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
Types Of Loans You Can Get in Winnipeg With Bad Credit
There are many different types of loans you can get in Winnipeg with bad credit, including:
- Bad credit installment loans
- No-credit check loans
- Secured loans (using collateral)
- Guarantor loans (loans involving a cosigner)
Note: The reason that having assets as collateral (house, car, etc.) or a cosigner will help you get approved for a bad credit loan is that you’ll be offering extra security to your lender, thereby reducing the risk they’re taking on you. This added security can help increase your approval odds and lower your interest rate.
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.What Do You Need To Get Bad Credit Loans In Winnipeg?
- 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)
Where Can I Find Bad Credit Loans In Winnipeg?
Several bad credit lenders are available in Winnipeg. Some accept low credit scores as part of their application process, while others don’t conduct credit checks at all. If you have bad credit, you can still secure a loan from any one of these lenders in Winnipeg:
| Fairstone | – 131 Provencher Blvd., Unit 113, Winnipeg, MB, R2H 0G – 211 Reenders Dr., Unit 47, Winnipeg, MB, R2C 5K5 – 2188 McPhillips St., Unit 18, Winnipeg, MB, R2V 3C8 – 1504 St. Mary’s Rd., Unit 13, Winnipeg, MB, R2M 3V7 – 3380 Portage Ave., Unit 5, Winnipeg, MB, R3K 0Z1 | Learn More |
| Easyfinancial | – 39 Marion St, Winnipeg, MB R2H 0S8 – 912 Portage Ave, Winnipeg, MB R3G 0P5 – 1565 Regent Ave W, Winnipeg, MB R2C 3B3 – 2230 McPhillips St, Winnipeg, MB R2V 3C8 – 1594 St. Mary’s Rd., Winnipeg, MB R2M 3W42 – 579 Main St, Winnipeg, MB R2V 4W3 | Learn More |
| Spring Financial | You can apply for a loan online in Winnipeg. No physical branches are available. | Learn More |
| LoanMeNow | You can apply for a loan online in Winnipeg. No physical branches are available. | Learn More |
Fairstone Loans In Winnipeg
Fairstone has been providing personal loans to Canadians for nearly a century. The lender serves all types of borrowers, including those with bad credit. You can get a loan for anywhere from $500 to $60,000 and have the funds deposited in your account within 24 hours.
Fairstone is available online and in person at one of several storefront locations across the city.
Easyfinancial Loans In Winnipeg
Easyfinancial provides Winnipeg residents with personal loans of up to $100,000. The lender strives to offer alternatives to expensive payday loans to consumers, particularly bad credit borrowers.
Easyfinancial loans are available both online and in person in Winnipeg.
Spring Financial Loans In Winnipeg
Spring Financial provides online loans to Winnipeg residents for up to $35,000 with rates starting at 9.99%. You can use the funds to cover just about any expense, and pay them back whenever you want without fees. Loans are available to all types of borrowers, including those with a less-than-perfect credit profile.
Since Spring Financial is an online-only lender, there are no physical branches available.
LoanMeNow Loans In Winnipeg
Another online-only lender in Winnipeg is LoanMeNow, which offers small, short-term loans to Canadians for up to $1,000. There is no credit check required, so bad credit borrowers can also secure a loan through LoanMeNow.
LoanMeNow operates solely online, so there are no physical branches.
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)
How Do I Check If I Have Bad Credit?
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Can I Finance A Car With Bad Credit?
Yes, you can finance the purchase of a car even if you have a bad credit score. Keep in mind, however, that you will probably need to apply with an alternative lender, as conventional banks typically don’t work with bad credit borrowers. Plus, you’ll be paying higher interest on a bad credit loan.
In this case, you may be better off taking out a bad credit car loan specifically. This type of loan is secured by the car, which reduces the lender’s risk. In turn, the lender may offer a lower interest rate and higher loan amount.
Other Financial Assistance Programs And Resources In Winnipeg
Bad credit loans in Winnipeg can alleviate your financial issues temporarily, but there are other resources available besides loans. If you’re having trouble paying for life’s basic necessities, like food, housing, utilities, and other costs, there are programs available throughout Winnipeg that could help.
A quick and convenient way to find these programs in Winnipeg is to visit 211.ca and perform a city-based search. The following are just some of the many resources available in Winnipeg that you can find on 211.ca:
Food Banks
Several food banks are located throughout Winnipeg. Keep in mind that every food bank serves residents who live within the local community, so proof of residence may need to be shown to use these services. Here are a few food banks in Winnipeg:
- Knox United Church — 400 Edmonton St, Winnipeg, MB, R3B 2M2
- Main Street Project — 661 Main St., Winnipeg, MB, R3B 1E3
- Canadian Muslim Women’s Institute — 61 Juno St, 2nd Fl, Winnipeg, MB, R3A 1T1
- Freedom House — 294 Ellen St, Winnipeg, MB, R3A 1A9
Emergency Shelters
Winnipeg residents who are on the brink of homelessness can use one of many emergency shelters located throughout the city, including the following:
- Hannah’s Place — 300 Princess, Winnipeg, MB, R3B 1M3
- Spence Neighbourhood Association Emergency Response Overnight Drop-in Shelter — 430 Langside St, Winnipeg, MB, R3B 2T5
- Just a Warm Sleep — 107 Pulford St, Winnipeg, MB, R3L 1X8
- Main Street Project Emergency Overnight Shelter — 637 Main St, Winnipeg, MB, R3B 1E3
Income Assistance
The provincial government in Manitoba offers an Employment and Income Assistance program designed to help residents in need meet basic financial needs. This includes Rent Assist Program benefits to help with the cost of housing. This program also provides those who are able to work with the necessary support to find employment.
You can find out more about the Employment and Income Assistance by calling 1-855-944-8111.
Utility Assistance
If your Manitoba Hydro account is overdue and you’re unable to cover your payments, the Customer Arrears Assistance Plan (CAAP) may help. Under this program, you can pay your arrears over an extended payment period to make your payments more affordable. Your monthly bill will be made up of a monthly CAAP installment to cover your overdue debt and a monthly installment for your hydro and gas consumption.
You can reach Manitoba Hydro at 1-888-624-9376.
