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Get A Loan With Bad Credit

Need cash but have bad credit? Don’t even bother going to a bank – you’ll just waste an hour in a stuffy building for them to tell you no. Payday companies might lend to you, but they’ll charge you an arm and a leg. And unfortunately, borrowing money isn’t a case of “it can’t hurt if you try” - if you apply for too many loans, you’ll lower your credit rating.

We specialize in personal loans for bad credit. Unlike banks, we look past credit scores when determining if someone is eligible for a loan. As long as you’re receiving at least $600.00 a month – through employment income, government benefits, pensions, or insurance – we’ll consider you. So what are you waiting for? Apply for a bad credit loan today in as little as 5 minutes!

Need a loan, but aren’t sure you can keep up with the loan repayment terms? Calculate your monthly loan payment schedule with our personal loan calculator!

I want to borrow:


Why Get A Bad Credit Loan?

  • Rent & Bills – Keep landlords and service providers off your back with a poor credit loan from Magical Credit. Why pay late fees, service charges, or penalties if you don’t have to?
  • Automotive Expenses – Got a hot date but your car’s out of commission? Tough break. Guess you’re taking the bus or ride-sharing with some weird person who keeps staring at you in the rearview. Get back on the road with a Magical Credit loan.
  • Dental – Toothache? Bleeding gums? Get that checked out. Poor oral health is connected to lower life expectancy. Deal with your dental problems now before you get that amateur hockey player look.
  • Pet Care – Think of how much better our lives are because of our pets. They deserve the best – good food, good bedding, good care. And if they get hurt or sick, they deserve the best treatment. Even when cash is tight, a Magical Credit poor credit loan can get you out of any furry situation.
  • Electronics Repair/Replacement – Electronics break. A lot. It’s almost as if these companies want them to break so we’ll buy more… Anyways, if you find yourself without a working phone or computer, a small loan from Magical Credit can help fix/replace your device so you can keep your FaceTime date with grandma.

Can I Get Loans for Bad Credit In My Province?

If you’re in need of Loans for Bad Credit in any of the following provinces, we can help. Apply now!

  • Ontario
  • Alberta
  • British Columbia
  • New Brunswick
  • Newfoundland
  • Northwest Territories
  • Nova Scotia
  • Nunavut
  • Prince Edward Island
  • Yukon

Bad Credit Loans FAQs

Is it possible to get a loan with bad credit?

Yes, we specialize in personal loans for bad credit. We don’t make our decisions solely off credit score. If you are receiving at least $600 a month via direct deposit, we will consider you.

I’m not working at the moment. Will you lend to me?

Yes, our poor credit loans are available to people with all kinds of income. We accept government subsidies (e.g. EI, CPP, baby bonuses), as well as income from pensions or maternity benefits. As long as you are receiving a monthly direct deposit to your bank account, we will consider you.

For a list of income types we accept, read our who qualifies page.

How much can I borrow?

You can borrow between $500 and $10,000.

How much income do I need to qualify for a bad credit loan?

If you’re receiving at least $600.00 a month via direct deposit, you may qualify for a loan.

What do I need to apply?
In order to apply, you need the following:
  • Be 18 years or older
  • Valid bank account
  • Proof of income
  • Valid ID
  • SIN
Do I need to fax documents?

No, Magical Credit is proud to offer ONLINE loans for bad credit. You can send us everything through our site.

What’s the interest rate for your loans?

Our rate is 3.9% a month.

How will I receive my funds?

Once your loan is approved, your funds will be deposited directly to your bank account.

I’ve defaulted on a payday loan before. Can I still apply?

If you've defaulted on a payday loan in the past, you will not qualify for a loan from Magical Credit. We have zero tolerance for unpaid payday loans.

If I apply for a loan that I didn't qualify for, will you offer me something else?

Yes, we’ll offer you whatever loan you’re eligible for.

After I apply for a loan, when will I hear back from you?

We'll contact you within 24 hours.

Need a loan, but aren’t sure you can keep up with the loan repayment terms? Calculate your monthly loan payment schedule with our personal loan calculator!

Our loans are considered short-term loans and have up to a 6-24 month term with an interest rate of 3.9% per month. 

Example: $1,500 borrowed for one year at 3.9% per month. Monthly payments are $199.67. Total payback with interest and fee of $194.00 is $2,396.00.

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.

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