Need A Quick And Easy Short-Term Loan?

Apply now

Magical Credit Loans Are As Simple As

I want to borrow:

$1,500
$20,000

We Give You the Credit You Deserve

Banks and payday loan companies 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 and payday loan companies don't fit your needs.

Read more about the types of income we accept.

Magical Credit Loans Magical Credit provides loans for people with bad credit. If you need money fast, apply for Magical Credit bad credit loan and get up to $20,000! 2018-12-10 PT1M01S

Qualify for a Short-Term Bad Credit Loan Online

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!

Why Magical Credit Loans?

Canada’s Bad Credit Loan Leader

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.

Easy Online Loan Application

Our five-minute loan application saves you serious time and travel.

Super-Fast Loan Approval

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.

Responsible Lending

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.

We Make Repayment Simple

Staying on top of your repayment schedule is easy with our surprise-free system.

Your Privacy Matters

All of our online services are 100% secure, keeping your information where it belongs: between us.

Frequently Asked Questions

Please review the most common questions that our clients are often interested in.

I am looking for a personal loan

Why should I choose your company over others?

Thousands of customers across Canada chose our company because of the:

  1. Ability to quickly borrow up to $20,000 even if you have bad credit.
  2. Fast and simple application process that takes only a few minutes to complete and doesn't require any documents.
  3. Unique approval decision algorithm that goes beyond credit score and looks at each applicant individually.
What can I use my loan money for?

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.

Can I get approved if I have bad credit?

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.

How much money can I borrow?

You can borrow up to $20,000.

Loan approval requirements

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 (CPP, 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.

What documents are needed for approval?

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.

How does your loan repayment work?

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.

When will I know if I am approved?

Our approval process is very fast -you will find out your approval decision immediately after completing our quick application form.

Do you run credit checks?

To ensure your safety we conduct credit checks for every application. Please note that we specialize in helping people with less than perfect credit score to get the money they need.

What provinces do you lend in?

We provide loans to residents of all provinces except Quebec, Manitoba and Saskatchewan.

Do you report to the credit bureau?

Absolutely! To help you build your credit history and improve your score we report to both Equifax and TransUnion.

Can I apply if I am currently in Consumer Proposal or Bankruptcy?

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!

I am an existing client or already applied for my loan

I already have a loan with you. May I borrow additional funds?

Definitely, you can borrow additional funds after your first loan with us, subject to our approval process.

I already applied for a loan and would like to get an update on my approval status.

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.

What does "Loan Pending" mean?

"Loan Pending" message means that your loan application is currently under review; we will inform you of our approval decision shortly.

What is Instant Bank Verification?

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.

I am having problems completing my application

Please call our customer support team and we would be happy to help with your application: 1 855 639 6888

over 5,000
customers
4 out of 5 stars
customer rating
4.16 out of 5
customers would recommend to their friends
100%
secure process

How Our Bad Credit Loans Work

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 or payday loans.

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! 

You’ll get your cash almost instantly, and you’ll be ready to begin making payments via our simple repayment calendar.

Our Loans Open Up Possibilities

Sometimes a small bad credit loan is all you need to open the door to a brighter future.

  • Handle unexpected expenses: You can’t always plan for when disaster strikes, be it failing appliances or a medical emergency. Rest easy knowing your loan means you have cash in hand to deal with it.
  • Rebuild your credit rating: Showing that you have the capacity to repay a loan is one of the best ways to get your credit back on the right track. Just follow our easy repayment calendar and you’ll be on your way.
  • Upgrade your education: Learning new skills is the first step to become a more appealing candidate for employers. Use your loan to pay for a college course or learn a trade.
  • Buy a car (Or repair the one you’ve got): In a lot of places it’s not easy to find or hold on to work without a set of reliable wheels. A small cash loan can help you put a down payment on a new car, or keep your current vehicle on the road.

Where the Magic Happens

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:

  • Ontario
  • Alberta
  • British Columbia
  • New Brunswick
  • Newfoundland
  • Nova Scotia
  • Nunavut
  • Prince Edward Island
  • Yukon

Reviews

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!

CREDIT REPAIR AT LESS OF A COST

Rebuild and repair your credit with MagicalCredit personal loans.

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.

MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
24 Hour Fund Direct Deposit
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
5 Minute Application
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
No Collateral Needed
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
Fixed Interest Rates
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
TransUnion and Equifax Partnered
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
CLA Certified
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
NO Repayment Penalty
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
Bad Credit Loans
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
Non-Traditional Income Accepted
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
100% Privacy Guaranteed
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
Canada-Wide (excluding QC, MB, SK)
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
Intuitive Loan Calculator
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders
Available 24/7
MagicalCredit
Standard Personal Lenders
Big Banks
Payday Lenders

We Lend Responsibly

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.

771 people applied for a loan with us in the last 7 days
114 people applied for a loan with us in the last 24 hours
9 people applied for a loan with us in the last hour