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- Any credit accepted
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📅 Last Updated: April 29, 2024 ✏️ Written By Bryan Daly 🕵️ Fact-Checked by Caitlin Wood
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If you live in Manitoba and are looking for a way to pay for expenses that your bank account or credit cards won’t support, a personal loan might be exactly what you need. Not only can personal loans in Manitoba help you buy things that you might normally have trouble affording, they’re an effective credit-building instrument when used sensibly. After all, good credit can help you access different credit products at a lower cost.
What Can You Use A Personal Loan For In Manitoba?
A personal loan is a credit product that can be used to cover unexpected expenses or finance large purchases. Personal loans range from $500 up to $35,000 and more depending on the lender you work with. Interest rates vary heavily depending on your financial health, but legally no lender can charge you an APR over 60%. Payments are made in installments and terms typically range between 6 months to 60 months.
Personal loans are versatile and can be used to cover a number of different things including:
- Larger purchases that your credit card limit and bank account balance won’t cover
- Tuition fees and other educational costs
- Going on vacation or travelling
- Elective medical/surgical operations
- Repairs, renovations, or additions to your home
- Repairs and other costs for your car or another vehicle
- Any emergency expense that comes up in your life
Cost Of A Personal Loan In Manitoba
There are three main factors to consider when calculating the cost of a personal loan.
- Interest Rate – The interest rate you get is the biggest and most obvious factor that affects the cost of your loan. The higher it is, the more interest you’ll pay.
- Fees – There are a number of fees that can add to the cost of your loan. Common fees include loan origination fees, administrative fees, prepayment fees and late penalty fees.
- Term Lenght – Your term length can have a big impact on the amount of interest you pay. While long terms offer lower payments, they cost more over the length of the loan. Similarly, while short terms lead to higher loan payments, they can save you money on interest.
| 36 Month Loan | 60 month Loan | |
| Loan Amount | $15,000 | $15,000 |
| Interest Rate | 6.5% | 6.5% |
| Term Lenght | 36 months | 60 months |
| Monthly Payment | $459.74 | $293.49 |
| Total Paid | $16,550.64 | $17,609.4 |
| Interest Paid | $1,550.64 | $2,609.4 |
High-Cost Credit Personal Loan Regulations In Manitoba
Loans that come with an interest rate over 32% are considered “high-cost” in Manitoba. The province doesn’t have any limits on interest that lenders are allowed to charge, but all lenders must still adhere to the federal Criminal Code interest rate cap of 60% per year. Further, there are specific regulations on what lenders are required to disclose to borrowers, including the following:
- Annual Percentage Rate (APR)
- Annual Interest Rate (AIR)
- Loan term
- Principal amount
- Fees
- Total loan cost
- Cancellation rights
Borrowers may cancel a credit agreement within 48 hours of signing and can repay the loan early without penalty fees.
| Max Interest Rate | In Manitoba, there is no maximum interest that a high-cost credit lender can charge, as long as the APR does not exceed 47%, as per Section 347 of the Criminal Code. |
| Fee Caps | While there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 47% APR. |
| Do Lenders Require A License? | Manitoba legislation also requires lenders to be licensed through the Consumer Protection Office before they may offer high-cost credit products to consumers. They must also have separate licenses for every location they operate out of. |
What Do You Need To Qualify For A Personal Loan In Manitoba?
In Manitoba, every lender’s application procedure is slightly different. All lenders, however, want to be sure, first and foremost, that you can afford to repay your loan in full. So they typically have minimum requirements in place.
- Your Income Level – Lenders generally have an income level requirement with the lowest usually being 1,200 a month.
- Your Debt-To-Income Ratio – Lenders usually want your debt-to-income ratio to be lower than 36%, though some may still lend to you if it’s higher.
- Your Employment Record – A stable source of income is another factor lenders consider. The more stable your job, the more likely you’ll have the income to pay off the loan. As such, lenders generally require you’ve been employed for at least 3 -6 months with your current employer.
- Your Assets – If you have an asset to offer as security, your employer may be more willing to approve you.
Documents Required To Apply For A Personal Loan
- Proof Of Identity – A government-issued photo ID is generally required to validate your identity and address.
- Proof Of Income – Pay stubs are typical documents used to prove income.
- Proof Of Employment – An employment letter or employer reference are two ways you could prove your employment.
- Other Financial Documents – You may also be required to provide your bank statements, a void cheque and more.
Instant Bank Verification (IBV) For Personal Loans In Manitoba
IBV is a new verification process lenders use to speed up application reviews and approvals. Instead of borrowers having to provide multiple documentation, IBV provides lenders with a 90-day read-only bank statement that they can use to verify the borrower’s bank account, identity, and income.
