Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- Up to $10,000
- Rate
- Varies by product
- Term
- Varies by product
If you have bad credit, it might be tough to get a traditional loan. The good news is there are options for bad credit loans in Manitoba that can help you out when you’re in a financial pickle. These loans are designed for people with low credit scores, making it easier to get the funds you need. They often come with flexible terms and loan requirements, so you can start to improve your financial situation while also working on your credit.
Keep reading to learn everything you need to know about bad credit loans in Manitoba.
Top Features To Look For In A Bad Credit Loan
Before applying for a bad credit personal loan, be sure to understand the following terms:
| Loan Amount | Most bad credit lenders typically provide loans up to $35,000, though loan amounts may be higher if you have collateral or a substantial income. |
| Loan Term | Bad credit loan terms range from 6 to 60 months on average. |
| Interest Rate | APRs for bad credit loans typically range from 9.99% to 35%. |
| Funding Method | Funds are typically directly deposited into your bank account or sent via Interac e-Transfer. |
Bad Credit Loan Requirements
Requirements for a bad credit loan will vary by lender; however, there are a few minimum requirements you’ll need to meet with most lenders.
| Residency | You must be a Canadian resident. |
| Age | You must be 18 years of age (age of majority in Manitoba). |
| Income | You must meet income requirements. Typically, income must be from an employment source, though some lenders accept non-employment income sources, like government benefits and pensions. |
| Debt-To-Income (DTI) Ratio | Your DTI must not exceed 45% to ensure you have enough income to cover your new loan payments in addition to all current bills. |
Learn more: Personal Loan Requirements: How To Qualify For A Personal Loan
Is My Credit Score Bad? Follow This Simple Table As Your Guide
- Excellent (Scores 760+)
- Very Good (Scores 759 – 725)
- Good (Scores 724 – 660)
- Fair (Scored 659 – 560)
- Poor (Scores 559 – 300)
How To Check Your Credit Score Online
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Who Can You Get Bad Credit Loans From 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
How To Apply for a Loan If You Have Bad Credit
Here are some steps you can take to get a bad credit loan:Step 1. Compare Lenders And Get Pre-Approved
To get the best loan terms, compare loan offers from multiple lenders. You can do so by getting pre-approved with a particular lender or by using an online loan aggregator site like Loans Canada. You can then compare offers side-by-side and choose the one that best suits your needs.Step 2. Apply For A Loan
Depending on the lender you 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, including a government ID, pay stubs, and bank account statements. Sometimes, you won’t require any physical documents as the whole verification process can be done via instant bank verification (IBV) services like Flinx, Plaid and Yodlee. You’ll be asked to sign into your bank account through a secure portal during your application process. This allows lenders to receive a read-only bank statement and have your bank account verified instantly.Step 3. Get Funded
If you’re approved, you may receive your funds within a few minutes to 24 hours via e-transfer or electronic bank transfer.Learn more: How To Apply For A Loan
Can I Apply For A Bad Credit Loan Online?
Yes, as noted, you can obtain a bad credit loan online from anywhere in Manitoba. Whether you live in Winnipeg, Portage la Prairie, Brandon, or any other city or town in Manitoba, online loans are available.
In fact, many bad credit lenders are available solely online. This means they have no physical storefronts and instead only offer loans through their websites. For online bad credit loans, the entire process from application to funding would take place entirely online, including application submission, signing contracts, and uploading documents.
Benefits Of Applying For A Loan Online vs. In-Person
There are a few reasons why you may want to consider an online bad credit loan instead of applying in person:
| Convenience | Apply from wherever you are, at any time, around the clock. You can apply, upload documents, e-sign the agreement, & receive funds via e-transfer. |
| Instant Bank Verification | Online lenders often use instant bank verification (IBV) to verify income and identity. This can be done in seconds, which helps expedite the loan process. |
Learn more: Is It Better To Apply Online Or In Person For A Loan?
Where Can I Find A Bad Credit Loan Near Me?
