Low on Funds? Magical Credit Specializes in Personal Loans for Bad Credit Applicants!

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Bad Credit Loans in PEI

Bad credit is bad news for your finances. If you need extra cash, loan rejections make your poor credit even worse. If you apply for a payday loan, you’ll be stuck paying over-the-top interest rates, and a premium for trying to pay your loan off early.

Skip the headaches and the heartaches, and apply for a bad credit loan from Magical Credit!

Magical Credit’s personal loans are made for bad credit applicants, because poor credit scores and low incomes don’t affect our candidates’ eligibility. If you’re collecting an income of at least $600.00 a month – through employment income, government benefits, pensions, or insurance – you may be eligible!

Plan your monthly bad credit loan payment schedule with our personal loan calculator!

I want to borrow:

< $2000 >

How Can a Bad Credit Loan in PEI Help You Out?

  • Rent & BillsLandlords and debt collectors don’t accept discarded pizza boxes as valid forms of payment. If you’re behind on rent and bills, and you have bad credit, take out a bad credit loan in PEI.
  • TransportationScreeching motors and cracked hulls need to be fixed. If you’re low on funds and the bank won’t loan to you, take out a bad credit loan so you’re equipped for life’s bumpy rides.
  • Debt Consolidation Credit card debts, mortgages, car insurance, hydro, and cable can become impossible to keep track of in your everyday hustle. Make life easier to pay for, and take out a bad credit loan for debt consolidation in PEI.
  • Electronics Repair/ReplacementA bad credit loan from Magical Credit can help fix or replace your malfunctioning electronics—even if you’ve just been discharged from a bankruptcy.

FAQs for Bad Credit Loans in PEI

My credit is really bad—how can I still be eligible for a loan?

We assess applicants based on their overall report of credit, instead of their credit scores. If you’re receiving at least $600 a month via direct deposit, have no current loans in collection, and aren’t currently bankrupt, we will consider you.

Will you lend to me if I have bad credit and I’m unemployed?

Yes—our loans are available to applicants collecting government subsidies or any income from pensions or maternity benefits, as long as they are direct deposited.

Can I borrow $125 to pay for a video game?

No—our loans start at $500.

What do I need to apply?

To apply, you must have the following:

  • Be 18 years or older
  • Valid chequing account
  • Proof of income
  • Valid ID
  • SIN
Will my bad credit spike my interest rates?

No—as a high-risk lender, we specialize in loans for bad credit applicants, so our rate is 3.9% a month for every loan.

I’ve defaulted on a payday loan before. Can I still be considered for a bad credit loan?

No—we have a zero-tolerance policy for any unpaid payday loans.

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
1 Year
Interest Rate (46.8%)
Total Cost of Borrowing
Total Due End of Term
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.