📅 Last Updated: January 12, 2023
✏️ Written By Lisa Rennie
🕵️ Fact-Checked by Caitlin Wood
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Can You Get A Payday Loan In Manitoba?

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.

Types Of Payday Loans You Can Get In Manitoba

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 Are The Requirements For A Payday Loan In Manitoba?

To be eligible for a payday loan in Manitoba, you’ll need to meet the following criteria:

  • Be 18 years old or older
  • Be a Canadian citizen or permanent resident
  • Have a valid address
  • Have a reliable source of income
  • Have an active bank account in Canada that can receive direct deposits
  • Have an active email address to receive e-transfers

Different lenders may have slightly varied criteria, so it’s important to verify the exact requirements with your payday lender before applying. 

How To Calculate The Cost Of A Payday Loan In Manitoba?

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 AmountTotal Interest Total Repayment
$1000$170 ($17 per $100 borrowed)$1,170 $1,000 (originally borrowed funds) + $170 (interest on the loan)
This example is based on a $1,000 loan paid in 14 days.

Other Costs To Consider When Getting A Payday Loan In Manitoba 

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.

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.

Payday Loan AmountYou can borrow up to $1,500. However, you cannot borrow more than 30% of your net pay.
Max TermTerms in Manitoba cannot exceed 62 days. 
Interest$17 per $100
RepaymentNo payday lender is allowed to demand payment by assignment of wages or automatic deduction from your paycheck.
Cooling Off PeriodAll 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 LawThere are no laws preventing you from rolling over your loan in Manitoba.
Lender LicenseAll 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

Risks Of Payday Loans

  • Scammers – The payday lending space is a common playground for scammers. When taking out a payday loan, ensure that the lender is reputable. 
  • Loan rollovers – There are no rules against loan rollovers, so there’s a greater chance you’ll get stuck into a cycle of debt.

When Should You Use A Payday Loan 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

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.

  • 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.

Alternatives You May Have 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:

  • Personal/installment loans
  • A home equity loan or line of credit
  • A vehicle title loan (as long as you own a vehicle)
  • A debt consolidation loan
  • A debt management program
  • A consumer proposal

Payday Loans In Manitoba

What do you need to get a payday loan in Manitoba?

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.

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.

Bottom Line

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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