It’s not difficult to find a bad credit lender in Manitoba, especially if you’re in a populated city, like Winnipeg. Here are a few reputable bad credit lenders in the city:
Bad Credit Loans In Winnipeg
| Fairstone | – 3380 Portage Ave., Unit 5, Winnipeg, MB R3K 0Z1 – 1504 St. Mary’s Rd., Unit 13, Winnipeg, MB R2M 3V7 – 2188 McPhillips St., Unit 18, Winnipeg, MB R2V 3C8 – 11 Reenders Dr., Unit 47, Winnipeg, MB R2C 5K5 – 131 Provencher Blvd., Unit 113, Winnipeg, MB R2H 0G2 Find a location near you with Fairstone’s branch locator. |
| easyfinancial | – 912 Portage Ave, Winnipeg, MB R3G 0P5 – 1565 Regent Ave W, Winnipeg, MB R2C 3B3 – 2230 McPhillips St, Winnipeg, MB R2V 3C8 – 2579 Main St, Winnipeg, MB R2V 4W3 – 1594 St. Mary’s Rd., Winnipeg, MB R2M 3W4 – 2727 Portage Ave, Winnipeg, MB R3J 0R2 Find a location near you with easyfinancial’s branch locator. |
| Money Mart | – 879 Portage Avenue, Winnipeg, MB R3G0N8 – 215 Henderson Highway, Winnipeg, MB R2L1M1 – 1105 Saint Mary’s Road, Winnipeg, MB R2M3K1 – 1601 Regent Avenue W, #103, Winnipeg, MB R2C3R3 – 2188 McPhillips Street, #24, Winnipeg, MB R2V3C8 – 666 St. James Street, Suite 186, Winnipeg, MB R3G3J6 Find a location near you with Money Mart’s branch locator. |
| Cash Money | – 647 Portage Ave, Winnipeg, MB R3B 2G4 – 1375 McPhillips Street Suite 212, Winnipeg, MB R2V 3V1 – 1615 Saint Mary’s Road Suite 200, Winnipeg, MB R2M 3W8 Find a location near you with Cash Money’s branch locator. |
What Rights Do You Have When Applying For A Loan With Bad Credit In Manitoba?
Manitoba is one of only 5 provinces in Canada that have high-cost credit legislation in effect. Under these regulations, lenders are required to follow specific rules about how much they charge and how they communicate their fees to borrowers.
For instance, in Manitoba, high-cost crest lenders must:
- Obtain a license through the Consumer Protection Office
- Charge no more than 35% APR (the Criminal Interest Rate in Canada)
- Clearly display loan fees to the consumer, including the APR, loan term, and total loan cost
Further, borrowers in Manitoba have the right to cancel a loan contract 48 hours after signing. They also have the right to repay the loan early without penalty.
How To Increase Your Odds Of Getting A Loan With Bad Credit
To boost your odds of getting approved for a loan with bad credit in Manitoba, consider the following tips:
- Show Proof Of Stable Income: Lenders want to see that you have the financial ability to repay the loan. Steady employment and sufficient income are key. Make sure you have documentation to show strong income and steady employment.
- Add A Co-Signer: A creditworthy co-signer with strong finances can significantly improve your chances of approval and help you qualify for lower interest rates.
- Apply For A Smaller Loan: Taking out a smaller loan amount can reduce the lender’s risk and increase your chances of loan approval. A smaller loan also minimizes your loan payments, making them easier to manage.
- Apply With A Specialized Lender: Many online lenders work specifically with bad credit borrowers and consider factors besides your credit score, like your income and job stability.
- Lower Your Debt-To-Income (DTI) Ratio: Keep your DTI under 44% to reduce the lender’s risk and boost your chances of loan approval.
| Tip: Consider waiting to take out a loan if you have bad credit and are not in urgent need of money. During this time, work towards improving your credit score so you can apply for a loan with good credit. Use secured credit cards, a savings loan or credit building program to help boost your credit score. Not only will this improve your chances of loan approval, but you’ll qualify for better rates and terms. |
What Other Types Of Loans Can You Get With Bad Credit?
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 35% APR.
If you have an asset of value, like 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.
Learn More: Best Personal Loans In Canada
Auto Title Loan
If you own a car with a clear title, you can qualify for an auto title loan. This type of loan uses your car title as collateral. Essentially, you’re handing over ownership of the vehicle until you repay the loan.
This option is particularly beneficial for individuals with poor credit, as your car’s value weighs more heavily in the approval process than your credit score.
Home Equity Loan
If you’re a homeowner with at least 20% equity in your property, you may be able to secure a home equity loan or a home equity line of credit. These types of loans typically feature lower interest rates since they are backed by your home.
However, it’s crucial to understand the risks involved; if you default on the loan, the lender has the right to repossess your home.
Car Loan
If you need the money specifically to buy a car, you may be able to get a car loan, 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.
