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British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

How To Get A Personal Loan In Manitoba

Lisa
Author:
Lisa
Lisa Rennie
Senior Contributor at Loans Canada
Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:
  • Personal finance
  • Real estate
  • Mortgage financing
  • Investing
Priyanka
Reviewed By:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
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Updated On: August 13, 2025
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If you live in Manitoba and are in need of extra cash to help cover expenses that your bank account can’t support, a personal loan might be a viable option. Personal loans in Manitoba can even be an effective credit-building tool when used responsibly.

Read on to find out everything you need to know about getting a personal loan in Manitoba.


What Is A Personal Loan?

A personal loan is a type of installment loan that allows you to borrow money and repay the funds over a set term with interest. These loans are often unsecured, meaning they don’t require collateral, and can be used for various purposes, like home renovations, medical expenses, or debt consolidation. 

Repayment typically involves monthly installment payments over a set period, which can range from a few months to several years. Interest rates and eligibility depend on factors like your credit score, income, and the lender’s requirements.

Personal Loan Features

Loan Amounts$500 to $35,000+
Loan Terms3 months to 5+ years
Interest Rates9.99% to 35%

What Expenses Can I Cover Using A Personal Loan?

Personal loans are typically flexible and can be used for nearly any expense, including the following:

  • Vehicle Repairs: If you’re in an accident and your insurance policy falls short, a personal loan can bridge the gap for repairs to get your car back on the road.
  • Utility Bills: A personal loan can help cover your cell phone, water bill, or electricity bill to ensure you don’t suffer any service interruptions when money is tight.
  • Travel: There may be times when you need to take an emergency trip, particularly when it comes to family issues. If you don’t have the funds to cover your travels, a personal loan may help.
  • Education Costs: If you don’t qualify for government funding to cover tuition, a personal loan can help pay for post-secondary education costs, including books, transportation, and residence.
  • Debt Consolidation: If you’re carrying several high-interest debts, the funds from a lower-rate personal loan can pay them all off, leaving you with a single bill to manage each month.

Learn more: Personal Loan


How Can You Qualify For A Personal Loan In Manitoba?

Eligibility requirements for a personal loan can vary by lender, but most will look at the following:

  • Residency: You must be a Canadian citizen or permanent resident.
  • Age: You must be the age of majority in Manitoba (18 years old).
  • Income: A stable and sufficient income that meets the lender’s minimum threshold is typically required.
  • Debt-To-Income Ratio (DTI): Lenders assess your existing debt relative to your income, which is represented as your debt-to-income ratio. Most lenders prefer a DTI of 44% or lower.
What Credit Score Is Needed For A Personal Loan?
When applying for a personal loan in Manitoba, lenders typically review your credit score to assess your creditworthiness. Generally, a score of 660 or higher is required, which will boost your chances of approval and help you secure a lower interest rate.
If your score falls below 660, you may still qualify for a personal loan, though your options will be limited and your loan will cost you more due to higher rates.

Learn more: Personal Loan Requirements: How To Qualify For A Personal Loan


Can You Get a Personal Loan with Bad Credit?

Yes, you can get a personal loan even if your credit is less than perfect. While you may not have any luck with a traditional bank, many private and alternative lenders specialize in offering loans to individuals with poor or no credit history.

Rather than relying on your credit score, these lenders typically assess your overall financial situation, including your income, employment, and existing debt. Keep in mind, however, that these loans come with higher interest rates and additional fees, making them more expensive than loans offered by banks.

Learn more: Best Bad Credit Loans In Canada


Where Can You Get A Personal Loan In Manitoba?

In Manitoba, personal loans are available from several financial sources, including the following:

BanksTraditional banks offer personal loans with competitive interest rates and flexible repayment terms. However, approval typically requires strong credit, and the process from application to funding can be slower compared to other sources.
Credit UnionsThese member-based institutions may provide lower interest rates and more lenient terms. To apply, you’ll need to become a member.
Private LendersThese types of lenders are ideal for those with bad credit or no credit history. They provide quick access to funds, sometimes within 24 hours of approval. But while more accessible, loans from private lenders come with higher interest rates and fees than banks or credit unions.

Can I Get A Personal Loan Online In Manitoba? 

Yes, you can easily apply for a personal loan online from anywhere in Manitoba, as most lenders now offer fully digital application processes. Several online lenders are available in Manitoba, including the following:

Fairstone Offers quick personal loans from $500 to $60,000. Learn More
easyfinancialOffers payday loan alternatives, even with bad credit, for up to $150,000.Learn More

Applying Online Vs. In Person: Which Is Better?

Applying for a personal loan online comes with a few perks that you can’t get when applying in person:

  • Convenience: You can apply for a loan anytime, from anywhere when you go the digital route. Many online lenders accept and assess loan applications within 24 hours.
  • Speed: Online lenders often use automated systems to expedite the approval and funding process.
  • Easy Comparisons: You can quickly and easily compare loan offers online to find the best deal.

