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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! 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.

over 5,000
4 out of 5 stars
customer rating
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customers would recommend to their friends
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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

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.


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.

1321 people applied for a loan with us in the last 7 days
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