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4 years ago

Do I Have Adequate Cash Flow to Take Out a Loan?

by Kevin Silver

In this world, you have to spend money to get money. Even the most generous loan dealer requires borrowers to have some form of income. Where Magical Credit differs from other lenders is that we accept non-traditional sources of income, and look past credit history, to give people the best chance for bad credit loan approval.


We offer emergency loans with no job required, so long as you have cash flow from government grants like EI and CPP. We also have very simple proof of income requirements - it’s as easy as uploading your T4 slip!

Need help getting a loan with bad credit? Here’s how to know if you have adequate cash flow to take out a loan from us.

What is Cash Flow Lending?

Cash flow lending is a method of money lending based on the borrower’s projected income instead of their assets, meaning that so long as you have some sort of income, the lender can rest assured the loan will be paid back in time.

Proof of income is essential in cash flow lending, so that the lender can have peace of mind that the borrower has a track record and means of making good on their financial obligations.

How much cash flow you need depends on the borrower you go to, but again, Magical Credit offers bad credit loans and emergency loans with no job required to ensure almost anyone who needs money fast, gets it.

Proof of Income We Accept

Getting a loan with bad credit from us while employed simply requires two recent pay stubs and a bill to your current address.

For emergency loans with no job required, we accept a wide range of federal and provincial government subsides with various proof of income documents. These include:

  • Pension/CPP Proof of Income
    • Most recent T-4
    • Increase Letter you received in December/January from the Canadian Revenue Agency regarding your CPP
  • Private Pension Proof of Income
    • Letter from your insurance or private pension stating term, rate and contact information
  • WSIB Proof of Income
    • Statement you received when you first registered (Date, Name, Address, Term, Amount)
  • EI Proof of Income
    • Summary of unemployment Terms (start and end) from the Canadian Revenue Agency
  • CCTB Proof of Income
    • Most recent Notice of Assessment from the Canadian Revenue Agency

For bad credit loans and emergency loans with no job required, contact Magical Credit today. Getting a loan with bad credit is as easy as pie with our simple 5-minute online application process!


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.

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