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Magical Credit Loans Are As Simple As

I want to borrow:


We Give You the Credit You Deserve

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.

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! 2024-02-28 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.

Our Approval
Rates are Among
the Best in Canada!

Magical Credit is truly amazing! Their assistance has been a real lifesaver for me. The staff is incredibly friendly and supportive, and they made the entire process a breeze. I wholeheartedly recommend Magical Credit to anyone seeking financial help. They are the best!

Vladimir E.

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 (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?

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.

What is a soft credit check?

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.

What is a hard credit check?

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.

What provinces do you lend in?

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

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 10,000
4,3 out of 5 stars
customer rating
4.64 out of 5
customers would recommend to their friends
secure process
Established in 2014
No third party involved! You are borrowing directly from Magical Credit.

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.

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.

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.
  • Pay off existing debt: Juggling multiple debt payments can be overwhelming and costly due to varying interest rates. By using Magical Credit personal loan, you can consolidate these debts into one manageable payment, potentially saving you money and simplifying your finances.
  • Start a business venture: Every dream starts with a step, and for many budding entrepreneurs, that step is financial. With our bad credit loan, you can cover start-up costs, buy essential equipment, or scale up your operations to bring your business vision to life.
  • Launch a home-improvement project: Enhancing your living space not only adds to its value but also elevates your quality of life. Whether it's a kitchen makeover, basement renovation, a new sunroom, or energy-efficient upgrades, a personal loan can be the catalyst for turning your house into a dream home.
  • Fund Your Hobby: Whether you're passionate about photography, pottery, or paragliding, Magical Cre dit loan can help you invest in the equipment or training you need. Dive deeper into your interests and turn your casual pastime into a fulfilling endeavor.

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
  • Nova Scotia
  • Nunavut
  • Prince Edward Island
  • Yukon
Guaranteed prompt response
Trustworthy borrowing experience
Customer data is kept confidential


I am brand new to magicalcredit and it has been a pleasure talking to every representative. They are so polite and kind and it is great to have a number to call and get a response quickly. This is the start of a great banking/credit relationship. They have made my day and reignited my hope. Thanks magicalcredit!! Have a magical day!😁

Magical Credit is truly amazing! Their assistance has been a real lifesaver for me. The staff is incredibly friendly and supportive, and they made the entire process a breeze. I wholeheartedly recommend Magical Credit to anyone seeking financial help. They are the best!

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!


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.

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

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.

Every individual deserves a fair chance at securing a loan

Founded in 2014, Magical Credit emerged with a commitment to supporting those often overlooked by traditional lenders. We've always believed that one's credit history shouldn't be the sole metric of their worth.

Our innovative approach, marked by our unique online application system, has not only garnered industry recognition but also allowed us to serve a wide spectrum of clients. As a private lender, we champion a simplified and straight-forward approach to lending, making the loan process less daunting and more accessible.


Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so 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.

Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The Loan must be paid in full by the end of term, no extensions or exceptions, no automatic renewals. Failure to pay your debt on time will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.

1317 people applied for a loan with us in the last 7 days
191 people applied for a loan with us in the last 24 hours
13 people applied for a loan with us in the last hour