Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 6 – 84 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- Up to 34.99%
- Term
- Up to 60 months
Are you in need of financial assistance? If so, loans in Manitoba are available. But there are several loan options to choose from, each one offering its own perks. Understanding your options can empower you to make a more informed decision. Read on to explore some of the more common loan types available to Manitoba residents.
Getting A Loan In Manitoba? Here’s What’s Worth Checking Out
Here are some of the more common loan options available in Manitoba:
Personal Loans
A personal loan is a type of financing that provides a lump sum of money that may be used to cover just about any expense, such as home improvements, car repairs, or debt consolidation. These loans are repaid via installments over a specific term.
Personal Loan Features
- Loan Amounts: Up to $35,000+
- Interest Rates: 9.99% — 35%
- Loan Terms: 3–60 months+
Learn more: How To Get A Personal Loan In Manitoba
Lines Of Credit
A line of credit is a flexible form of financing that provides access to money up to a specific limit, which can be used as needed and repaid at any time. Unlike traditional loans, interest is only charged on the amount borrowed. Once the funds are repaid, you can borrow from your credit line over again.
Line Of Credit Features
- Loan Amounts: Flexible credit limits depending on your collateral, credit, and lender
- Interest Rates: Variable; tied to the lender’s prime rate
- Loan Terms: Flexible & open-ended
Affordable Credit Line Options
| MoneyUp | MoneyUp lets users access an instant line of credit up to $1,000 without a credit check or interest charges. |
| Nyble | Nyble provides a no-interest credit line up to $250, which is also designed to help users build their credit history without requiring a credit check |
Learn more: Best Line Of Credit Rates In Canada 2025
No-Interest Cash Advances
A payday loan is a short-term, high-cost loan that is typically due on the borrower’s next payday or within a few weeks. These loans come with very high fees and interest rates, making them an expensive way to borrow cash quickly.
| Bree | Bree gives users immediate access to cash advances of up to $500, with zero interest and no required credit check. |
| KOHO Cover | KOHO Cover provides interest-free cash advances up to $250 without credit checks, though a small monthly subscription fee is required. |
Payday Loans
A no-interest cash advance is a short-term borrowing solution that provides quick access to cash with no interest or credit check required.
Payday Loan Features
- Loan Amounts: Up to $1,500
- Interest Rates: $14 per $100 borrowed
- Loan Terms: Up to 62 days
Learn more: How To Get Payday Loans Manitoba
Looking To Apply For A Loan? This Is What Lenders Look At
Each lender has its own requirements for approving loans, but some criteria are pretty standard and include the following:
- Residence: Applicants typically must live in the same province as the lender
- Income: Borrowers must provide proof of sufficient income to handle loan payments along with other expenses.
- Employment: Most lenders expect steady employment for at least several months, though select lenders may approve those with non-traditional income sources, like government benefits or pensions.
- Bank Activity: Bank statements are often reviewed to evaluate a borrower’s debt-to-income ratio, ensuring income can support additional payments.
- Credit Score: Many lenders perform a credit check to assess a borrower’s creditworthiness.
| Is Bad Credit Getting In The Way Of Loan Approval? If you have poor credit, you can still secure a loan by applying with alternative lenders, who tend to be more flexible than banks. Many lenders within this sphere don’t conduct a credit check at all, making their loans more accessible and easier to qualify for. |
Learn more: Personal Loan Eligibility Requirements For Bad Credit Lenders
How Do I Apply For A Loan?
To apply for a loan, take the following steps:
Step 1: Choose Your Loan Type
Start by selecting the type of financing that matches your needs, such as a personal loan, line of credit, secured loan, or payday loan. Consider your financial situation and choose carefully; larger sums of money are available with personal loans for those with good credit, while payday advances may be better for smaller, urgent expenses if you have poor credit.
Step 2: Ensure You Meet The Lender’s Requirements
Next, confirm that you meet the lender’s eligibility criteria, which commonly include:
- Sufficient, steady income
- Stable employment
- Good credit
- Valid bank account
It’s a good idea to research and compare offers on rates, fees, terms, and funding speed. Using online platforms like Loans Canada can help you review all available options at once.
Step 3: Apply
Once you’ve chosen a lender, complete the application and provide supporting documents, such as:
- Government ID
- Proof of address
- Income verification
- Bank statements
After your application is submitted, processing times differ; some online lenders can approve borrowers almost immediately, while banks may require a few business days. If approved, the funds are usually issued by direct deposit or e-Transfer, and in some cases, you could have access to your money that same day.
