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.
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 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%. License #4741412.
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.