Personal loans in Manitoba: costs, eligibility and borrower rights

GoodLoan availability in Manitoba

GoodLoan generally accepts requests from $100 to $20,000, subject to identity and income verification, affordability, underwriting and product availability. Canadian citizens, permanent residents and qualifying work or study permit holders may be considered.

When Manitoba high-cost credit rules may apply

Manitoba regulates high-cost credit products under The Consumer Protection Act and its regulation. The regulation identifies criteria that include an annual interest rate above 32% for certain loans. Other criteria apply to particular credit products. Classification depends on the actual agreement and product design and should be confirmed by Manitoba counsel or the Consumer Protection Office.

A person must not offer, arrange or provide a high-cost credit product in Manitoba without the required authority. Before accepting an offer, ask GoodLoan to explain its rates, fees, repayment schedule and the rules that apply to that product.

Cost-of-borrowing information

Before signing, a Manitoba borrower should receive the disclosure required for the applicable credit agreement. Depending on classification, this can include the principal, interest rate, APR, term, payment timing and amounts, cost of credit, total repayment, fees and cancellation information.

• Compare APR and total cost, not only the payment
• Review the full term and maturity date
• Confirm every fee and returned-payment charge
• Keep a copy of the agreement and disclosure
• Ask questions before signing

Cancellation and prepayment

Manitoba high-cost credit borrowers may have a statutory right to cancel within 48 hours, excluding Sundays and holidays, as provided by the applicable rules. Additional or continuing rights may apply if required information was not properly provided.

Manitoba’s high-cost credit rules prohibit specified charges for full or partial prepayment. GoodLoan’s current product design also intends to permit early repayment without a prepayment penalty. The agreement should explain the procedure.

Complaints and external help

First contact GoodLoan and keep copies of the agreement, payments and correspondence. Manitoba consumers may contact the Consumer Protection Office at 204-945-3800, toll-free at 1-800-782-0067 or consumers@gov.mb.ca. The office is located at 302-258 Portage Avenue, Winnipeg, Manitoba R3C 0B6.

Manitoba personal-loan questions