Payday Loans
Most payday lenders don’t check your credit, which means it’s easy to get a payday loan with bad credit. With a payday loan, you can borrow up to $1,500 and have until your next payday (up to 62 days) to pay it back.
However, these loans are super expensive and are difficult to repay on time because you need to make one lump sum payment within a very short time. As such, payday loans should be considered a last resort.
Cash Advances
If you need a small cash fix, here are some options to consider:
- Credit Card Cash Advance: If you have a credit card, you can access your credit account and withdraw cash from an ATM or bank teller. However, interest rates on credit card cash advances are higher than purchase rates, and the interest starts to accrue immediately.
- Bree Cash Advance: Bree offers small cash advances of up to $500, with no interest and no credit check.
- Nyble Credit Line: Nyble offers a small credit line of up to $250, with no interest or credit check.
- KOHO Cover Cash Advance: Get up to a $250 cash advance with no interest from KOHO Cover.
| Interesting Fact Manitoba’s average non-mortgage debt per consumer now sits at $18,150 in Q4 2024 (Equifax). That’s 2.64% higher than the same quarter the year before. Many Canadians struggle to make payments on time on various credit products, like credit cards. If you’re having trouble keeping up with your debt, consider consolidating your debt or speaking with a credit counsellor to discuss your options. |
Watch Out For Scams When Applying For Bad Credit Loans
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.
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 will always vet applicants before approving a loan application. If a lender guarantees loan approval without verifying your financial profile, keep looking.
- 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.
Got Bad Credit? Here’s How To Improve It
To improve your credit, there are several steps you can take:
| Look For Errors On Your Report | Check your credit report and see whether there are any errors in your credit report. If you spot mistakes, have them fixed right away. |
| Pay Down Debt | Paying down debt can help build you a positive payment history and lower your debt-to-credit rations, which can help improve your credit over time. |
| Credit Builder Loan Program | You can also use secured credit cards and credit-building programs to help you rebuild your credit. |
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 resources available in Manitoba that can help you out.
Income Assistance In Manitoba
The Employment and Income Assistance Program (EIA) provides financial assistance to Manitoba residents in need.
Rent Assistance In Manitoba
Rent Assist provides a financial benefit to residents of Manitoba who currently receive EIA and are having trouble covering their housing costs. The program can also help people access 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 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.
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 |
Bad Credit Loans Manitoba FAQs
What’s the best way to increase my chances of getting a loan with bad credit?
Can I get a no credit check loan in Manitoba?
What are the effects of having a bad credit score?
®Fairstone Financial Inc. is a wholly owned subsidiary of Fairstone Bank of Canada.
*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC.
†On approved credit. Terms and conditions apply. Interest rates vary by province/territory and from customer to customer based on factors like credit score and borrowing history. See Fairstone’s website for details.
Fairstone Financial Inc. holds high-cost credit licenses in AB, MB (License #85047, expiring 20-02-2026) and QC; it has applied for a high-cost credit grantor license in NL. For license information by province, visit Fairstone.ca/HCCG
In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.
In Nova Scotia, Fairstone Financial Inc. is licensed as mortgage lender #2021-3000028.
easyfinancial Disclaimer:
Unsecured Personal Loans: Personal loan amounts range from $500-$20,000, with rates set between 29.99%-35.00% and determined based on the amount and term of the loan and our assessment of your personal loan profile credit. Amortization between 9-84 months. Different lending rules apply in Quebec and can be viewed at www.easyfinanciere.com . Different lending rules for high-cost credit products may apply in Manitoba, British Columbia, Newfoundland and Labrador. Brokerage #12935 (ON) X300681 (BC) #3000289 (NS). BC HCC #83689 Expiry Date - 10/31/25, MB HCC #62897 Expiry Date - 11/10 /25, AB HCC # 349265 Expiry Date - 01/31/2025, NL HCC # Expiry Date.
Secured Loans: Home equity loan amounts range from $15,000-$150,000, with rates set between 9.99% and 23.99%. Amortization between 72-240 months. The term of your loan will depend on the amount of your loan and our assessment of your credit profile. Additional fees, which vary by loan amount, apply and are subject to a 6 month loan interest penalty when paid within the first 36 months of the loan. Brokerage #12935 (ON) X300681 (BC) #3000289 (NS). BC HCC #83689 Expiry Date - 10/31/25, MB HCC #62897 Expiry Date - 11/10 /25, AB HCC # 349265 Expiry Date - 01/31/2025, NL HCC # Expiry Date.
