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Manitoba

Consumer Protection

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High-Cost Credit Products

High-cost credit products are loans and lines of credit that may charge high rates of interest and/or various fees and charges that can be onerous for financially vulnerable consumers.

Under the rules for high-cost credit, only lenders, licensed through the Consumer Protection Office can be authorized to provide, offer or arrange high-cost credit products such as loans and lines of credit.

The rules are designed to ensure that consumers are provided with full and clear disclosure about costs before they sign a credit agreement, and that they have adequate protection to cancel an agreement within 48 hours or to pay back a loan early and without fee or penalty.

If you need to borrow money and are considering a high-cost credit product, shop around, take the time to review the loan agreement and take note of all fees that may occur during the term of the loan.  The lender must disclose:
  • The principal amount of the loan
  • The term of the loan
  • The APR
  • The annual interest rate
  • Each high-cost credit fee that will or may be payable
  • The total cost of credit
  • The borrower’s cancellation rights

The legislation can be found at:

The Consumer Protection Amendment Act (High-Cost Credit Products)

High-Cost Credit Products Regulation pdf

Learn more on the frequently asked questions (FAQ) page and contact the Consumer Protection Office at 204-945-3800, 1-800-782-0067 (toll-free) or consumers@gov.mb.ca.