Payday Loans in Canada Resources

Manitoba Payday Loans

Despite recent legislation, the addition of fees has greatly increased the cost of payday loans/cash advances. Debit card fees have been used by to increase fees above 17%. There is a current class action lawsuit against The Cash Store and Instaloans about these fees on loans originated in Winnipeg.

Manitoba Payday Loan limits

Important Notes

  • Maximum Cost is 17% on loans up to $500
  • Expected Payday Loan store clostings
  • Canadian government has allowed Provinces to set Payday Loan maximumx
  • Expect companies to quickly attempt to find work arounds

Manitoba Payday loan legislation was passed in November of 2006. Following this legislation Payday Lenders will need to Licensed and Bonded.

  • MB Payday Loan Lenders need to be licensed and bonded
  • The Public Utility Board will set the maximum costs Manitoba Payday Loan companies can charge
  • Customers will be warned of Payday Loan Costs
  • Customers can cancel loans within 48 hours
  • Extra fees cannot be charged when loans are rolled over
  • The Manitoba Consumers bureau will be able to inspect Payday loan companies

Operating Lenders:

  • Money Mart Canada operates in Winnipeg, Selkirk and Brandon and Portage .
  • The Cash Store operates in Winnipeg, Thompson, Selkirk, Brandon, Portage and the Winkler/Morden area .
  • Instaloans operates in Winnipeg, Portage La Prairie, Selkirk, Thompson and Brandon .
  • National Cash Advance no longer operates in Winnipeg.
  • FastCash is the only active storefront Payday lender in Steinbach, and also has stores Winnipeg and Brandon .
  • Redundantly named Cash Money is in Winnipeg only.
  • Mogo Money is relatively new to the province and in Winnipeg only.