Best bad credit loans in Manitoba

If you have bad credit, your options to get a loan may be more limited, but you do have options. There are several lenders that specialize in bad credit loans in Manitoba, and we cover some of the best in this guide. These loans have easier eligibility criteria than bank and credit union loans, but be prepared for higher rates.

Alternative lenders will not focus on your low credit score when reviewing your application. Instead, to approve you for a loan, they’ll want to make sure there’s room in your monthly income to take on new debt.

Best for

Competitive Rates

Loans Canada Personal Loan

Best for

Flexible Terms

Spring Financial Personal Loan

Best for

Fast Financing

LoanConnect Personal Loan

Best bad credit loans in Manitoba

1. LoanConnect

8.5 Great

Go to site Read review

$500 – $60,000
Loan amount

8.99% – 46.96%
APR

3 - 120 months
Term

• Our Take
• Pros + Cons
• Details

LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile.

Why it's one of the best

• Save time. Your application will be cast wide and you'll get your results right after you apply.
• Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
• Choose between secured and unsecured loans. Find a secured bad credit loan if you have an eligible asset or get a loan with no collateral.

• Pre-approval in five minutes
• Many bad credit loan options
• BBB-accredited with an A+ rating
• Fast funding

• Not a direct lender
• High rates for bad credit
• Miss out on offers from lenders not partnered with LoanConnect

Loan amount	$500 – $60,000
APR	8.99% – 46.96%
Term	3 - 120 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Receive funds in as little as 24 hours.
Serviced provinces	All provinces

2. Loans Canada

8.5 Great

Go to site Read review

$300 – $50,000
Loan amount

9.9% – 46.96%
APR

4 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free.

Why it's one of the best

• Search a large lender network. Loans Canada works with over 60 verified lenders.
• Get approved. Only see lenders that match your profile.
• Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.

• Easy online application
• Quick deposits
• High loan amounts
• No collateral required to secure your bad credit loan

• High rates for bad credit
• No online quotes provided
• Limited to its network

Loan amount	$300 – $50,000
APR	9.9% – 46.96%
Term	4 - 60 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Receive funds in as little as 24 hours.
Serviced provinces	All of Canada

3. Spring Financial

8 Great

Go to site Read review

$500 – $35,000
Loan amount

9.99% – 46.99%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Spring Financial offers fast approval and funding. If you don't qualify for a bad credit personal loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time.

Why it's one of the best

• Get a loan from an established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees with headquarters in Vancouver, BC.
• Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
• Get quick funding. If you provide the required documents on time, you can get your bad credit loan the same day you apply.

• 100% online
• Fast funding via e-Transfer
• No prepayment penalties

• High rates for bad credit
• C- BBB rating, received complaints about the credit builder loan

Loan amount	$500 – $35,000
APR	9.99% – 46.99%
Term	6 - 60 months
Min. credit score	550
Fees	No fees except $30 NSF fee
Turnaround time	Within 24 hours
Serviced provinces	All of Canada

4. easyfinancial

8.5 Great

Finder Award Read review

$500 – $100,000
Loan amount

9.99% – 35%
APR

9 - 240 months
Term

• Our Take
• Pros + Cons
• Details

easyfinancial helps Canadians access financing when banks aren't an option. It offers bad credit loans across Canada online and in hundreds of locations.

Why it's one of the best

• Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
• Work with a well-known lender. easyfinancial is one of the biggest lenders of bad credit personal loans in Canada.
• Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.

• Secured and unsecured bad credit loans
• High approval rate
• BBB-accredited with an A+ rating

• Steep rates for bad credit
• Many negative customer reviews

Loan amount	$500 – $100,000
APR	9.99% – 35%
Term	9 - 240 months
Min. credit score	300
Fees	you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time	Approval within 30 minutes
Serviced provinces	all provinces

5. Mogo

8 Great

Go to site Read review

$500 – $35,000
Loan amount

9.9% – 46.96%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Mogo is a Canadian fintech company that offers various financial products, including personal loans and lines of credit for bad credit.

Why it's one of the best

• Get an instant decision. Get your free quote in three minutes without lowering your credit score.
• Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
• Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.

• Convenient mobile app
• No prepayment penalties
• Bank-level security

• High rates for bad credit
• Some negative Mogo reviews online
• Loans are powered by Lendful and easyfinancial

Loan amount	$500 – $35,000
APR	9.9% – 46.96%
Term	6 - 60 months
Min. credit score	600
Fees	Non-sufficient funds fee of $20 to $50
Turnaround time	Within 24 hours
Serviced provinces	BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU

6. Loanz

7.5 Great

Read review

$1,000 – $15,000
Loan amount

29.9% – 46.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loanz is an online-only lender of bad credit personal loans. But if you don't qualify for a loan from them, they may direct you to another lender.