This saves lenders and borrowers a lot of time. Plus, it’s a safe process, so your personal information is kept secure.
5 Steps To Get A Personal Loan
How To Apply For A Personal Loan In Manitoba
Compare Lenders
Check out different lenders to compare what they offer and their requirements. Checking the requirements beforehand will help you apply with the right lenders. Many lenders offer free quotes which can help you choose the best offer.
Gather Documents
Ensure that you have all the necessary documents and information needed to apply for the loan. Mistakes on your application form and missing documents can cause delays in your loan and even denial.
Apply And Get Funded
With your documents gathered, you can apply with a lender of your choosing. The underwriting process typically takes a few hours to a few days depending on the lender. If approved, you should receive the funds shortly after.
Can You Get A Personal Loan In Manitoba While On Employment Insurance (EI)?
If you’re collecting EI after losing your job or going on maternity or parental leave, you can still qualify for a personal installment loan in Manitoba.
While traditional lenders typically prefer to work with borrowers who earn an income from employment, many alternative lenders accept non-employment forms of income, such as EI and other benefits. Moreover, many lenders make the application process quick and easy, with approval and funding available within 24 hours.
It should be noted, however, that applying for a personal loan while unemployed will make your loan more expensive. Lenders often charge a higher interest rate when you apply with non-traditional income such as EI.
How Will You Receive Your Personal Loan in Manitoba?
Every lender’s process in Manitoba will vary slightly, so make sure to ask them when and how you will be able to collect your personal loan money. That being said, lenders will generally offer you the option of direct deposit or e-transfer.
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READ ARTICLEHow To Increase Your Chance Of Approval?
Depending on your financial ability and your lender’s regulations, your chances of approval in Manitoba will vary. To help increase your odds of approval, here is a list of things you can do:
- Improve Your Credit – While many lenders may accept bad credit borrowers, having good credit can increase your chances of approval.
- Lower Your Debt Level – Your debt-to-income ratio helps lenders decide how much you can afford to borrow. Paying off your debts before applying can help lower your ratio which may increase your chances of approval.
- Offer An Asset – Securing your loan with an asset is another way to increase your approval chances. Offering an asset will reduce the lender’s risk as they can seize the asset in the event you default on the loan.
- Get A Co-Signer – A cosigner is a person who agrees to take legal responsibility for the loan in the event of you are unable to keep up with the loan payments. This added security reduces the lender’s risk and can increase your chances of approval.
What Credit Score Do You Need For A Personal Loan Approval In Manitoba?
Your 3-digit credit scores (ranging from 300-900) tell your lenders in Manitoba how likely you’ll pay your loan payments on time. Generally, credit scores of 650 or above are considered good. The higher your scores, the less risky of a borrower you’ll be considered. It signals to them that your likelihood of missing payments is low. Borrowers with credit scores below 650 can still get approved, but they may be given a higher interest rate as a result.
Should You Use A Credit Card Over A Personal Loan?
You may be wondering if using your credit cards is a better and simpler way of dealing with your expenses. While it is true that credit cards are also a good tool that comes with many benefits, they can also cause harm to your finances when not used properly. In general, you should use a credit card if It’s for a small expense. Credit cards are a good option for making quick, small purchases that are easily paid off within 30 days.
Places To Help You Get A Job In Manitoba
Several employment agencies are available throughout Manitoba to help unemployed Canadians find work. These companies are partnered with employers looking to fill job vacancies. By working with these employment agencies, you can be connected to the right local business in need of reliable help.
Here are a few staffing agencies in Manitoba to help you find your next job:
Pinnacle
Pinnacle is a large staffing company located in Winnipeg, Manitoba with a team of recruiters to help employers and employees find what they’re looking for. The company is locally owned and managed, so they’re always in-the-know about specific opportunities available in the area.
Pinnacle recruiters are available to help put you on the right path toward your next job. Employer clients come from all sorts of industries that offer permanent, temporary, and contract roles.
People Ready
People Ready has hundreds of locations across Canada and the US, including a local office in Winnipeg, Manitoba. The staffing agency has a roster of specialized recruiters who are trained to connect the right workforce to the right local businesses looking to fill job positions.
People Ready works with job-seekers and employers in a wide variety of industries, including manufacturing, logistics, hospitality, and retail, to name a few. One of the more unique features of People Ready is its JobStack staffing app which lets you quickly find jobs that fit your needs and schedule right at your fingertips.
Aplin
Aplin is one of Canada’s leading staffing agencies that has expanded across the country since its inception in 1975. The company has offices in nearly every province, including Manitoba.
With several awards accrued over the years, Aplin has become one of the most trusted employment firms in Manitoba and Canada. Those looking for work will find a variety of handy features and services, including an online job board that job-seekers can customize to narrow down jobs that fit their experience and skill set.
