Compare The Best Providers For Payday Loans Manitoba December 2021

Written By Bryan Daly
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Symple Loans
$5,000 - $50,000 5.75% - 22.99% Up to 84
$5,000 - $50,000
Afterpay
Varies 0% 6 or 8 weeks
Varies
Spring Financial
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
goPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
Financeit
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Lendful
$5,000 - $35,000 9.9%+  6 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fairstone Financial
Up to $50,000 19.99% - 39.99% 6 - 120 Months
Up to $50,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
LoanMeNow
$500 - $1000+ 28%-32% 3
$500 - $1000+
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
CashMoney
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
Loop
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
Fusion Credit Union
- - -
-
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Capital
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
SafeLend
Up to $50,000 8.99 + 12 -72
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Helium Loans
$500 - $50,000 - 24 - 60
$500 - $50,000
Alphera Financial Services
- - -
-
Eden Park
- 11.9% - 22.9% Up to 84
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital Savings
- Starting at 4% Up to 84
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Cars on Credit Financial
- 14.5% to 29.9% -
-
Canada Car Loans
- - -
-
Calmont Leasing
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Birchwood Credit Solutions
Up to $50,000 - -
Up to $50,000
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
$25,000 - $150,000 1% monthly 12
$25,000 - $150,000
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
Hubert Financial
- 1.69% - 3.49% 12 - 84
-
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
Keystone Finance Solutions
$10,000+ Upon request Upon request
$10,000+
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Dominion Lending Center
- - -
-
Fisgard Asset Management
- -- -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Capital Direct
$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Manitoba residents experience debt problems just like any other Canadian. If you live in Manitoba and are currently in a bad debt situation, you might be wondering if a payday loan is the right solution. Be careful! While payday loans might seem like an effective method of debt consolidation or covering an emergency expense in Manitoba, they may only cause further debt problems for you.

Read this before you try to apply for a payday loan online.  

How Payday Loans Can Be Predatory

The reason that any Manitoba native might apply for a payday loan is simple: they’re very easy to get. As long as you’ve got an active chequing account and you’re a proven Manitoba resident with at least 3 months worth of steady income, you walk away with cash-in-hand on the same day you applied. No credit check is needed.

Payday Loan Lenders Are Often Predatory Because:

  • They prey on borrowers in Manitoba who don’t qualify at other, more traditional lenders (banks, credit unions, etc.)
  • They use a borrower’s desperation as a selling tactic, then charge extremely high-interest rates and other concealed fees for the use of their products
  • They try to coax you into borrowing more and more money as a way to consolidate what you already owe, pushing you into a cycle of revolving debt

Payday Loan Interest Fees and Other Costs

Normally, payday loans are for relatively small amounts of $1,500 or less. So, the way payday lenders make a profit for such small loans is by charging sky-high interest rates and other similar fees plotted throughout the fine print in your contract. How much interest they are allowed to charge will also vary depending on your home province. In this case, payday lenders in Manitoba are not permitted to charge more than 17% interest ($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.

How to Break The Payday Loan CycleTake a look at this infographic to learn more about the payday loan cycle of debt. 

Payday Loan Regulations in Manitoba

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.

In Manitoba, payday loan lenders must:

  • Have an official business license approved by the provincial government
  • Allow you 2 business days to cancel your contract without penalty
  • Charge a maximum of 17% interest (no Canadian province is allowed to charge more than 23% interest)
  • Provide you will all information regarding their approval and payment process

They are NOT permitted to:

  • Contact you more than 3 times a week concerning payment or any related issues
  • Contact your family, friends, colleagues, or anyone else you know
  • Threaten you or use inappropriate tactics to collect payment
  • Demand assignment of wages or deduct payments directly from your paycheque
  • Sell you any credit product other than an official payday loan
  • Allow you to “roll over” your loan (offer you a second loan before your first one is paid in full)

Alternatives You May Have in Manitoba

Because of the massive financial hardship they can cause for Manitoban borrowers, payday loans should only be used when you:

  • Have no other option (you don’t qualify for credit cards, other loan products, etc.)
  • Have a dire financial emergency on your hands (no money for rent, food or other necessary living expenses, etc.)
  • Are absolutely certain that you can afford to pay your loan in full, with interest, by the end of your first two-week payment period

What happens when you can’t make your loan payments on time? Find out here.

