Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 35%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% – 34.99%
- Term
- 6 – 120 months
- Amount
- $500 – $100,000
- Rate
- 12.99% – 34.99%
- Term
- 9 – 60 months
- Amount
- Up to $10,000
- Rate
- Varies by product
- Term
- Varies by product
If you’re living in Winnipeg, chances are you have tons of expenses to think about, some of them small and some of them large. You might be ready to spend your hard-earned money to cover them immediately or charge them to your credit card so you can pay for them in a month’s time. However, there are plenty of other credit products available including personal loans in Winnipeg.
Steps To Get Personal Loans In Winnipeg
To apply for a loan in Winnipeg, follow these steps:
Step 1: Shop Around
To make sure you’re getting the best deal on a loan, it’s worth the time to shop around for a lender. Luckily, this can be quickly and easily done by using an online loan aggregator.
All you need to do is provide a few pieces of information. Such as the loan amount required, your income, and your credit score. The aggregator will populate a list of lenders and the loans they offer, along with the interest rate and the loan amount you may be eligible for. Then, you can scan all loan products to narrow down the best deal.
Step 2: Complete An Application
If you choose to work with an online lender, then applying for a loan is easy. Simply complete the lender’s loan application online and enter all required information about yourself, such as the following:
- Full name
- Address
- Contact information
- Income and employment information
- Statement of assets and debts
Step 3: Gather Required Documents
To prove your income and identity, your lender will require documents to support the information you provide on your loan application, such as:
- Name, date of birth, contact information
- 1 or 2 government-issued IDs (1 photo)
- Social Insurance Number (SIN)
- Proof of employment (income, employers name, job title)
- Loan purpose
- 3 months' worth of bank statements
- Bank account details (for direct deposit and withdrawal of payments)
Most lenders will also want to verify your credit score, which means you may need to undergo a credit check. In this case, the lender will need your consent before accessing your credit report.
Step 4: Submit Your Application
Go over your loan application to make sure all sections have been fully and accurately filled in. Then, send the lender your application.
Step 5: Review Your Loan Agreement
Once the lender approves your application for a loan, they’ll send you a loan contract to sign. This agreement will stipulate all terms and conditions of the loan, including your obligations. Review the contract carefully to make sure you understand everything, then sign it and send it in.
Step 6: Receive Your Funds
Online lenders tend to fund loans very quickly, usually within a day or two following loan approval. In some cases, you may receive the money within hours, depending on the lender and the loan type. Generally, funds are deposited into your bank account, but you may also be paid through an e-Transfer or even in cash.
Learn more: How To Apply For A Loan
Calculating The Cost Of Your Personal Loans In Winnipeg
There are several factors that affect exactly how much your loan will cost you, including the following:
Loan Amount
This one is pretty straightforward. The more money you borrow the more you have to pay back. Plus larger loans tend to have high monthly payments and long terms.
Loan Term
The term length has a direct impact on how much interest you pay overall. A longer term typically means more interest paid, while a shorter term generally means less interest charged over the life of the loan.
Credit Score
High credit scores can make it easier to get approved for a loan. But they also often mean lower interest rates. If you have a good credit score, you’re considered a lower risk to your lender, who may reward you with a lower rate.
Before applying for a loan, be sure to check your credit score for free using Loans Canada’s Compare Hub.
Miscellaneous Fees
Lenders often charge various additional fees on top of interest, which can affect the overall cost of your loan. These may include origination fees, administrative fees, and early prepayment penalty fees.
You can easily calculate the cost of your loan by using an online loan calculator. All you need to do is input the loan amount, loan term, interest rate, and credit score to find out roughly what you’ll pay.
How To Improve Your Chances Of Getting Personal Loans In Winnipeg
Lenders consider many factors when assessing your creditworthiness. So improving on any of these factors may help increase your chances of approval.
Increase Your Credit Score
If your score is lower than 650 or you have bad credit, you should consider applying after improving it. Some actions that may help you build credit include:
- Paying all your debts and bills on time and in full.
- Keeping a debt-to-income ratio below 30%
Apply For A Smaller Amount
If your income and credit are not in the best shape, applying for a small loan amount may help. The lower your amount, the less risky it will be for the lender. This, in turn, can improve your approval odds.