Why it's one of the best

• Get funded fast. Apply to get instant approval and receive funds in as little as 15 minutes.
• Improve your credit. Loanz will report every payment to the credit agencies to help boost your credit score.
• Skip the documents. You won't need to send any paperwork if you choose instant bank verification.

• Simple online application
• Positive customer reviews
• No prepayment penalties

• High rates
• High minimum loan amount

Loan amount	$1,000 – $15,000
APR	29.9% – 46.9%
Term	12 - 60 months
Min. credit score	570
Fees	N/A
Turnaround time	24 hours or less
Serviced provinces	All of Canada (excluding Quebec)

7. Money Mart

7.5 Great

Read review

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Money Mart offers installment loans and payday loans to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada.

Why it's one of the best

• Get your loan fast. Same-day funding is available, depending on the transfer method.
• Apply online or in-store. Get your loan online or at one of Money Mart's 500+ store locations.
• Get some leniency. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.

• Established lender
• Convenient mobile app
• Accepts non-employment income such as government benefits and private pension

• High interest rates
• In-store and online availability varies across provinces

Loan amount	$500 – $15,000
APR	29.9% – 46.9%
Term	6 - 60 months
Min. credit score	300
Fees	None
Turnaround time	Less than 1 day
Serviced provinces	AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

8. Lend for All

7.5 Great

Read review

$100 – $50,000
Loan amount

2.99% – 46.96%
APR

3 - 120 months
Term

• Our Take
• Pros + Cons
• Details

Lend for All is a loan-matching company that uses an automated process to match people with various lenders and financial institutions. It is based in Toronto, Ontario, and has an A+ BBB rating.

Why it's one of the best

• Save time. It works with a network of lenders that offer quick approval for customers with bad credit.
• Get fast pre-approvals. Lend for All provides quick pre-approvals within minutes by doing a soft check on your credit report.
• Find a loan for various purposes. Lend for All will match you with offers based on your needs.

• A+ BBB rating
• AI technology gives you viable loan matches
• Potential for multiple offers
• Many loan types

• Online broker (not a direct lender)
• Small network of lenders compared to other brokers
• High rates for bad credit

Loan amount	$100 – $50,000
APR	2.99% – 46.96%
Term	3 - 120 months
Min. credit score	300
Fees	Varies by lender
Turnaround time	Varies
Serviced provinces	All provinces

9. AAR Financial

7.5 Great

Read review

$1,000 – $50,000
Loan amount

14.9% – 46.7%
APR

24 - 120 months
Term

• Our Take
• Pros + Cons
• Details

AAR Financial offers personal loans with large loan amounts and long loan terms. The company serves customers in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia.

Why it's one of the best

• Increase your odds of approval. AAR Financial claims to approve 99% of applications.
• Get a secured or unsecured bad credit loan. Use your home to secure your loan and get a more competitive rate, or get an unsecured personal loan.
• Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba.

• Flexible loan amounts
• No prepayment penalties for unsecured loans

• High rates
• Fees not clearly disclosed online

Loan amount	$1,000 – $50,000
APR	14.9% – 46.7%
Term	24 - 120 months
Fees	Fees may include insurance fees, administration fees and NSF/late payment fees.
Turnaround time	Within 24 hours
Serviced provinces	Manitoba, Saskatchewan, Alberta, Ontario and British Columbia

10. Credito

7 Great

Read review

$500 – $850
Loan amount

Starting at 23%
APR

90 - 120 days
Term

• Our Take
• Pros + Cons
• Details

Credito is a broker that helps people with bad credit find a short-term installment loan. You won't need to go through a credit check to get approved, but expect to be charged interest plus a $225 broker fee (the exact amount is at the broker's discretion).

Why it's one of the best

• Qualify. Since Credito doesn't do credit checks and offers smaller loans, it may be easier to get a loan from them versus other alternative lenders.
• Avoid payday loans. Credito's bad credit loans are an alternative to payday loans, allowing you multiple repayments and longer terms.
• Get funded fast. You can get your money within 24 business hours.

• 100% online
• No credit check
• High Trustpilot score

• High rates
• High broker fee

Loan amount	$500 – $850
APR	Starting at 23%
Term	90 - 120 days
Fees	$225 brokerage fee (amount set at broker's discretion)
Turnaround time	within 24 hours
Serviced provinces	ON, PE, BC, AB, NB, NS, NL, NU, NT, YU

Best bad credit loans in Manitoba by the numbers

How do bad credit personal loans work?

