Filters
- Amount
- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
- Amount
- $1,500 – $10,000
- Rate
- Varies by province
- Term
- Varies
What Type Of Loans Can You Get With Bad Credit In Manitoba?
While you can qualify for a better and more affordable loan with good credit, you can still get a loan with bad credit in Manitoba. These are some loans you can get with bad credit:
Personal Loans: Secured And Unsecured
Many lenders may provide up to $35,000 or more in personal loans to those with bad credit. These loans generally come with terms of up to 5 years and interest rates can go as high as 47% APR.
If you have an asset of value such as a car, you could use it to get a secured personal loan. The added security will not only help you qualify for a loan, but you may qualify for higher amounts and a lower interest rate.
Cosigned Loans
Asking a trusted friend or family member to cosign a loan for you is another great option for those with bad credit in Manitoba. A cosigner with good credit can allow you to gain access to the funds you need. Better yet your credit score will improve over time as you pay off the loan.
How To Get A Bad Credit Loan
Here are some steps you can take to get a bad credit loan:Step 1. Compare Lenders And Get Pre-Approved
Online loan aggregator sites can help you quickly find and compare lenders and their loan products. Simply input a few pieces of information about yourself and the loan you need, and the lending platform will populate a list of lenders and products, along with their rates based on your profile. This will start the process of pre-approval, which will give you an idea of how much you can qualify for and the rate you will be charged. You can then compare offers side-by-side and choose the one that best suits your needs. It's very helpful to start the loan process by getting pre-approved first, especially if you have bad credit, as your credit score can affect the interest rates and loan amount you can qualify for.Step 2. Apply For A Loan
Depending on the lender you choose to work with, you may apply in person or online. To accurately assess your financial situation and verify your identity, lenders usually require certain documents for review, which may include a government ID, pay stubs and bank account statements. In some cases, you won’t require any physical documents as the whole verification process can be done via instant bank verification services like Flinx, Plaid and Yodlee. During your application process, you’ll be asked to sign into your bank account through a secure portal. This process allows lenders to receive a read-only bank statement and have your bank account verified instantly.Step 3. Get Funded
Traditional loans can take a few days for funding to come through. But with alternative lenders, you can receive the funds from your bad credit loan in a matter of hours, as long as the approval is made by a certain time. Otherwise, you can expect your funds the next business day.Who Can You Get Bad Credit Loans With In Manitoba?
Those with bad credit will have a higher chance of qualifying for a loan with B-lenders and private lenders such as:
- A credit union
- An alternative lender
- A no credit check lender
- An online lender
Where Can I Find Bad Credit Loans In Manitoba Near Me?
Bad credit lenders are widely available throughout Manitoba. Even if you have a bad credit score, you may still apply for a loan from any one of these lenders in the province:
Fairstone
Fairstone offers personal loans to Manitoba residents, including bad credit loans. You can find a physical Fairstone branch in several cities across Manitoba, including the following:
- 131 Provencher Blvd., Unit 113, Winnipeg, Manitoba R2H 0G2
- 839 18th St., Unit 1, Brandon, Manitoba R7A 5B8
- 1800 Saskatchewan Ave. W, Unit 50, Portage la Prairie, Manitoba R1N 0N9
- 725 Thompson Dr. S, Unit 1, Thompson, Manitoba R8N 0C7
- 390D 1st St., Winkler, Manitoba R6W 4A4
- 1014 Manitoba Ave, Unit 6, Selkirk, Manitoba R1A 4M2
easyfinancial
easyfinancial provides bad credit loans to borrowers in Manitoba who are otherwise unable to get approved for a conventional loan due to their sub-par credit profile. You can find seven easyfinancial branches in Manitoba, most of which are located in Winnipeg:
- 2579 Main St. #3, Winnipeg, Manitoba R2V 4W3
- 2230 McPhillips St Unit 8, Winnipeg, Manitoba R2V 3C8
- 1565 Regent Ave W Unit 1A, Winnipeg, Manitoba R2C 3B3
- 39 Marion St., Winnipeg, Manitoba R2H 0S8
- 912 Portage Ave #100, Winnipeg, Manitoba R3P 0P5
- 1594 St Mary’s Rd, Winnipeg, Manitoba R2M 3W4
Spring Financial
Spring Financial is an online lender that offers personal loans to Canadians in all provinces and territories, including Manitoba. There are no physical Spring Financial branches, so you’ll have to apply online, over the phone, or through text.
Loan amounts range from $500 to $35,000, and loan terms range from 9 months to 5 years. Bad credit loans are also available.
LoanMeNow
LoanMeNow is a Canadian online loan brokerage that helps Canadians find short-term loans. Like Spring Financial, LoanMeNow does not have any physical branches. Instead, the entire loan process takes place online.
Loan amounts are available for up to $1,000. Bad credit borrowers are encouraged to apply, as no credit checks are performed as part of the loan application and approval process.