Where Can You Find Manitoba Government Employment Assistance Offices?
If you’re looking for government-funded or non-profit centres that help Canadians find employment, check out the following:
- WorkStart Work Experience Program – 271 Portage Ave, Winnipeg, MB, R3B 2A8
- Apprenticeship Manitoba – 111 Lombard Ave, Ste 100, Winnipeg, MB, R3B 0T4
- Acorn Family Place Inc. – 222 Furby St, 202, Winnipeg, MB, R3C 2A7
- Reaching E-Quality Employment Services Inc.– 1200 Portage Ave, Ste 305, Winnipeg, MB, R3G 0T5
- Spence Neighbourhood Association Inc. – 641 St. Matthew’s Ave, Unit 104, Winnipeg, MB, R3G 0G6
Alternatives To Personal Loans In Manitoba
If you require financial assistance, other options are available as an alternative to personal installment and short-term loans in Manitoba. Here are a few public programs available to Manitoba residents:
| Financial Resource | |
| Employment and Income Assistance (EIA) | Learn More |
| Children’s disABILITY Services (CDS) Manitoba | Learn More |
| Manitoba Supports for Persons with Disabilities (MPSD) | Learn More |
| Manitoba Child Benefit (MCB) | Learn More |
| Canada-Manitoba Housing Benefit (CMHB) | Learn More |
| 55 PLUS — A Manitoba Income Supplement | Learn More |
Other Financial Assistance Programs In Manitoba
In addition to the above-mentioned programs, many private and government assistance programs are also available to help cover a variety of costs. An easy way to find these programs is by searching on www.211.ca, a website that connects Canadians with the specific programs they need.
Rent Assistance
Renters in Manitoba who are having trouble keeping up with rent payments or covering their utility bills may find some relief with through the Manitoba Rent Relief Fund. This fund provides loans to renters to help maintain housing. Loans are made for up to $2,500 and must be repaid within 2 years.
Utility Assistance
If you’re having a hard time paying your heating or electricity bills on time, you may be eligible for relief through the Customer Arrears Assistance Plan from Manitoba Hydro. This plan is designed to help customers in the province pay off their utility bill arrears over a set term while making monthly installments toward paying their current bills.
Housing Benefit
The Canada-Manitoba Housing Benefit (CMHB) provides a monthly benefit to eligible residents to help alleviate affordability issues with rental housing costs. Qualifying applicants can receive up to $350 per month to put toward rental housing expenses, as well as an additional $72 per month to put toward utilities.
Housing For Newcomers
The City Church of Winnipeg runs the Transitional House program that provides transitional housing for new refugees and asylum seekers arriving in Winnipeg. Housing terms range from 6 months to 1 year, depending on the circumstances.
Bottom Line
Personal loans are versatile forms of credit that can help any Manitoban with major purchases and unexpected expenses. If you’re looking for a personal loan in Manitoba, apply today with Loans Canada and we’ll connect you to the best personal loan providers in Manitoba.
Personal Loans In Manitoba FAQ
Should I get a personal loan or a payday loan in Manitoba?
A payday loan is one of the most expensive ways of borrowing money. With an APR between 400% and 600% and a 14-day repayment term, many borrowers end up being unable to repay their loans and get stuck in a cycle of debt. On the other hand, a personal loan has much lower rates and longer repayment periods which will provide you with the funds you need and a repayment schedule that is affordable and manageable.
Can I get a bad credit loan in Manitoba?
Yes, there are many alternative lenders in Manitoba who provide loans to individuals with low or even no credit. These lenders typically based your approvals on a number of other financial aspects including your income level, debt level and job stability.
Can I get a personal loan using my Employment Insurance (EI) as income in Manitoba?
Some lenders in Manitoba are willing to accept non-traditional forms of income like Employment Insurance (EI), disability benefits, Canada Child Benefits (CCB) and other government benefits. However, in order to be eligible, it must be directly deposited into your account. These lenders often provide no employment verification loans and will base your eligibility on your credit score, income level, and your debt level.
What documents do I need to submit for a personal loan?
No matter which lender you apply with in Manitoba, you’ll generally need to provide a piece of identification, proof of income like paystubs, proof of employment like an employment letter and a void cheque for repayment. Some lenders may also require your bank statements to calculate your debt-to-income ratio and to ensure you have an active bank account.
How much can I borrow?
The amount you can borrow from any lender depends on the lender and your financial health. Generally, lenders offer personal loans up to 35k and higher, but the amount you qualify for depends on how much you can afford. Your income, credit, and debt-to-income ratio are a few of the factors that will determine how much you qualify for.
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