At Magical Credit, we don’t believe in making our clients jump through hoops to qualify for a loan. We approve our clients based on their fixed monthly income – that’s it! We specialize in offering bad credit personal loans, and loans to low-income earners, including people on government subsidies and pensions. We like to keep it simple, and give our clients the cash they need, fast. Our application process is simple and only takes a few minutes of your time.
Unlike payday loan companies and banks, Magical Credit doesn't have a laundry list of requirements to qualify for a cash loan.
Do you qualify for a Magical Credit loan? Ask yourself these questions:
If you answered YES to all three of the questions, then you're a perfect candidate for a Magical Credit low-income loan! But if you’re unsure or wary about paying back the monthly installments, visit our loan payment calculator! The short-term loan calculator can help you quickly determine your average monthly loan repayment figure.
We hate the long, tedious applications on payday loan websites. Our application process is simple and straightforward. Filling out our instant loan application is quick and easy.
Once you've submitted your application, Magical Credit accesses additional information directly from Equifax Canada. We'll send you confirmation if your loan has been approved or declined within one business day.
Once you're approved for an instant loan, abracadabra, the funds will be deposited directly into your bank account for you to spend however you wish.
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.