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If you're comparing installment loans in Ontario, 35% is the number to know. Since January 1, 2025, Canada's Criminal Code has defined the criminal rate of interest as an annual percentage rate, or APR, that exceeds 35% of the credit advanced. For most personal installment loans, that makes 35% APR the practical legal ceiling.
Read MoreMissing an installment loan payment in Ontario can affect more than the amount you owe. Depending on the lender's reporting cycle and the terms of your agreement, a late or missed payment may be reported to the credit bureaus and become part of your credit history. If the account remains unpaid, the consequences can become more serious, including collection activity and, for a secured loan, enforcement of the lender's rights under the security agreement.
Read MoreThere is no general Ontario rule that says you may have only one installment loan at a time. In practice, however, having several active loans can make it harder to qualify for another one. Installment lenders normally review your existing debt, credit history, income, and current payment obligations before deciding whether another loan is affordable.
Read MoreAn installment loan gives you a set amount of money upfront and lets you repay it through scheduled payments over an agreed period. In Ontario, the amount you can borrow, the interest rate, payment frequency, loan term, and other conditions are established before you sign the loan agreement. Unlike a payday loan, the entire balance is not normally due on your next payday.
Read MoreDisclosures:
Magical Installment Loans: Installment loans are available to eligible residents of Ontario and range from $1,500 to $20,000. Repayment terms range from 12 to 78 payments, with flexible payment schedules available as weekly, bi-weekly, semi-monthly, or monthly.
Example: A $5,000 loan repaid over 36 monthly installments would require payments of $300.40 per month.
NOTE: Loan amount and payment amount are subject to change upon final loan approval. Interest rate for Personal Loans is calculated at 34.86%. The Repayment amount includes optional Loan Protection Plan coverage.
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 $14.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $140.00. The total to pay back is $1,140.00, which is an annual percentage rate of 365.00%. ON License #4741412. BC License#85919.
The Loan must be paid in full by the end of the term, with no extensions or exceptions, and 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.
Our Family of Brands: Whether you need personal funding, business advance, or short-term cash support, our family of brands offers financial solutions designed to fit your needs.
-Magical Credit: Personal Loans and Installment Loans available through Magical Credit.
Apply Now: https://www.magicalcredit.ca
-Magical Business: Merchant Cash Advances and business funding solutions available through Magical Business.
Apply Now: https://www.magicalbusiness.ca
-Magical Cash: Payday Loans and short-term cash solutions available through Magical Cash.
Apply Now: https://www.magicalcash.ca
