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Bankruptcy Loans From Magical Credit

You’ve been discharged from bankruptcy. Now’s the time to make a fresh start and build credit again as quickly as possible. Buying a car, buying a home, financing an engagement ring – all these life milestones require a decent credit score.

The question is, “where can I get a loan after bankruptcy?” Getting a credit card or borrowing money from a bank after bankruptcy isn’t happening, and payday loan companies don’t report to credit bureaus unless you default.

Fortunately, you’ve found the right place. Magical Credit specializes in flexible bankruptcy loans for people with poor credit. Our loans are open – meaning you only pay interest to date, and not the full term if you choose to pay your loan early.

Start rebuilding your credit today and apply for a bankruptcy loan in as little as 5 minutes!

Need a bankruptcy 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 Bankruptcy Loan?

  • Rebuild Credit – Just because you’ve been bankrupt doesn’t mean you can’t build credit. In fact, it’s now more important than ever. Repaying debts with a bankruptcy loan from Magical Credit can get you started.
  • Buy a Car – Car dealers and banks offer financing, but getting an auto loan or personal loan after bankruptcy isn’t easy. Don’t let them stop you from driving. A bankruptcy loan from Magical Credit can get you on that open road feeling wind in your hair.
  • Bills – Need to pay ‘em or else they go to collections and bully your credit score. A Magical Credit loan can cover costs when you’re between jobs.
  • Moving Expenses – There’s a world of jobs and business opportunities out there if you’re willing to relocate. But just picking up and moving can be expensive. A bankruptcy loan from Magical Credit can pay for shipping costs, furniture, security deposits, first month’s rent, and a new welcome mat.
  • See the Dentist – How long has it been since you’ve seen the tooth doctor? Dentists recommend you visit every six months, so you should go at least once a year. Don’t let bad credit take away that winning smile.

Can I Get Bankruptcy Loans In My Province?

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

Bankruptcy Loan FAQs

Is borrowing money after bankruptcy a good idea?

Yes. You’ll likely find that getting a bank loan, personal loan, auto loan, or even a credit card after bankruptcy is difficult. Borrowing from Magical Credit can help you get started. As long as you pay off your debts in a timely manner, your credit rating will continue to grow, and you’ll be able to borrow at lower and lower rates.

I’m between jobs. Will you consider me for a bankruptcy loan?

Yes. Magical Credit appreciates that applying for a loan after bankruptcy is hard and accepts many types of income including government subsidies (e.g. EI, CPP, baby bonuses), pensions, and maternity benefits. As long as you are receiving monthly income to your bank account via direct deposit, we will consider you.

For a list of income sources we accept, visit our who qualifies page.

How long do I have to pay back a bankruptcy loan?

You can choose a loan term from between 6 - 24 months.

How much can I borrow?

You can get a loan between $500 and $10,000.

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

If you are receiving at least $600.00 a month via direct deposit, we will consider you for a loan.

What’s the interest rate for your bankruptcy loans?

3.9% monthly.

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

Yes, we’ll let you know if you’re eligible for a smaller amount.

Will you lend to me if I’ve defaulted on a payday loan?

No, Magical Credit has a zero-tolerance policy for defaulting on payday loans.

Need a bankruptcy 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!

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.

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