That said, applying in person may be better if you prefer face-to-face assistance or have complex questions about your loan options.


How To Apply For A Personal Loan In Manitoba

Step 1: Get Pre-Approved

Before applying for a personal loan, get pre-approved with multiple lenders first. This will allow you to compare various loan offers based on your financial situation. Moreover, the pre-qualification process is often instant and only requires a “soft” credit check, so it won’t negatively impact your credit scores.

Step 2: Choose A Lender

Compare your loan offers and choose one that comes with affordable rates and favourable terms. Be sure to also compare funding times if you need the cash urgently.

Step 3: Gather All Required Documents And Apply

You’ll need to provide your lender with specific documents to verify your creditworthiness and identity. You can upload these documents and submit them electronically with your application. This may include a government-issued photo ID, bank statements, pay stubs and other related documents. Be sure to read over the application to make sure all the information is accurate.

Step 4: Wait For Approval

Once you’ve submitted the application you should receive a response shortly after. If approved, the funds will be deposited into your account within 24 to 48 hours (via direct deposit or e-Transfer), depending on the lender.

Learn more: How To Apply For A Loan

What Is Instant Bank Verification (IBV)?
Instant Bank Verification (IBV) is a secure, efficient, and quick way for lenders to verify your identity and income when you apply for a personal loan in Manitoba. Instead of submitting documents physically, you log into your bank account through a trusted third-party portal.
The lender will only receive a read-only snapshot of your bank statement. This allows them to quickly confirm your income and identity, speeding up the approval process without compromising your privacy.

Provincial Regulations When Applying For A Personal Loan In Manitoba: What You Should Know

Certain provinces have specific regulations in place that govern high-cost credit lending, including Manitoba. These rules are designed to curb the interest rates that alternative lenders can charge on products like payday loans and other high-cost credit products.

In Manitoba, any loan with an annual interest rate above 32% is classified as high-cost. Lenders in the province are required to be entirely transparent about their fee disclosures. More specifically, lenders must clearly provide borrowers with the following information:

  • Annual Percentage Rate (APR)
  • Annual interest rate
  • Loan term
  • Principal amount
  • Applicable fees
  • Total loan cost
  • Borrower’s cancellation rights

Borrowers have the following protections:

  • Cooling-Off Period: They can cancel the credit agreement within 48 hours of signing.
  • Early Loan Repayment: They may repay the loan early without penalty.
  • Maximum Interest Rate: Although Manitoba doesn’t have regulations on the interest a lender can charge, all personal lenders in Canada must comply with Criminal Code interest rate limits of 35% (APR).
  • Licensing Requirements: Lenders who provide high-cost credit products must be licensed to operate in the province and obtain a separate license for every location they conduct business in.

Learn more: Borrower Rights: High-Interest Loan Legislation In Canada

Have You Been Treated Unfairly? Here’s What To Do

If you believe you’ve been treated unfairly by a lender in Manitoba, you can file a complaint with the Consumer Protection Office to have the issue reviewed. 

By Mail Consumer Protection Office
302-258 Portage Avenue
Winnipeg, MB
R3C 0B6
By TelephoneWinnipeg and area: 204-945-3800
Toll-free in Manitoba: 1-800-782-0067
By Emailconsumers@gov.mb.ca

What To Consider Before Applying For A Personal Loan

Before applying for a personal loan in Manitoba, you’ll want to do your best to increase your chances of approval. Here are some steps you might want to take:

Boost Your Credit Score

Your credit score plays a major role in loan approval and interest rates. A higher score lowers the lender’s risk, which can lead to better rates and easier approval. If your score needs improvement, take time to pay down debts, make timely payments, and avoid new credit inquiries. 

Check your credit score for free using tools like Loans Canada’s CompareHub.

Consider A Cosigner

A cosigner is someone with strong credit and income who can help you qualify for a loan if you can’t get one on your own. Cosigners agree to take responsibility for the loan if you’re unable to repay, which reduces the lender’s risk and increases your approval odds. Just make sure the cosigner understands the commitment involved.

Learn more: Types Of Loans You Can Get With A Cosigner

Offer Collateral

Adding security to the loan as collateral gives lenders added protection and can improve your chances of approval. However, be mindful that if you default, the lender can seize the asset to recover their losses.

Pay Down Existing Debt

Paying down your debt can lower your debt-to-income (DTI) ratio, which lenders prefer. Before applying for a loan, pay down credit cards or other loans to reduce your DTI and show lenders that you’re able to take on new debt responsibly.

Maintain Stable Employment

Lenders prefer borrowers with consistent income. While some lenders may accept income from non-employment sources — like pensions, disability, or government benefits — a steady job is often viewed more favourably. If you’re currently unemployed, team up with a staffing agency to help you find a steady job, which can open the doors to many financial products.


How Do I Calculate The Cost Of A Personal Loan?

