Best bad credit loans in Winnipeg

When your credit score is less than perfect, finding a loan from a traditional lender can be difficult. The good news is that there are several online and alternative lenders offering bad credit loans in Winnipeg. The bad news is that they come with higher interest rates.

Keep reading to learn about some of the best bad credit loans that might suit your financial needs. No single loan is best for personal-everyone, so compare your options before you apply.

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 Winnipeg

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 Winnipeg by the numbers

Bad credit personal loans in Winnipeg at a glance

• Loan amount: $500–$10,000
• APR: 18% - 47%
• Loan terms: 3 - 60 months
• Processing time: Funding as soon as the same day or the next day

How to qualify for bad credit personal loans in Winnipeg

Personal loans have minimum credit score requirements. To increase your chances of approval, consider applying to alternative lenders. Many of them can approve borrowers with less-than-perfect credit scores.

Getting approved by an alternative lender

Rather than using your credit score as a key factor when deciding whether to offer you a loan, alternative lenders will consider your ability to repay what you borrow.

This means you’ll generally need to be in stable employment and have a steady source of income to qualify for a bad credit personal loan in Winnipeg. You’ll also need to meet the following criteria:

• Meet debt-to-income ratio requirements
• Be 18 years of age or older
• Be a Canadian citizen or permanent resident
• Have a valid bank account

How to increase your chances of approval

If you’ve got a bad credit score, lenders are taking on additional risk when they offer you a loan. As a result, they offer higher interest rates to applicants with bad credit, and in some cases, they may even reject your loan application. The good news is that there are a couple of simple things you can do to increase your chances of approval:

• Wait 60–90 days if you have NSF activity. If you have recent NSF transactions in your bank account, make on-time payments for 60–90 days before applying.
• Get a cosigner. Applying for a personal loan with a cosigner can greatly increase your chances of approval and also allow you to access a lower rate. The idea is to get a family member or close friend with strong credit to cosign your loan, and the lender will then assess the cosigner’s finances as well as your own when processing your loan application. However, take note that if you fall behind on payments, the cosigner becomes responsible for repaying the loan.
• Improve your credit score first. If you can wait six months, take steps to improve your credit score before you apply. For example, paying off any existing debts, disputing any inaccurate information in your credit report and keeping your credit card balance low can all boost your credit score.

Steps to apply for bad credit loans in Winnipeg

You can apply for bad credit loans by completing the following steps:

1. Check your credit score. The first thing you need to do is check your credit score to find out where you stand. This will help you decide whether it’s worth considering traditional lenders that have strict eligibility criteria for loans or approaching alternative lenders that offer bad credit loans.
2. Compare lenders. Research bad credit loan lenders in Winnipeg to find out what’s available. Read the fine print to find out what criteria you’ll need to meet to qualify for a loan, and make sure you check whether the lender is completely legit.
3. Compare loans. Next, compare bad credit loans in Winnipeg to find one that suits your needs. Consider factors such as the annual percentage rate (APR), loan amount, loan term and repayment flexibility.
4. Submit an application. When you’ve found the right loan, fill out an online application form to get pre-approval. Getting pre-approved for a personal loan gives you a much clearer idea of how much a loan will cost. This step may or may not affect your credit score depending on the lender.
5. Continue. If you like a lender’s offer, proceed with the rest of the application. Your lender will run a credit check and may ask to verify your bank account to check your income and identity.
6. Review the loan offer. Read over any loan offer to make sure all the details are correct and there are no hidden surprises. You’ll typically be able to access the money on the same day or the next day.

Bad credit personal loans in Winnipeg if you prefer to visit a branch

If you’d rather visit a branch to apply for a bad credit personal loan in Winnipeg, check out the options in the table below.

Payday loans: Alternatives to bad credit personal loans

If you can’t find a lender to approve you for a personal loan, another type of loan to consider is a payday loan. Payday loans have easier requirements, but they also have lower loan amounts and higher rates.

Payday loans in Winnipeg at a glance

• Loan amount: $100 to $1,500, up to 30% of your paycheque
• Interest rate: $17 for every $100 borrowed
• Loan term: Usually by your next payday, up to 62 days
• Speed: In as little as 30 minutes.

Before you apply for a payday loan

Thinking a payday loan might be better for you? They are extremely expensive and are only suitable as a last resort, so be sure to do the following first:

• Consider all alternatives. Getting a credit card cash advance or a pay advance app may be better options. You can also seek free credit counselling to help get your finances back in shape.
• Work out how much you can afford. Before you apply, calculate exactly how much you can afford to pay back. Once you pay back the loan, will you still have enough money left over to pay for all your other essential expenses? If not, you may find yourself having to borrow more money, which could develop into a vicious cycle of debt.
• Be wary of scams. There are some sketchy lenders out there, so make sure you’re dealing with a reputable provider. Look for a lender that is licensed to provide payday loans in Manitoba, is transparent about the total cost of a loan and abides by all Manitoba payday lending laws.

Steps to apply for a bad credit payday loan in Winnipeg

You can apply for a payday loan by completing the following steps:

1. Compare your options. Research payday lenders near you to make sure you’re dealing with a legitimate provider that offers suitable loans.
2. Submit an application. Provide your name, address and contact details. You’ll also need to supply proof of ID, income and employment details, and your bank account information.
3. Get approved. Unlike personal loans, payday lenders give instant approval.
4. Review the loan offer. Double-check all the details of the loan offer before you sign.
5. Get your money. The money you borrow will typically be transferred into your bank account within an hour.

Bad credit payday loans if you prefer to visit a branch

If you’d rather apply for a payday loan in person, consider the providers in the table below.

How much do bad credit loans cost in Winnipeg?

Want to know how much a payday loan will cost to repay compared to a bad credit installment loan? Let’s look at the example of a $500 loan.

Frequently asked questions

• Are there no credit check loans in Winnipeg?

  It depends on the lender. Some payday lenders in Canada conduct credit checks while others don't. Most personal loan lenders conduct credit checks before approving a loan. Those who don't will focus on your income instead of your credit score, but watch out for high interest rates. Learn more about no credit check loans.

• Are there loans with guaranteed approval in Winnipeg?

  No. Lenders need to assess your financial situation to decide whether you can afford to repay a loan. If a lender promises guaranteed approval, this is a sign that they may not be legit. Consider other lenders instead. Read our guide to guaranteed approval loans.

• Can you pay off bad credit loans early in Winnipeg?

  Yes. Lenders of unsecured bad credit personal loans do not charge prepayment penalties. Payday lenders, meanwhile, are required to allow you to pay your loan off early with no charges.

• Can a bad credit loan in Winnipeg improve my credit score?

  If you take out a payday loan, the answer is no. However, if you take out a bad credit personal loan, whether it will improve your credit score depends on the lender. Some lenders report on-time loan payments to the credit bureaus, but others don't, so check with your lender for more details.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio