Banks can be very stingy with their funds - fortunately, there are alternatives for bad credit personal loans in Canada. At Magical Credit, we look beyond your credit history to determine if you qualify for a cash loan. Do you have poor credit or a non-traditional source of income? That’s okay. Magical Credit provides bad credit loans to low-income households. We accept government subsidies such as unemployment insurance, workers comp, maternity leave, child tax credit, and pensions, among others. We're here for you even if Canada’s banks don't fit your needs.
Need a loan fast? Applying for a bad credit loan from Magical Credit is simple and Canadians with low credit or bad credit can be approved for a cash loan in as little as one business day. All you have to do is fill out a quick and easy online loan application. Get approved for a loan fast. And abracadabra… we’ll deposit your short-term loan directly into your bank account!
Bad credit can bring your plans to a grinding halt. We’re not here to judge your past, we’re here to help you build your future.
Our five-minute loan application saves you serious time and travel.
We’re not about making you wait. We work hard to get your bad credit loan approved and funds in your bank within 24 hours of your application.
We don’t approve every application because we want to make sure your Magical Credit loan doesn’t create more difficulties for you. If you’re approved, it’s because we truly believe you’ll be able to make good on your commitment.
Staying on top of your repayment schedule is easy with our surprise-free system.
All of our online services are 100% secure, keeping your information where it belongs: between us.
Thousands of customers across Canada chose our company because of the:
You can use your loan money for any purpose without any restrictions. Many of our clients use it to pay bills, pay for medical expenses or use them in an emergency situation. It is completely up to you.
Absolutely! We specialize in providing loans to individuals that don't have a good credit history. We believe that everyone should have access to flexible financial solutions regardless of what happened in the past.
You can borrow up to $20,000.
Our loan requirements are very simple -in order to get a loan all you need is to either be employed for the past 6 months or to have government-provided income (EI Mat Leave, Child Tax Benefit, etc.) or private pension.
Your employment or government income needs to be direct deposited into your account and you need to have a history of paying off your loans.
We don't require any documents to approve yourloan :) Our proprietary system help us make approval decisions without requiring a lot of paperwork, unlike many other loan companies. We look at each application individually -you are not just a credit score or a file number to us -and we want to make the application process as easy as possible for you.
Your repayments will be made in small, easy bi-weekly, semi-monthly and monthly payments that are meant to help you get the money you need without putting extra stress on your budget. Our goal is to help you build up your credit score at the same time as providing you with funds for your needs.
Our approval process is very fast -you will find out your approval decision immediately after completing our quick application form.
We conduct soft credit checks for every application, which won't affect your credit score. If you're approved, though, we're obligated to run a hard credit check in order to grant you the loan. A hard credit check will affect your score but since we do report payments to both Credit Bureaus (Transunion and Equifax), as soon as you start making payments toward your loan, your credit will start to improve.
Before making approval decisions, many lenders conduct a soft credit check. A soft credit check, also known as a soft credit pull or soft credit inquiry, is a type of credit inquiry that does not impact an individual's credit score. Depending on the credit bureau, soft inquiries may or may not be documented in a person's credit report, but they will not be visible to lenders.
Unlike a hard inquiry, a soft pull can occur without the borrower's consent, such as in the case of "preapproved" credit cards and loan offers. When you apply for a Magical Credit loan, for instance, we do a soft inquiry to assess your eligibility.
A hard credit check refers to a credit check that is documented on your credit report and can have an impact on your credit score for a duration of up to two years. If multiple hard inquiries are made within a short timeframe, it can signal to lenders that you are actively seeking additional debt, potentially increasing the perceived risk of your application.
If, after the soft pull, we decide you're eligible for a Magical Credit loan, a hard inquiry will be conducted to assess final approval.
We provide loans to residents of all provinces except Quebec, Manitoba and Saskatchewan.
Absolutely! To help you build your credit history and improve your score we report to both Equifax and TransUnion.
Unfortunately we cannot accept applications from individuals currently in Consumer Proposal or Bankruptcy. However, once discharged, we look forward to helping you build your credit!
Definitely, you can borrow additional funds after your first loan with us, subject to our approval process.
We provide automatic updates regarding your application status by email. We will let you know about your approval as soon as the decision is made.
"Loan Pending" message means that your loan application is currently under review; we will inform you of our approval decision shortly.
Instant Bank Verification is the safest way to avoid fraud and get approved quickly. Your bank securely sends us your "read-only" bank statements for the past 90 days so that we can instantly approve your application.
Please call our customer support team and we would be happy to help with your application: 1 855 639 6888
Bad Credit Loans - loans provided to people with poor or no credit history. These loans have higher rates than ordinary personal loans, but are still cheaper than credit cards.
Magical Credit’s approach to lending can be summed up in one word: streamlined. All you have to do to start the loan process is check out our simple monthly repayment calculator. Enter the amount you wish to borrow and your repayment term: If the number’s low enough for you, you can apply online from any computer or mobile device.
We’ll evaluate your income and credit history and let you know if you’ve been approved for a bad credit loan within 24 hours! More on our credit check policies can be found in our FAQ section above.
You’ll get your cash almost instantly, and you’ll be ready to begin making payments via our simple repayment calendar.
Sometimes a small bad credit loan is all you need to open the door to a brighter future.
Although our head office is located in the GTA, we provide bad credit loans almost everywhere in Canada! If you live in one of the following provinces and territories, then get ready to learn why Magical Credit is the Canadian bad credit loan leader:
The application is very fast easy quick it took me 10 mins to fill it out they responded to my application right away and I was approved in a matter of a couple hours. When talking to the agent she was very helpful and very clear on what they needed to approve my application. Thank you Magical Credit
Very fast and easy to get a loan I needed help and help was given right away . Very polite staff I was doubtful at first but in about 30 minutes was approved for more then I asked for. Which I can use because school shopping for more then one kid isn't cheap . I'd definitely recommend this company . Thank you so much
They made the experience easy and every person I spoke with which I think it was in total of four may have been up to 5 each one was knowledgeable more than willing to help as I am not the world's most tech person out there and even though I filled out some stuff wrong they contacted me right away to say hey we're having trouble with this can you help us out about why we're having trouble and got it sorted out within seconds just all in all a beautiful experience definitely five out of five
I had a great service! Staffs are very responsive and easy to talk to esp NATALIE! She's very nice and very professional, explained everything to me, I was approved for a loan but I needed a little more so she managed to have me approved for the amount I needed, also, It was very fast, i got the funds the next day! Thank you so much guys!
Great staff, fantastic service! Very reasonable interest rates and also flexible payment plans. Got my money promptly. These guys are simply amazing!
With the help of Magical Credit’s flexible short term personal loans, start repairing your credit today. By applying for a comprehensive loan, we provide you with the best rates in the industry to help you pay off your high-interest debt. Offering loans with rates as low as 3.9% per month, receive your funds in as little as 24 hours to stop spending and start saving today.
If you have bad credit, there’s a good chance part of it is due to your making some commitments you didn’t have the financial means to honour. Despite being a firm specializing in bad credit loans, we consider it part of our responsibility as a Canadian lender to make sure we’re not adding to the burden of our applicants. We are compliant with Canada’s provincial and federal regulations concerning lending, and we do our due diligence to make sure every loan we approve goes to someone we are confident can successfully meet their repayment obligations. Our main goal is to help make life a little easier for you.
Our loans are considered short-term loans and have a 12-60 month term with a fixed interest rate of 3.9% per month.
Example: $1,500 borrowed for one year at 3.9% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.
NOTE: You can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.