Can I Finance A Car With Bad Credit?
Yes, it’s still possible to get approved for car financing even with bad credit. While traditional lenders may be less likely to approve your loan application, alternative online lenders typically work with bad credit borrowers. If you have bad credit, you’d be well-advised to apply with an alternative lender to increase your chances of approval.
However, it’s important to understand that car financing will be more expensive if you have bad credit. That’s because your compromised credit profile increases the risk for the lender. As such, your lender will charge a higher interest rate to offset the risk they’re assuming.
Make sure your budget can comfortably handle loan repayments before you apply.
Is My Credit Score Bad?
- Excellent (Scores 760+)
- Very Good (Scores 759 – 725)
- Good (Scores 724 – 660)
- Fair (Scored 659 – 560)
- Poor (Scores 559 – 300)
Check Your Credit Score
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
How To Improve Your Credit In Manitoba
When it comes to improving your credit, here is a multitude of steps you can take.
Check Your Credit
In Canada, you can check your credit score and report for free through Equifax and many third-party providers such as Loans Canada’s Compare Hub. You can use your credit report to check your credit history, how many accounts you have open, any demerits you may have, and whether there are any errors in your credit report.
Pay Down Debt
Paying off any outstanding debt or excessive consumer debt is not only in the best interest of your overall financial health, but it can help improve your credit over time. Going forward, make sure to pay your bills on time and use any credit cards you have responsibly.
Get Credit Monitoring
You can also pay for a credit monitoring service. This service will help you keep track of your credit and alert you to any potential fraud issues.
Consider Professional Help In Manitoba
In addition to these financial behaviour-related changes, there are also some credit improvement products out there that can help. These include getting a secured credit card and entering into a credit rehab program, which will help you learn the necessary skills and tools to rebuild your credit.
Bad Credit Loans In Manitoba: Scams To Look Out For
It’s important to be careful of whom you’re borrowing money from. While most lenders are legitimate, some may have nefarious intentions with consumers. Unfortunately, some consumers fall prey to several loan scams.
As such it’s a good idea to familiarize yourself with some of the scams that fraudulent lenders attempt to pull on unsuspecting consumers in the lending space.
Guaranteed Loan Approval
Lenders should always vet applicants before approving a loan application. If a lender guarantees loan approval without verifying your financial profile, keep looking.
No Physical Or Web Address
Legitimate businesses should have some form of identifiable location, whether it’s a physical branch or a website. If a lender doesn’t have either, odds are they’re not a legitimate business.
No Reviews
Even relatively new businesses should have a review or two online. Preferably, they should have a list of reviews from previous clients. If no reviews are available, that may be a sign that the lender isn’t really in business.
Upfront Payment Required
No legitimate lender will demand an upfront payment before a loan is provided. The only time you should start making payments is after a loan contract is signed, which stipulates the loan amount, term, interest rate, fees, and other pertinent information. Steer clear of lenders that ask for an upfront payment.
Federal Financial Assistance Programs
| Employment Insurance (EI) | Learn More |
| Canada Child Benefit (CCB) | Learn More |
| Maternity/Parental Leave | Learn More |
| Federal Disability Tax Credit | Learn More |
| Compassionate Care Benefits | Learn More |
| GST/HST Tax Credit | Learn More |
| Green Tax Credits | Learn More |
Other Financial Assistance Programs In Manitoba
If you’re having money troubles and want to avoid taking on expensive debt through a bad credit loan, there are other resources available in Manitoba that can help you out.
Income Assistance In Manitoba
The Employment and Income Assistance Program (EIA) provides financial assistance to residents of Manitoba who are in need.
Rent Assistance In Manitoba
Rent Assist provides a financial benefit to residents of Manitoba who currently receive Employment and Income Assistance (EIA) and are having trouble covering their housing costs. The program can also help people get access to training and employment.
Emergency Shelters In Manitoba
Many homeless shelters are available to those who are unable to afford a home or who are working toward securing shelter. In the meantime, the following are some examples of emergency shelters throughout Manitoba:
- Winnipeg: N’Dinawemak – Our Relatives’ Place
- Steinbach: Today House
- Brandon: Samaritan House Ministries
- Thompson: Thompson Homeless Shelter
Food Banks In Manitoba
Food banks are plentiful in Manitoba, serving food to those who are struggling to put food on the table. Here are a few food banks in cities across Manitoba:
- Winnipeg: Riverwood’s Food Bank
- Lorette: Tache Food Resource Centre
- Gimli: Emergency Food Hamper Program
- Steinbach: South East Helping Hands
Utility Assistance In Manitoba
If your electricity account is overdue and you’re having trouble making payments, the Customer Arrears Assistance Plan (CAAP) from Manitoba Hydro can arrange a monthly payment that may be easier for you to manage. There is also the Neighbours Helping Neighbours program that provides financial support to lower-income Manitoba residents who are struggling to pay their energy bills.