Note: if you’re denied the first time, don’t apply over and over again (when a lender performs a hard inquiry into your credit report, your credit may be negatively affected).
Lower Your Risk As A Borrower
You can reduce your risk as a borrower by getting someone to co-sign your loan. This person would act as collateral for the lender. In the event you are unable to pay for the loan, your co-signer will be legally obligated to pay it for you.
Instead of a cosigner, you could also lower your risk as a borrower by offering an asset as collateral. Collateral can be a car, house or any other asset that holds value.
Can You Get A Loan On Employment Insurance (EI) In Winnipeg?
Yes, you may be able to secure a personal loan in Winnipeg while collecting EI benefits. While earning a sufficient income from some form of employment is a typical loan requirement, some lenders might accept EI as a form of income.
However, applying for an installment loan in Winnipeg while on EI may be challenging for the following reasons:
- Income Is Temporary: Since you’re only collecting EI for a finite amount of time, lenders may see this as a risk and may be more hesitant to approve loans.
- Higher Interest Rates: Even if you can get approved for a loan when on EI, you might be charged a higher interest rate to offset this risk. This will make the loan more expensive.
| Benefits That May Qualify As Income For A Personal Loan In Winnipeg Along with EI, some lenders may also accept the following benefits as a source of income when you apply for a short-term loan: – Disability benefits – Canada Child Benefit (CCB) – Pension income (ie. CPP) |
Learn more: Loans On Employment Insurance
Places To Help You Get A Job In Winnipeg
It can be tough to find work in Winnipeg on your own. Thankfully, there are several employment agencies in the city that can help you find a job. Here are a handful to consider:
| Agency | Services | Location |
| Opulence Staffing Solutions | – Online job listings – Resume submission – Temporary and full-time job placements | 421 Mulvey Avenue East, Unit 305, Winnipeg, MB |
| Pinnacle | – Online job board – Customized assistance – Temporary and permanent job placements | 2nd Floor – 394 Graham Ave., Winnipeg, MB |
| Express Employment Professionals | – Online job listings – Career development – Educational articles | Unit 102-912 Portage Avenue, Winnipeg, MB |
Winnipeg, MB Government Employment Assistance Offices
There are some government-backed employment offices in Winnipeg, MB that are available to help you find employment in and around the city:
- Manitoba Employment and Income Assistance (EIA). Residents of Manitoba who are able to work may find assistance getting back into the labour market and accessing the supports needed to gain employment through EIA. The office is located at 111 Rorie Street, Winnipeg.
- Winnipeg Opportunities for Employment (OFE). Through OFE, you may be eligible to access free services to connect you to local employers. The Winnipeg-based OFE office is located at 294 Portage Ave #300, Winnipeg.
- Immigrant Centre (Winnipeg). This centre provides support services to immigrants and newcomers to Winnipeg, including employment assistance. The office is located at 100 Adelaide St, Winnipeg.
Other Winnipeg Financial Assistance Programs
A personal loan in Winnipeg may temporarily alleviate your financial issues, but perhaps you can’t qualify. Or, maybe you don’t want to take on more debt.
In these cases, there may be other programs available in Winnipeg that can offer you some relief, depending on your specific needs. You can find many of these programs on www.211.ca, an online resource to help you find local support services:
Food Banks. If you’re one of the growing number of Canadians in need of food banks, you can access several of them throughout Winnipeg, including the following:
- The Lunchroom – Holy Trinity Anglican Church: 256 Smith St, Winnipeg
- Food Bank and Essentials Market – Main Street Project: 661 Main St, Winnipeg
- Freedom House Food Bank: 294 Ellen St, Winnipeg
Utilities Assistance. The city of Winnipeg together with the Salvation Army offers the H2O Help to Others program, designed to provide support to low income residents who are having trouble paying their utility bill.
Rent Assistance. Low-income Manitoba individuals and families who rent in Winnipeg may be eligible for a financial benefit.
Subsidized Housing. Manitoba Housing provides an array of subsidized housing throughout Manitoba, including programs to help cover housing repairs and homeownership.
Bottom Line
Personal loans are versatile pieces of credit that can help you cover any expense in Winnipeg. Just be sure to do your due diligence and apply for a loan that you can afford. While personal loans can make things affordable, they can also land you in debt if you’re not careful.