With a bad credit personal loan, you borrow money at a higher interest rate and pay it back regularly over a period of time (the loan term). Lenders charge higher interest rates for a bad credit loan because they worry that people with bad credit scores are more likely to default on their payments.

When you apply for a personal loan, your lender will usually check your credit score, make sure you have a regular source of income and make sure you already don’t have too many debts before they approve you. If you qualify, you’ll begin making monthly payments on your loan as soon as it’s issued. You’ll need to make your payments on time so that you don’t damage your credit score further.

Types of bad credit loans in Manitoba

If you have bad credit and looking for a loan, alternative lenders are a solid option because traditional lenders like banks and credit unions may not approve you. Alternative lenders offer different types of bad credit loans:

• Personal loan. Borrow a lump sum that you’ll repay in installments over time. Secure your loan with collateral such as your car to increase your chances of approval.
• Payday loan. Borrow up to $1,500 and pay $17 for every $100 borrowed. This is much more expensive than a personal loan but easier to get. Learn more about the best payday loans.
• Cash advance app. Get a small loan to pay for an emergency bill or expense. Learn more about pay advance apps.

How do I apply for a bad credit loan?

Applying for a bad credit loan in Manitoba is easy if you follow the steps below.

1. Choose a lender. Choose a lender based on the loan amount, interest rates and fees, and eligibility requirements.
2. Fill out the application. You’ll need to provide basic personal info like your phone number, address, birth date and email address.
3. Wait for pre-approval. Most online lenders will use technology to swiftly determine whether they can approve you or not.
4. Get verified. If the lender wants to approve you and you want to sign with them, provide more information, such as proof of identity (i.e. government-issued ID) and proof of income (e.g. pay stubs, tax returns, bank statements)
5. Get approved. The lender will provide final approval if everything checks out. Sign the contract after reviewing their terms and conditions.
6. Get your funds. Online lenders typically send funds in 24 hours.

How do I increase my chances of approval?

The following factors will help increase your chances of approval:

• Acceptable debt-to-income ratio. Lenders are more likely to approve you if your monthly debt payments are currently less than 40% of your monthly income.
• No NSF transactions in the last 60 to 90 days. If you currently have these in your account, it’s best to wait.
• No active payday loan debt. If you currently have a payday loan or short term loan debt, lenders are less likely to approved you.
• Provide collateral. Using your car as collateral, for example, can help you get approved.
• Guarantor. Getting a family member or friend with good credit to cosign the loan with you can also help.

Alternatives for Manitobans struggling with bad credit

• Government subsidies. The Manitoba government provides funding through its Employment and Income Assistance program as well as Rent Assist.
• Credit counselling services. The Credit Counselling Society of Manitoba is one option that can help you with budgeting and consolidating your debts.
• Debt relief services. If you’re facing legitimate financial hardship, a debt relief company is an option. Find out if a debt relief company is right for you.

Bottom line

There are lenders that provide bad credit loans in Manitoba, but they often come with steeper interest rates to offset the risk. Compare lenders to find the lowest rates and best terms possible. If you’re approved for a loan, make sure you can afford the repayments before signing the contract.

Frequently asked questions about bad credit loans

• Can I get approved for a loan in Manitoba with bad credit?

  Yes, in Manitoba it's possible to get approved for a loan with bad credit. You can get a personal loan from online lenders who work with borrowers with bad credit. Eligibility requirements vary between lenders, but usually you need to be at least 18 years old with a steady income, an acceptable credit history and a bank account. Payday loans – small amount of money that you pay back by your next payday – are also an option, and they are easier to get, but since they are extremely expensive, they should only be a last resort.

• Can I get a no credit check loan in Manitoba?

  Yes, there are lenders in Manitoba that won't require a credit check to approve you for a loan. The main thing they'll make sure of is that you have a stable source of income. For other lenders, you might be able to get approved if you secure your loan against some form of collateral or find a cosigner to guarantee your payments. Keep in mind that loans with no credit check and no cosigner often come with steep interest rates. Since a lender doesn't know your credit score, they offset that risk by offering high interest rates.

• Which loan company is best for bad credit in Manitoba?

  It depends on your personal financial circumstances, because lenders vary in their eligibility requirements, loan offerings and client service. If you have bad credit, you may want to research online lenders who specialize in bad credit loans, since traditional lenders like banks and credit unions may not approve your application.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio