Get a Personal Loan in Winnipeg

In Winnipeg, you can use a personal loan to cover many expenses and costs, including:

• Household renovations

• Car repair and maintenance

• Large purchases

• Debt consolidation

• Unexpected emergency expenses

• Medical procedures 

• Expensive travel costs

• Any other urgent financial matters that occur

In order to qualify for a personal loan in Winnipeg, you must meet the following general requirements:

• Have a Canadian bank account

• Be a Canadian resident 

• Be 18 years old or older

• Have at least one-year credit history 

• Meet minimum income requirements with consistent employment history

• Have no history of bankruptcy

• Have a low debt to income ratio

• Meet the minimum credit score requirements (usually a score of 650+ is ideal)

Some lenders require a credit score of 650 or above to qualify for a low-interest personal loan. If your credit score is lower than 650, there are still loan options available, but lenders may charge higher interest rates. 

Not sure whether you have good or bad credit? Sign up for Borrowell to get your credit score for free and quickly compare installment loans available to you based on your credit score.

There may be other qualifications specific to whichever lender you choose, but these are the typical requirements you must meet across the board.

You can apply for a personal loan in Winnipeg either in person or online. First, you must make sure you have all the necessary supporting documents and identification such as:

• Valid form of ID: For example, a Manitoba driver’s license

• Proof of residency: For example, utility bills or a signed lease

• Proof of employment and income: For example, pay stubs 

• Social Insurance Number

• Your credit score

Applying online is the quickest way to get approved for a personal loan. It often only takes a few minutes to submit an application, and lenders may only need a few hours to process and qualify your application. If you’re approved, you can receive your personal loan in just a few days. 

Not sure where you should apply or where to start looking? Use Borrowell to quickly compare lenders and their rates while instantly seeing your likelihood of approval. Once you’ve found the right loan, you can begin your application through the platform.

On average, you can get a personal loan in Winnipeg from anywhere between $500 and $35,000. The amount you can receive will depend on a number of factors, including the lender you apply with, your financial profile, and your credit score

To find what loan amounts you qualify for, use Borrowell to check your credit score and compare the best loan rates available to you.

Yes, a personal loan will impact your credit score. The way it impacts your credit score, however, is ultimately up to you.

If you make on-time payments towards your loan, you will see your credit score improve over time. Making your regular loan payments on time helps you establish a good payment history, which reflects well on your credit report.

In contrast, missed or late payments towards your loan can have a negative impact on your credit score. When you miss a loan payment, your lender might report it to a credit bureau. Once the late payment is reported, it may show up on your report and could hurt your credit score. The longer you wait to pay late bills, the damage you could do to credit score.

Wondering where your credit score stands right now? You can get a free credit report with Borrowell here!

Interest rates for personal loans in Winnipeg typically range between 12.99% and 39.99%. The interest rate that you qualify for will depend on your financial background, your credit score, the lender’s specific criteria, and the loan amount and terms you apply for. 

Like all types of loans in Canada, interest rates on loans in Winnipeg cannot be higher than 60% by law.

Yes, you can compare Winnipeg loans online! With Borrowell, you can quickly compare different loan options that are available to you with your current credit score.

Simply sign up, get your free credit report, and Borrowell will show you a list of lenders you’re likely to qualify for so that you can decide which loan is the right one for you.

Not making your loan payments on time is very risky for your finances. You pose the risk of being penalized with late fees and charges, having your interest charge raised, and bruising your credit score.

While a credit card allows you to continuously borrow money at any time (up to your credit limit, of course!) a personal loan is a fixed amount of money with a specific date it must be paid off by.

It might be easier to picture a credit card as “revolving debt” and a personal loan as a lump sum of money.

The difference between secured and unsecured loans is defined by one thing: collateral.

When you take out a secured loan you are required to provide collateral. Collateral is something you provide the lender that has the equivalent or higher value of the loan you’re taking out. It essentially provides a safety net for the lender should you fail to pay back your loan. For example, if you take out a loan for household costs, your house will likely be your offered collateral. 

An unsecured loan isn’t accompanied by any collateral. The lender puts their trust in you to repay the loan based on the qualifications you must meet to be eligible for the loan.