Healthier Alternatives or Ways to Break the Payday Loan Cycle in Manitoba:

Depending on how much debt you have, what your finances and credit look like, and how large your expenses are, you can also try:

  • Asking your family or friends for assistance
  • Going to credit counselling
  • Personal/installment loans
  • A home equity loan or line of credit
  • A secured credit card
  • A vehicle title loan (as long as you own a vehicle)
  • A debt consolidation loan
  • A debt management program
  • A consumer proposal
  • Declaring personal bankruptcy

The True Cost of BorrowingClick here to learn more about the true cost of borrowing. 

How to Spot an Illegitimate Payday Loan Lender in Manitoba

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.

Here’s how you can spot a scam artist:

  • They have some kind of “roll over” technique. One of the easiest ways to identify an illegitimate operation is if they sell you a second loan to cover the cost of your first, even though you haven’t paid it in full. This is an illegal activity in Canada.
  • They have no reputation to examine. When you’re applying for any credit product in Manitoba, it’s essential to do prior research. Make sure they’re a legitimate enterprise by checking customer reviews and looking up their company in the Better Business Bureau database. Most payday loan lenders will also have a physical location you can visit to confirm their legitimacy or report to the authorities if you’re mistreated.
  • They try to manipulate you. While every salesperson has their method of sweet-talking you into buying their merchandise, be very careful when it comes to payday loans or any product that requires your banking information. If it seems like the salesperson is pressing you for your information, but telling you very little about the supposed loan, don’t give them anything.
  • They won’t let you walk away or they use abusive tactics. Remember, scam artists are sneaky. They may even threaten you or use inappropriate language to scare you into handing over your information or to get you to pay what you owe. If this happens, report them immediately and don’t give them anything else.
  • They charge over 23% interest or have other unidentifiable fees. This can be true for predatory lenders and scam artists. Remember, it’s illegal to charge more than 23% interest in any Canadian province. If they try to sell you a higher rate or tack on a bunch of extra charges that don’t make sense, it’s probably best to turn in the other direction.

Watch this video to learn more ways of identifying a loan scam.  

Frequently Asked Questions

Is a payday loan better than taking a cash advance on my credit card?

No. A cash advance on a credit card will almost always be cheaper. Suppose you borrow $300 for two weeks. For a payday loan in Manitoba, you’ll be charged $17 per $100 borrowed, so you’ll ultimately pay $51 in interest on top of the $300 you’ll need to pay back. A cash advance on a typical credit card might cost you a $5 upfront fee and then 23% annual interest. Calculated over those two weeks, you’ll only pay $7.65 in interest, a savings of $43.35 over the payday loan.

What is the legal interest rate for payday loans in Manitoba?

In Canada, the total annual interest and fees on a loaned amount cannot exceed 60% by law. However, payday loans get their own special rate. In Manitoba, it can be up to $17 per $100 borrowed, which translate to almost 450% annually for a two-week loan. The reason for this exception in the interest rate is because of how short the repayment term of the loan is, typically 2 to 8 weeks, or within 1 to 2 paychecks. With a normal interest rate, these very short-term loans wouldn’t work for a payday lender’s business model. This is especially true since those who take out payday loans are typically higher-risk borrowers. Payday loans should only be considered when there is a sudden shortfall of cash and crucial expenses need to be covered in the case of an emergency. They are not long-term solutions.

Does applying for a payday loan affect my credit rating?

You should verify this information with any provider you plan to apply to. That said, payday lenders don’t tend to conduct credit checks because of the overhead costs. They will however require you to provide a proof of address, identity, a regular income, and a bank account if you want the funds to be direct deposited. However, if you fail to repay the loan, it may get handed over to a collections agency who will eventually report the outstanding balance to a credit bureau, thereby affecting your credit rating. So make sure to repay your payday loans even if there’s no credit check at first.

Your Other Option is Loans Canada

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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