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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 be able 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.
Keep in mind that payday loans in Manitoba are among the most expensive loan types around. Every province has its own regulations surrounding maximum charges on payday loans, and in Manitoba, payday lenders cannot charge any more than $17 per $100 borrowed.
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:
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.
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.
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.
To be eligible for a payday loan in Manitoba, you’ll need to meet the following criteria:
Different lenders may have slightly varied criteria, so it’s important to verify the exact requirements with your payday lender before applying.
Payday lenders in Manitoba are not permitted to charge more than $17 per $100 borrowed.
Since it can be tough to determine on your own how much your payday loan will cost you, make sure to ask your lender. If they’re a legitimate organization, they’ll be legally required to tell you exactly how much your loan you’ll owe by the end of your term, as well as provide you with any other information about their payment process.
Borrowed Amount | Total Interest | Total Repayment |
$1000 | $170 ($17 per $100 borrowed) | $1,170 $1,000 (originally borrowed funds) + $170 (interest on the loan) |
Other costs you should consider when getting a payday loan in Manitoba are the potential fees you may be charged due to missed or late payments. This may include late penalty fees, NSF fees and overdraft fees. For example, in Manitoba, lenders cannot charge more than $20 for a returned cheque.
Since payday loans are not completely outlawed in Canada yet, the government has established some basic rules that all lenders must follow if they want to operate legally. They’ve done this in an effort to control the amount of debt they can create.
Payday Loan Amount | You can borrow up to $1,500. However, you cannot borrow more than 30% of your net pay. |
Max Term | Terms in Manitoba cannot exceed 62 days. |
Interest | $17 per $100 |
Repayment | No payday lender is allowed to demand payment by assignment of wages or automatic deduction from your paycheck. |
Cooling Off Period | All payday lenders in Manitoba must give you a 2-day cooling off period after receiving the funds to cancel your loan with no penalty. |
Roll Over Law | There are no laws preventing you from rolling over your loan in Manitoba. |
Lender License | All Manitoba payday lenders must have an official business license approved by the provincial government. |
Default Consequences | – NSF Fee |
Other Regulations | Payday lenders in Manitoba cannot demand assignment of wages or deduct payments directly from your paycheque. They also cannot threaten you or use inappropriate tactics to collect payment |
Because of the massive financial hardship they can cause for Manitoban borrowers, payday loans should only be used when you:
For theoretical purposes, let’s say you’ve exhausted all your other options and a payday loan is your last resort. It’s very important to realize that not all of these organizations are legitimate. While some payday loan sources are simply predatory in nature, others are actually scam artists trying to steal your financial and personal information.
Depending on how much debt you have, what your finances and credit look like, and how large your expenses are, you can also try:
Still looking for some options to avoid payday loans or to help you break your payday loan cycle? It’s a good thing that you’ve found Loans Canada. Our team is here to set you up with the right financial aid for your debt situation. Apply today for a solution!
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