If you’re a resident of Manitoba and need access to fast cash, a payday loan may be an option. These short-term loans are available in Manitoba and provide small loans up to $1,500 to help you cover a variety of urgent expenses.
Loan terms can be as little as a couple of weeks to no more than 62 days, which means you’ll need to come up with the money to repay the loan, plus interest, within a very short period of time.
Payday loans are very easy to qualify for. You can get approved even with bad credit. Approval decisions are made very quickly, and the funds are typically available within the same business day.
Payday Loans In Manitoba: What To Expect
Before applying for a payday loan in Manitoba, you should understand its costs, repayment terms, and loan limits:
- Loan Amounts: Up to $1,500
- Repayment Terms: Up to 62 days
- Cost: $14 per $100 borrowed
Types Of Payday Loans You Can Get
You can apply for payday loans in person by visiting a payday lender’s physical storefront, but there are other variations that make applying for this short-term loan easier and more convenient:
Online Payday Loans
You can apply for a payday loan online on a lender’s website. The entire application and funding process takes place virtually without the need to visit a brick-and-mortar location. The funds will typically be sent to you via direct deposit shortly after approval.
E-transfer Payday Loans
Some payday lenders fund via e-transfer. As long as you have an active email address, you can access your borrowed funds within a few minutes after being approved.
Weekend Payday Loans
Some lenders don’t work on weekends, which means if you apply for a payday loan outside of business hours, you’ll need to wait until opening time on Monday morning to get your money. But weekend payday lenders operate 7 days a week, including on weekends, which means you can get your money any day of the week.
What Do You Need To Get A Payday Loan?
To qualify for a payday loan in Manitoba, you typically need to meet the following criteria:
- Be at least 18 years old (age of majority in Manitoba)
- Have a valid chequing account
- Provide proof of income
- Have a valid ID
Do I Need Good Credit?
Most payday lenders don’t perform a credit check, which means you can get a payday loan even if you have bad credit. Payday lenders look at your income and ability to pay back the loan.
| Note: Wondering what your credit score is? Check it for free using Loans Canada Compare Hub. |
Do I Need A Job To Get A Payday Loan?
You may not need to be employed to get a payday loan, depending on the lender. Some lenders accept non-employment income sources, like Employment Insurance (EI), pensions, disability payments or other government benefits.
Where Can You Find Licensed Payday Lenders In Manitoba?
Whether you’re looking for a payday lender online or in-person, they must be licensed. To find out if a payday lender is licensed in Manitoba, you can check their website or storefront for a license number.
Here are a few licensed payday lenders to help you get a head start on your search:
Where Can I Find A Payday Lender In My City?
Whether you live in Brandon, Thomson, or a major city like Winnipeg, the available lenders will vary. Generally, you’ll find more payday lenders in densely populated areas.
Here are a few locations where you can apply for a payday loan in Winnipeg:
| CashMoney | – 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 this CashMoney branch locator. |
Steps To Getting A Payday Loan
If you’re ready to apply for a payday loan, follow these steps:
- Step 1: Find A Lender. Find a reputable payday lender in your area or online – ideally licensed – that meets your needs and has transparent fees and terms. You can look for a lender by using an online loan comparison platform, like Loans Canada. Make sure you meet their basic criteria, such as age, residence, and income proof.
- Step 2: Gather Documentation. Prepare all necessary documents, like photo ID, proof of income, and bank account information.
- Step 3: Complete The Application. Fill out the lender’s application form, either online or in person, ensuring all information is accurate.
- Step 4: Receive Funds. Once approved, the funds are typically sent via e-Transfer or direct deposit, often the same day.
| What Is Instant Bank Verification? Instant Bank Verification (IBV) is a quick and secure process that allows lenders to verify a borrower’s bank account information by securely accessing their banking information. This helps lenders confirm income, account ownership, or account status without the need to do this manually. With IBV, loan applications can be processed much faster, which means quicker funding. |
What Rights Do Borrowers Have When Taking Out A Payday Loan In Manitoba?
Borrowers in Manitoba have several rights when taking out a payday loan, which are protected under Payday Loan Regulations and regulated by the Consumer Protection Office. These rules are meant to protect consumers from unfair practices from lenders.
The following are rules that payday lenders in Manitoba must adhere to:
| Loan Amounts | Up to $1,500 |
| Loan Terms | No longer than 62 days without being renewed or extended |
| Limit On Fees | Maximum fee of $14 per $100 borrowed, and no other hidden fees allowed |
| Cooling-Off Period | Cancel a payday loan within 48 hours of signing the contract without incurring penalty fees |
| Rollovers | Allowed, but with limits on how much lenders can charge |
| Disclosures | All fees, the total cost to borrow, the interest rate, and the repayment due date must be shown on the loan contract |
| Lender Licensing | All Manitoba payday lenders must have an official business license approved by the provincial government |
| Default Consequences | – NSF fee – Up to 2.5% of default amount |
Learn more: Payday Loans: Know Your Rights
How To File A Complaint Against A Payday Lender In Manitoba
If you think you’ve been mistreated by a payday lender in Manitoba, you can submit a complaint to the Consumer Protection Office.
| By Mail | Consumer Protection Office 302-258 Portage Avenue Winnipeg, MB R3C 0B6 |
| By Telephone | Winnipeg and area: 204-945-3800 Toll-free in Manitoba: 1-800-782-0067 |
| By email | consumers@gov.mb.ca |
How Much Do Payday Loans Cost?
Every province has its own regulations surrounding maximum charges on payday loans, and in Manitoba, payday lenders cannot charge any more than $14 per $100 borrowed.
To help you understand how much a payday loan could cost you, let’s illustrate using a few examples:
| Loan Amount | Cost To Borrow | Total Cost Of The Loan |
| $100 | $14 | $114 |
| $200 | $28 | $228 |
| $300 | $42 | $342 |
| $400 | $56 | $456 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
| $1,500 | $210 | $1,710 |
What To Watch Out For With Payday Loans
Before applying for a payday loan, be sure to consider the following potential dangers of these expensive, short-term loans:
Loan Scams
Predatory lenders lurk within the payday loan sphere. To protect yourself, make sure you keep your eye out for lenders that do the following:
- Demand upfront fees before providing the loan.
- Guarantee approval, regardless of your financial or credit health.
- Request sensitive personal or banking information through unsecured means.
- Have no physical address or website.
- Use high-pressure sales tactics to rush you into signing an agreement.
Debt Trap
Payday loans can lead to more debt if you’re not careful. The high interest rates and short repayment terms can make it difficult to repay the loan on time. In some cases, borrowers may feel the need to take out new loans to cover previous ones, which can create a cycle of mounting debt.
Is A Payday Loan Right For You?
Payday loans should only be considered after all other options have been researched. These types of loans may only be suitable in the following scenarios:
- You’re facing an urgent expense — like medical bills, car repairs, or urgent home repairs — and no other quick funding options are available, a payday loan may help.
- You need immediate cash to cover essential bills until your next paycheque.
- An overdraft fee or late payment penalty is higher than the cost of a payday loan, making it a cheaper financial solution.
- You have bad credit and can’t qualify for other short-term loans.
Other Options To Get Cash Quick
You may find a payday loan useful if you’re in need of urgent cash and don’t have the time or the criteria to secure a traditional personal loan. But payday loans come with major drawbacks, which is why you may want to consider other options first before resorting to a payday loan.
Credit Card Cash Advances
If you already have a credit card, you may be able to withdraw cash from your account to access fast cash. This essentially involves borrowing against your credit card limit. You’ll be charged interest on the amount withdrawn immediately.
Personal Loans
A personal loan gives you a lump sum of money and is paid back through installments over a much longer loan term than payday loans. You can borrow up to $50,000, and interest rates are usually a lot lower.
Small Credit Lines & Cash Advances
You can access small lines of credit with minimal approval criteria to get access to fast cash. A couple of options include:
- Nyble: Nyble provides small, interest-free lines of credit for up to $150, You can use this credit line to both access fast cash and build healthy credit with timely payments.
- Bree: Bree offers short-term, interest-free cash advances of up to $350 as a way to avoid bank overdraft fees. You don’t have to undergo a credit check and there are no mandatory fees.
- MoneyUp: MoneyUp is a financial service that offers its FastForward feature, an instant credit line that provides up to $1,000 with no credit check and no interest.
- KOHO Cover: KOHO Cover is a cash advance feature from KOHO, offering users access to up to $250 interest-free to help avoid the high fees typical of payday loans.
Government Assistance Programs
Provincial and federal government programs are available to assist Manitoba residents who are financially struggling:
| Employment and Income Assistance (EIA) | Learn More |
| Manitoba Rent Assist | Learn More |
| Compassionate Care Benefits | Learn More |
| Employment Insurance (EI) | Learn More |
| Old Age Security (OAS) | Learn More |
| Guaranteed Income Supplement (GIS) | Learn More |
Need Help With Your Finances? Check Out These Debt Relief Programs:
If your financial issues are much more severe, you may want to look into more aggressive ways to deal with them. In Manitoba, you have several options for relief from your payday loan debt. These programs are designed to help you manage, reduce, or even eliminate your debt:
| Credit Counselling Services | Learn More |
| Debt Consolidation | Learn More |
| Debt Management Plans (DMP) | Learn More |
| Consumer Proposal | Learn More |
| Bankruptcy | Learn More |
Bottom Line
Payday loans can provide quick access to cash in emergency situations, but they come with high fees and the risk of getting caught in a debt trap. Before applying, it’s important to carefully consider alternative options and only use payday loans as a last resort. Responsible borrowing and thorough research can help protect your financial health.
Payday Loans In Manitoba
What do you need to get a payday loan in Manitoba?
Is a payday loan better than taking a cash advance on my credit card?
What is the legal interest rate for payday loans in Manitoba?
Does applying for a payday loan affect my credit rating?
