Compare The Best Providers For Personal Loans Manitoba August 2022

Written By Bryan Daly

Loans Canada

Up to $50,000
2.00% to 46.96%
3-60 months


$1,000 - $15,000
29.9% - 46.9% APR
12 - 60 months

Symple Loans

$5,000 - $50,000
6.99% - 22.99%
Up to 84 Months

Spring Financial

Up to $15,000
14.99% to 46.96%
6 - 12 Months


$1,000 - $25,000
7.5% - 31.5%
36 - 60 months

Cash Money

$1,500 – $10,000
Varies by province
Varies by product (up to 60 months)


$5,000 - $35,000
Starting at 9.99%
6 - 60 Months


Up to $15,000
19.99% - 46.93%
No minimum term

Loan Away

Up to $5,000
19.9% to 45.9%
6 - 36 Months


$500 - $1000+
28 to 32%
3 Months

Consumer Capital Canada

$500 - $12,500
19.99% to 34.99%
No minimum term

Mogo Finance

$300 – $35,000
9.9% - 47.72%
3 - 60 Months

Fairstone Financial

Up to $50,000
19.99% - 39.99%
6 - 120 Months

If you live in Manitoba and are looking for a way to pay for expenses that your bank account or credit cards won’t support, a personal loan might be exactly what you need. Not only can personal loans in Manitoba help you buy things that you might normally have trouble affording, they’re an effective credit-building instrument when used sensibly. After all, good credit can help you access different credit products at a lower cost. 

What Can You Use A Personal Loan For In Manitoba?  

A personal loan is a credit product that can be used to cover unexpected expenses or finance large purchases. Personal loans range from $500 up to $35,000 and more depending on the lender you work with. Interest rates vary heavily depending on your financial health, but legally no lender can charge you an APR over 60%. Payments are made in installments and terms typically range between 6 months to 60 months. 

Personal loans are versatile and can be used to cover a number of different things including: 

  • Larger purchases that your credit card limit and bank account balance won’t cover
  • Tuition fees and other educational costs
  • Going on vacation or travelling
  • Elective medical/surgical operations
  • Repairs, renovations, or additions to your home
  • Repairs and other costs for your car or another vehicle
  • Any emergency expense that comes up in your life

Cost Of A Personal Loan    

There are three main factors to consider when calculating the cost of a personal loan. 

  • Interest Rate – The interest rate you get is the biggest and most obvious factor that affects the cost of your loan. The higher it is, the more interest you’ll pay. 
  • Fees – There are a number of fees that can add to the cost of your loan. Common fees include loan origination fees, administrative fees, prepayment fees and late penalty fees.  
  • Term Lenght – Your term length can have a big impact on the amount of interest you pay. While long terms offer lower payments, they cost more over the length of the loan. Similarly, while short terms lead to higher loan payments, they can save you money on interest. 
36 Month Loan60 month Loan
Loan Amount$15,000$15,000
Interest Rate6.5%6.5%
Term Lenght36 months60 months
Monthly Payment$459.74$293.49
Total Paid$16,550.64$17,609.4
Interest Paid$1,550.64$2,609.4

What Do You Need To Qualify For A Personal Loan In Manitoba? 

In Manitoba, every lender’s application procedure is slightly different. All lenders, however, want to be sure, first and foremost, that you can afford to repay your loan in full. So they typically have minimum requirements in place. 

  • Your Income Level – Lenders generally have an income level requirement with the lowest usually being 1,200 a month. 
  • Your Debt-To-Income Ratio – Lenders usually want your debt-to-income ratio to be lower than 36%, though some may still lend to you if it’s higher. 
  • Your Employment Record – A stable source of income is another factor lenders consider. The more stable your job, the more likely you’ll have the income to pay off the loan. As such, lenders generally require you’ve been employed for at least 3 -6 months with your current employer. 
  • Your Assets  – If you have an asset to offer as security, your employer may be more willing to approve you. 

Documents Required To Apply For A Personal Loan

  • Proof Of Identity – A government-issued photo ID is generally required to validate your identity and address. 
  • Proof Of Income – Pay stubs are typical documents used to prove income. 
  • Proof Of Employment – An employment letter or employer reference are two ways you could prove your employment. 
  • Other Financial Documents – You may also be required to provide your bank statements, a void cheque and more. 

How To Apply For A Personal Loan In Manitoba

5 Steps To Get A Personal Loan

Compare Lenders

Check out different lenders to compare what they offer and their requirements. Checking the requirements beforehand will help you apply with the right lenders. Many lenders offer free quotes which can help you choose the best offer.

Gather Documents

Ensure that you have all the necessary documents and information needed to apply for the loan. Mistakes on your application form and missing documents can cause delays in your loan and even denial.

Apply And Get Funded

With your documents gathered, you can apply with a lender of your choosing. The underwriting process typically takes a few hours to a few days depending on the lender. If approved, you should receive the funds shortly after.

How Will You Recieve Your Personal Loan in Manitoba?

Every lender’s process in Manitoba will vary slightly, so make sure to ask them when and how you will be able to collect your personal loan money. That being said, lenders will generally offer you the option of direct deposit or through e-transfer

Lookout Watch Out For Hidden Fees In Personal Loan Contracts

Loans Canada Lookout


How To Increase Your Chance Of Approval? 

Depending on your financial ability and your lender’s regulations, your chances of approval in Manitoba will vary. To help increase your odds of approval, here are a list of things you can do: 

  • Improve Your Credit – While many lenders may accept bad credit borrowers, having good credit can increase your chances of approval. 
  • Lower Your Debt Level – Your debt-to-income ratio helps lenders decide how much you can afford to borrow. Paying off your debts before applying can help lower your ratio which may increase your chances of approval. 
  • Offer An Asset – Securing your loan with an asset is another way to increase your approval chances. Offering an asset will reduce the lender’s risk as they can seize the asset in the event you default on the loan.
  • Get A Co-Signer – A cosigner is a person who agrees to take legal responsibility for the loan in the event of you are unable to keep up with the loan payments. This added security reduces the lender’s risk and can increase your chances of approval. 

What Credit Score Do You Need For A Personal Loan Approval In Manitoba?

Your 3-digit credit scores (ranging from 300-900) tells your lenders in Manitoba how likely you’ll pay your loan payments on time. Generally, credit scores of 650 or above are considered good. The higher your scores, the less risky of a borrower you’ll be considered. It signals to them that your likelihood of missing payments is low.  Borrowers with credit scores below 650 can still get approved, but they may be given a higher interest rate as a result.

Should You Use A Credit Card Over A Personal Loan? 

You may be wondering if using your credit cards is a better and simpler way of dealing with your expenses. While it is true that credit cards are also a good tool that comes with many benefits, they can also cause harm to your finances when not used properly.  In general, you should use a credit card if It’s for a small expense. Credit cards are a good option for making quick, small purchases that are easily paid off within 30 days. 

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 between 400% and 600% and a 14-day repayment term, many borrowers end up being unable to repay their loan 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, debt-to-income ratio are a few of the factors that will determine how much you qualify for. 

Bottom Line

Personal loans are versatile forms of credit that can help any Manitoban with major purchases and unexpected expenses. If you’re looking for a personal loan in Manitoba, apply today with Loans Canada and we’ll connect you to the best personal loan providers in Manitoba. 

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