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Get A Bad Credit Personal Loan in Ontario

Need some cash, but have bad credit?

Payday loan companies may lend to you, but they’ll rob you blind with interest. And don’t bother trying for a bank loan – they’ll just say no and you’ll take a hit on your credit score for the effort. And that lower credit score means applying for the next loan will be even harder.

So instead of applying for loan after loan, get your bad credit loan in Ontario from Magical Credit. We specialize in giving loans to people with low credit scores. Apply for a bad credit loan online and abracadabra, you’re done in just 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:

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

Why Get a Bad Credit Loan?

  • New Clothes – They say you should dress for the job you want. Unfortunately, astronaut helmets are very expensive. A Magical Credit loan can help you bridge the financial gap between wanting the job and having the job.
  • Phone and Data Plans – Starbucks will blanket the entire world with their Wi-Fi signal someday. But until then, we’re going to have to pay our phone bills. Don’t miss payments, because if you do, your telecom will report you to a credit bureau.
  • Electronics Repair/Replacement – Admit it. Your plastic-rubber phone case doesn’t do anything. It just looks nice. What doesn’t look nice is your $1000 phone’s cracked screen. A Magical Credit loan can buy you a replacement phone and stop people from giving you pity glances.
  • Dental – Are you brushing at least twice a day with fluoride toothpaste and flossing at least once? Stats say most people aren’t. But that’s what dental cleanings are for. Visit your dentist before you get OHL teeth.
  • Vacation – Ontario’s a great place to live. Except its cold dry winters, and humid summers, and pollen season, and the fact that it’s landlocked, and…look, no matter how nice a place is, sometimes you just have to get away from it.

Bad Credit Loan FAQs

Can I apply for a loan with bad credit?

Yes, Magical Credit is a poor credit lender. We specialize in personal loans for people with bad credit. Our decisions are not made solely off of credit score. If you are paid $600 a month via direct deposit, we will consider you for a loan.

Can I apply for a loan with bad credit even if I’m not working?

Yes, we accept government subsides and pension funds as forms of income as well. 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 apply?

Unfortunately, no. Magical Credit requires all borrowers to have a bank account.

I don’t have direct deposit set up. Can I apply?

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

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

No, Magical Credit has zero tolerance for unpaid payday loans.

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

Yes, we will offer you a smaller loan you’re eligible for one.


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.