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The 5 Best Personal Loans in Winnipeg (2024)


Fact Checked

You can find secured and unsecured loans in Winnipeg from various providers.

If you have a good credit score, a good place to start your loan search is your bank or credit union.

For bad credit loans, alternative online lenders can help, or you could consider a payday loan, although this is not recommended.

Whether you are in need of a regular installment loan or a bad credit loan, the companies listed below can help you in Winnipeg and other areas of Manitoba.

Best Personal Loan Providers in Winnipeg

1. Loans Canada

Loans Canada is an online comparison platform for various types of loans, including:

  • Bad credit loans
  • Debt consolidation loans
  • Short term loans
  • Installment loans, etc.

It works with top lenders to help borrowers find suitable credit solutions regardless of their credit score.

After completing the online application, a quote is available within minutes, and you can receive funds in as little as 1-2 business days.

There is no obligation to accept the quote, and applying is free.

Loans Canada has been operating since 2012 and recently introduced free credit score checks.

Pros and Cons of Loans Canada


  • Loan amount up to $50,000
  • Reputable company with an A+ rating on the BBB
  • Works with multiple lenders
  • Loan interest rates start at 1.99%
  • Fast application process


  • Does not offer loans directly

2. LoanConnect

Dubbed “Canada’s Premier Personal Loan Search Engine,” LoanConnect can help you borrow up to $50,000 for up to 10 years.

The company works with individuals with poor, good, or excellent credit. And even those with no credit can apply.

After submitting an application online, you should receive pre-approval within 60 seconds, and funds can reach your bank account within one business day.

Visit LoanConnect or read our review.

Pros and Cons of LoanConnect


  • Easy compare loan rates across multiple lenders
  • Fast online application process and funding within 24 hours
  • Reputable company with an A+ rating on the BBB
  • Excellent customer support


  • Interest rate is high if you have bad credit
  • Does not offer loans directly

3. Loanz

Loanz offers loan products to individuals with poor or bad credit scores in Canada.

This online lender offers loans up to $15,000 when you meet the following requirements:

  • At least age 18
  • Have a steady income of $1,200 or more per month
  • Are not currently in bankruptcy or collections

The application process is fast, and funds are provided within a few minutes or hours. You can use the loan for unexpected expenses, car financing, debt consolidation, and more.

Loanz is part of Consumers Genus Inc.

Pros and Cons of Loanz


  • Access to funds in as little as 15 minutes
  • Provides loans directly
  • Accepts clients with bad credit


  • Interest rates start at 29.9%
  • The maximum loan is capped at $15,000

4. Mogo

Mogo is a financial technology company based in Vancouver.

It offers access to personal loans, mortgages, cryptocurrency trading, free credit scores, and a prepaid card.

Mogo loan amounts are up to $35,000, and the APR ranges from 9.9% to 46.96%.

Visit Mogo.

Pros and Cons of Mogo Loans


  • Pre-approval takes only a few minutes
  • Get access to your free credit score
  • Access to other financial products


  • APRs can be on the high side
  • Income requirements for some products

5. Credit Unions

Visit a Manitoba credit union to see what they offer for personal loans.

Credit Unions with loan products in Winnipeg include:

  • Assiniboine Credit Union
  • Access Credit Union
  • Westoba Credit Union
  • Cambrian Credit Union
  • Steinbach Credit Union

Pros and Cons of Credit Union Loans


  • Lower interest rates and fees
  • Personalized service
  • Offer multiple financial products


  • May not qualify with a bad credit score

Best Loans in Winnipeg Summary

Loans CanadaLoanzLoanConnect
Interest rate1.99% – 46.96%29.9% – 49.96%4.99% – 46.96%
Term4 – 60 months4 – 60 months3 – 120 months
Minimum incomeNone$1,200/monthNone
ApplyVisit siteVisit siteVisit site

How To Apply For a Personal Loan in Winnipeg

Most lenders will look at your age, income, and credit history before approving your loan application.

In general, you should be at least 18 years of age and have a steady employment income. Although, some lenders will also accept income from government benefits, such as the Canada Child Benefit or employment insurance.

The following documents are also essential:

  • Government-issued photo ID
  • Proof of employment, such as recent pay stubs
  • Bank account
  • Proof of address

After completing the online application, you should receive a quote, and you can either accept or reject the rate being offered, along with corresponding terms and conditions.

Always read the fine print, as some loans come with additional fees.

Types of Personal Loans in Winnipeg

The two main types of loans in Winnipeg are secured and unsecured loans.

Unsecured loans are regular loans, and you do not need to provide collateral or a security deposit to qualify.

Secured loans require you to provide collateral, and this is often the case with bad credit loans. Some lenders also ask for a guarantor or co-signer.

Loans can also be categorized as payday loans, online loans, no credit check loans, and etransfer loans.

Credit Score Requirements for Loans in Winnipeg

Credit scores in Canada range from 300 to 900.

A good to excellent credit score (660+) means you can qualify for competitive interest rates.

A poor or bad credit score (650 or lower) means you will likely pay a higher interest rate on your loan.

Top Loan Offers this month

Compare the best loans for good and bad credit in Canada

Get the best loan rates from lenders regardless of credit score.

Quick online application from the comfort of your home.

Borrow up to $50,000 for 3 months to 60 months.

Loans for any reason with rates from 2.99% to 46.96%.

Check your credit score for free online in 3 minutes or less

Get access to your Transunion credit score for free.

It takes only a few minutes online, and no credit card is required.

Access free identity monitoring and protection.

Includes your credit report updated monthly.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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