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Get a Bad Credit Personal Loan in Alberta

You need cash but have bad credit. You should just apply for a loan at one of Alberta’s fine banks, right?

No! Banks are very stingy with their money, and if you have anything short of good credit, they’ll show you the door. Plus, you’ll take a hit on your credit score for the effort.

Unfortunately, every loan you apply for is reported to the credit bureau, and too many rejected loan applications looks bad on your credit report. So instead of spamming loan applications, just make one – to Magical Credit.

Magical Credit specializes in loans for people with low credit scores. As long as you receive $600 a month via direct deposit to your bank account, we will consider you for a loan. Apply for a bad credit loan for up to $10,000 today!

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:

< $2000 >
$2,000
Min
$10,000
Max

Why Get a Bad Credit Loan?

  • Electronics Repair/Replacement – Do you know what your cracked phone screen says about you to the opposite sex? We’re not a magazine column, but it doesn’t look good.
  • Dental – Your toothache won’t go away on its own. Get that checked out before it becomes a tooththrobbingpain.
  • Car Maintenance – According to that guilt-tripping sticker on your dashboard, your engine’s due for a checkup. A Magical Credit bad credit loan can keep your car running smoothly and put that smug sticker in its place.
  • Vacation – Alberta’s great, but sometimes you need a change of scenery. No, Montana doesn’t count.

Alberta Bad Credit Loans FAQs

How can I apply for a loan with bad credit?

Magical Credit is a poor credit lender that specializes in personal loans for people with bad credit in Alberta. We have different criteria than banks – what we care about most is you having a steady income. As long as you receive at least $600 a month via direct deposit, we will consider you for a loan.

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

Yes, we accept alternative sources of income such as government subsidies and pension funds. As long as you receive $600 a month via direct deposit, we will consider you for a loan.

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

What do I need to apply?

In order to apply, you must have the following:

  • Be 18 years or older
  • Valid chequing account
  • Proof of income
  • Valid ID
  • SIN
I don’t have a bank account. Can I still apply?

Unfortunately, no. You must have a bank account.

I don’t have direct deposit set up at my bank. Can I still apply?

Sorry, but no. Please speak with your employer or the institution you receive funds from to set up direct deposit.

I’ve defaulted on a payday loan in the past. Can I still apply?

No, Magical Credit has zero tolerance for payday loan defaults.

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

Yes, we will offer you an amount you are eligible for.


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

Our loans are considered short-term loans and have up to a 12-24 month term with an interest rate of 3.9% per month.
Loan Example
Term
1 Year
APR
56.50%
Amount
$2,000.00
Fees
$194.00
Interest Rate (46.8%)
$936.00
Total Cost of Borrowing
$1,130.00
Total Due End of Term
$3,130.00
NOTE: You can pay off your loan at any time with no penalty.
You will only pay interest up to the date you borrow it.
Terms and Conditions: (APR 23% min - 59.7% max) Loan amortization is between 12-24 months. 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 with impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureau.