personal loans

Fixed rate peresonal loans come with a fixed interest rate and a predictable monthly payment so you can budget ahead.

Variable rate personal loan

Variable rate personal loans come with a fluctuating interest rate that’s based on the Bank of Canada’s prime rate. Your monthly payment will generally stay the same, but the amount you pay towards your principal versus interest will fluctuate.

Types of personal loans you can get in Winnipeg

Unsecured personal loan

Unsecured personal loans are issued based on how good your credit score is, but your credit score will suffer if you default. You won’t need collateral to secure your loan, and you can borrow anywhere from $500 to $50,000 depending on your personal finances. Expect to pay higher interest rates for unsecured loans than you do with secured loans.

Secured personal loan

Secured personal loans let you borrow money by using an asset such as your home or investments as collateral. You may be able to borrow as much as the equity in your asset is worth, at lower interest rates than you’d pay with an unsecured loan. Just remember that your asset can be repossessed by your lender if you default.

Types of personal loan providers in Winnipeg

Shop with banks, credit unions, P2P lenders, online lenders and online brokers to find the best personal loans in Winnipeg:

Banks and credit unionsP2P lendersOnline lendersOnline brokers
How it worksBorrow from trusted financial institutions (usually in person)Connect with and borrow anonymously from Canadians onlineShop online and borrow funds completely virtuallyCompare lenders with a broker to find the best rates
Credit score minimumGood to excellentFair to excellentPoor to excellentPoor to excellent
Interest ratesCompetitiveCompetitiveUsually higherNot applicable
Turnaround timeSlow, 1 to 3 weeksFast if you have a strong financial profile, 2 days to 2 weeksFast, 1 to 2 business daysFast, pre-approval within 5 minutes
ApplicationOnline and in person, more paperwork than alternative lendersOnline, less paperwork than banksOnline, less paperwork than banksOnline, no paperwork required

Do you qualify for personal loans in Winnipeg?

Eligibility criteria

Most personal loans in Winnipeg will require you to meet the following criteria:

  • Be a Canadian citizen or a permanent resident who is at least 18 years old
  • Have a valid address, be employed and have a steady income
  • Meet credit score and income requirements as outlined by your lender
  • Not have a recent bankruptcy or consumer proposal on your credit report

Required documents

To apply for personal loans in Winnipeg, you may need to supply the following documents:

  • Identity documents. Personal identification such as your passport or driver’s licence.
  • Proof of income. Pay stubs, employment records, tax records, proof of government benefits (such as EI) or other documents.
  • Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.
  • Credit score. Consent for your lender to run a credit check.

Am I eligible for a personal loan?

How to pick the best personal loan for you

Think about the following factors when you compare personal loans in Winnipeg:

  • Interest rates. Compare at least 3–4 lenders to find the lowest rates possible. Secure your loan with an asset or get a cosigner to lock in the best rates. Compare personal loan rates in Canada.
  • Loan amounts. Many lenders offer amounts up to $50,000. Figure out how much you need to borrow and find a lender willing to give you that amount for the lowest cost.
  • Turnaround time. Banks, credit unions and P2P lenders may take a few days to a few weeks. Most online lenders can get you money in under 48 hours. If speed is critical to you, learn more about emergency loans.
  • Loan term. Loan terms often range from 3 - 60 months. Aim for the shortest term you can afford to keep your interest costs low.
  • Fees. Some lenders charge origination fees, late fees and early repayment fees on your loan. Read the fine print to make sure you don’t end up with hidden charges. Learn more about personal loan costs.
  • Company reputation. Look for a lender with a solid reputation for customer service. Check online reviews on sites like Google, Trustpilot and the Better Business Bureau.

Personal loans in Winnipeg if you prefer to visit a branch

LenderLoan amountLoan termAPRLocation in Winnipeg
Assiniboine Credit UnionNot disclosed12 - 60 monthsFrom 9%12+ locations
Steinbach Credit UnionFrom $5,000UnknownFrom 8.2%5 locations
AAR Financial$1,000 – $50,00024 - 120 months14.90% - 46.70%3 locations
Fairstone$5,000 – $50,00036 - 120 months19.99% - 24.49%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

Can you get bad credit personal loans with guaranteed approval in Winnipeg?

It’s not possible to get guaranteed approval for bad credit personal loans in Winnipeg. Some lenders offer no credit check loans, but you may need to meet other criteria. If a lender is promising guaranteed approval, you should be suspicious. It could be a loan scam, or they may want to charge you exorbitant rates.

Is it a legitimate loan company? 10 signs of a scam

What can you use a personal loan for?

Most lenders won’t specify how you can use the money you borrow. These are some of the most common expenses covered by personal loans in Winnipeg:

  • Everyday expenses. Use your loan to cover your everyday expenses or check out a revolving line of credit if you need regular access to a steady pool of funds.
  • Large one-off purchases. Get fast cash to pay for a large one-off purchase such as a new vehicle, mattress or mobile phone.
  • Life event. Get an infusion of cash to pay for a wedding, anniversary, milestone birthday or funeral expenses.
  • Home improvement. Use your loan to pay for renovations to your property if you want to increase the resale value of your home.
  • Post-secondary education. Lock in a personal loan to cover the costs of your schooling if you can’t take out government student loans.
  • Debt consolidation. Use your loan to consolidate all of your outstanding debts into one easy monthly payment. Your lender will usually require you to use funds expressly for this purpose, so these loans can be less flexible. Compare debt consolidation loans in Winnipeg.

Debt in Winnipeg

Portage Avenue, a main artery of Winnipeg, Manitoba.While there’s no data specific to Winnipeg, based on recent Equifax data, the average non-mortgage debt for Manitoba residents in the third quarter of 2022 was $17,095. This is lower than the average level of debt for people across Canada, which was $21,183. Despite these figures, the number of delinquencies and insolvencies in Manitoba continues to increase by a few percentage points each year.

Frequently asked questions

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