Resources for Residents

Payday loans

Payday loans are often the most expensive loans you can get.  They are small, short-term loans secured against a customer’s next wages.  Here’s what you should know about payday loans in Manitoba:

• Payday lenders can’t charge Manitobans more than $17 for every $100 they lend.
• You can cancel your payday loan within 48 hours without paying any charges.
• Payday lenders can’t make you repay your loan before your next payday. 
• Payday lenders operating in Manitoba must be licensed by the Manitoba Consumer Protection Office – including Internet payday lenders.
• Your payday loan agreement must list all charges and the terms of your loan.
• You don’t have to buy prepaid credit cards, insurance and other options that may be offered.