Learn more: How To Apply For A Loan
Can I Get Guaranteed Loan Approval In Manitoba?
There’s no way to guarantee a loan will be approved, and any “lender” that promises loan approval on the spot without assessing your finances is likely a scammer.
That said, there are steps you can take to boost your chances of loan approval:
- Keep Your Debt-To-Income Ratio Low: Lowering your DTI ratio to below 35% is important. You can calculate this ratio by adding up your monthly debts, dividing by monthly income, and multiplying by 100 to get the percentage.
- Use A Cosigner: If you’ve been turned down for a loan, having someone with strong financial standing cosign your application can help overcome approval barriers.
- Choose The Right Lender: Selecting a lender that aligns with your current financial situation can also improve your odds, as different lenders may offer more flexibility with credit scores or income requirements.
| What To Do If You Have Bad Credit If a bad credit score is making it difficult to get approved for a loan, you can take steps to improve it by doing the following: – Use a secured credit card – Apply for a savings loan – Use a credit-building product – Have your rent payments reported to the credit bureaus through services like Chexy |
How Do I Find A Legitimate Lender In Manitoba?
In Manitoba, many fraudulent lenders try to trick people out of their money. If an offer seems unexpectedly generous — like a large loan with an unusually low interest rate — and you weren’t expecting approval, it’s likely a scam.
- Check MFSA / FIRB’s Registered Institutions List: Visit the Manitoba Financial Services Agency’s (MFSA) website and look for “Trust and Loan Corporations” to verify if the lender is listed as registered or licensed to do business in Manitoba.
- Check With The Consumer Protection Office: Lenders offering high-cost credit products must be licensed by this office. Check with the Consumer Protection Office to ensure they’re properly licensed. Otherwise, check the lender’s website or storefront and look for a valid license number.
| Have You Been A Victim of Loan Fraud? If you’ve been taken advantage of by a fraudulent lender, contact the Consumer Protection Office. They handle complaints about unfair loan practices, payday lenders, and other consumer finance issues: – Mail: 302-258 Portage Avenue, Winnipeg, MB, R3C 0B6 – Phone: 204-945-3800 / 1-800-782-0067 – Email: consumers@gov.mb.ca |
Where Can I Apply For A Loan In Person?
Alternative lenders tend to operate predominantly online. However, some still offer in-person services in Manitoba, including the following:
| Fairstone | – 131 Provencher Blvd., Unit 113, Winnipeg, MB R2H 0G2 – 839 18th St. Unit 1, Brandon, MB R7A 5B8 – 1800 Saskatchewan Ave. W, Unit 50, Portage la Prairie, MB R1N 0N9 Find a Fairstone branch near you. |
| easyfinancial | – 2579 Main St #3, Winnipeg, MB R2V 4W3 – 2230 McPhillips St Unit 8, Winnipeg, MB R2V 3C9 – 1300 18th St Unit C, Brandon, MB R7A 6X7 Find an easyfinancial branch near you. |
| LendDirect | – 1615 Saint Mary’s Road Suite 200, Winnipeg, MB R2M 3W8 – 1375 McPhillips Street Suite 212, Winnipeg, MB R2V 3V1 – 647 Portage Ave Unit 1, Winnipeg, MB R3B 2G4 Find a LendDirect branch near you. |
Ready To Apply? Consider These Factors First
Before applying for a loan, there are a few important factors to consider that can affect both your approval chances and future financial well-being.
- Is A Loan A Good Idea Right Now? Ask yourself if taking on debt is necessary right now. Loans make sense for urgent expenses, large purchases you can repay over time, or essential needs like rent. But they may not be a good idea for non-essential purchases, like vacations.
- Have You Shopped For The Best Loan? Be sure to compare different loan offers to find the best rates and terms, and consider getting pre-approved to better understand what you can afford and strengthen your position with lenders.
- Do You Have A Bank Account? Having a bank account is essential for loan applications since it provides proof of financial stability and a way for the lender to deposit funds and make payment withdrawals. If you don’t have one, opening an account with no-fee digital banks like EQ Bank, Neo Financial, or Tangerine is quick and free.
- How Much Will You Spend On A Loan? The entire amount you’ll owe by the end of the loan term is dependent on a few key factors, such as the interest rate, term length and fees. You can quickly calculate your loan cost with this online loan calculator.
Bottom Line
If you’re in need of some financial backing when your bank account comes up short, there are several loan options available in Manitoba. Just be sure to weigh your options based on your financial and credit profile, do some comparison shopping, and crunch the numbers to make sure you can afford your payments.