To estimate your monthly payments and total loan cost, consider these key factors:

  • Loan Amount: Larger loan amounts result in higher monthly payments and overall costs.
  • Loan Term: Longer terms reduce monthly payments but increase the total interest paid over time. Shorter loan terms may mean higher monthly payments, but you’ll save a lot of money in interest overall.
  • Interest Rate: Use the Annual Percentage Rate (APR), which reflects both the interest and all associated fees.

For a quick and accurate estimate, try using an online loan calculator to see how different variables affect your loan cost.


Is A Personal Loan Right For You?

Taking out a loan means adding more debt to the pile. As such, it’s important to carefully consider your situation to ensure taking on more debt makes sense for you:

When A Personal Loan Is The Right OptionWhen A Personal Loan Is The Wrong Option
You want versatility and flexibility with how you use the borrowed funds.You need the money for a small expense.
You’re able to get a low interest rate.You can’t comfortably afford the monthly payments.
You earn a stable income.You don’t have stable employment and lack sufficient income.
You have a large, important expense to cover.You’re using it for non-essential luxury purchases.

Struggling To Get A Loan? Explore These Financial Assistance Programs In Manitoba 

If you’re having trouble getting a personal loan, there are several financial assistance programs in Manitoba designed to help residents get access to necessary funding or to cover various essential expenses. Here are some programs available to help you get started:

Financial Resource
Employment and Income Assistance (EIA) Learn More
Children’s disABILITY Services (CDS) ManitobaLearn More
Manitoba Supports for Persons with Disabilities (MPSD) Learn More
Manitoba Child Benefit (MCB) Learn More
Canada-Manitoba Housing Benefit (CMHB)Learn More
55 PLUS — A Manitoba Income Supplement Learn More

Utility Assistance

If you’re falling behind on your energy payments, Manitoba Hydro offers several support options to help you catch up, lower your costs, and avoid service disconnection. Options are as follows:

  • Payment Arrangements: Set up scheduled payments to give yourself more time to pay off your balance.
  • Neighbours Helping Neighbours: This one-time emergency funding program offers financial assistance to low-income customers at risk of service interruption.
  • Customer Arrears Assistance Plan: Bundle your overdue balance with current charges into one manageable monthly payment.

Housing Affordability Assistance

Manitoba Housing offers the Affordable Homes Program in select rural communities across the province. This initiative is designed to help make homeownership more accessible for Manitobans living outside major urban centres. Under this program, eligible applicants have the following options:

  • Buy the single-detached home they currently rent.
  • Purchase a vacant Manitoba Housing-owned home in a designated rural area.

Food Banks

An increasing number of Canadians are relying on food banks to cover the cost of groceries these days. If you’re struggling to pay for food, there are several food banks in Manitoba servicing local residents, including the following:

  • Harvest Manitoba: 1085 Winnipeg Ave, Winnipeg, MB R3E 0S2
  • Food Matters Manitoba: 422 Notre Dame Ave, Winnipeg, MB R3B 1R1
  • Dauphin & District Community Food Bank: 220 Whitmore Ave W, Dauphin, MB R7N 3N2

Bottom Line

Personal loans in Manitoba can be a flexible way to cover life’s unexpected costs, from car repairs to consolidating debt, and everything in between. Whether you’re working with a bank, credit union, or private lender, understanding your options is key to borrowing smart. With the right financing option, you can take control of your finances without overburdening your pocketbook.


Personal Loans In Manitoba FAQ

Should I get a personal loan or a payday loan in Manitoba?

A payday loan is one of the most expensive ways of borrowing money. With an APR of 365% and a 14-day repayment term, many borrowers end up being unable to repay their loans and get stuck in a cycle of debt. On the other hand, a personal loan has much lower rates and longer repayment periods which will provide you with the funds you need and a repayment schedule that is affordable and manageable. 

Can I get a bad credit loan in Manitoba? 

Yes, there are many alternative lenders in Manitoba who provide loans to individuals with low or even no credit. These lenders typically based your approvals on a number of other financial aspects including your income level, debt level and job stability.

Can I get a personal loan using my Employment Insurance (EI) as income in Manitoba? 

Some lenders in Manitoba are willing to accept non-traditional forms of income like Employment Insurance (EI), disability benefits, Canada Child Benefits (CCB) and other government benefits. However, in order to be eligible, it must be directly deposited into your account. These lenders often provide no employment verification loans and will base your eligibility on your credit score, income level, and your debt level.

What documents do I need to submit for a personal loan? 

No matter which lender you apply with in Manitoba, you’ll generally need to provide a piece of identification, proof of income like paystubs, proof of employment like an employment letter and a void cheque for repayment. Some lenders may also require your bank statements to calculate your debt-to-income ratio and to ensure you have an active bank account. 

How much can I borrow? 

The amount you can borrow from any lender depends on the lender and your financial health. Generally, lenders offer personal loans up to 35k and higher, but the amount you qualify for depends on how much you can afford. Your income, credit, and debt-to-income ratio are a few of the factors that will determine how much you qualify for. 

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