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Rebuild Your Credit with a Bankruptcy Loan in Alberta

Good news! There is life after bankruptcy!

Despite how it may feel, declaring bankruptcy can empower you to start fresh, rebuilding your credit from scratch, and getting on with your life the way you always wanted to – without financial hardships.

But here’s the problem. To improve credit score after bankruptcy discharge, you need to:

  • Get need a loan, and;
  • Pay it back as quick as possible.

Magical Credit offers poor credit, low-income bankruptcy loans in Alberta, so that you can rebuild your credit ASAP and start living life with financial freedom.

Just fill out our online application, and in as little as 5 minutes, you could be on your way to a new start!

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:

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

Why You Might Need a Bankruptcy Loan in Alberta

  • Getting a car: More often than not, financing a car is the more financially-realistic means of getting behind the wheel of a new ride. But because of your credit after bankruptcy, it’s the least realistic. Getting a car after bankruptcy requires a credit score that Magical Credit can help you reach.
  • Buying a house after a bankruptcy discharge: It’s hard to get a mortgage after bankruptcy. The average house in Alberta costs over $400,000, so unless you have that kind of money stored in your bank account, you’ll need a mortgage. Magical Credit’s Alberta loans can assist you with buying a house after bankruptcy.
  • A second chance: It’s not a good feeling knowing that your credit score is so low, that most financial institutions won’t even consider you for a loan. So, if you need a second chance, Magical Credit’s bankruptcy loans can help make it happen.

Bankruptcy Loan FAQs

Should I be taking out a bankruptcy loan after bankruptcy discharge?

Yes, you should! Typically, we like to say that it really depends on the individual or their situation, but a bankruptcy loan is often a wise decision. Take advantage of the fact that you are no longer in debt, and start taking out loans – but MAKE SURE to pay them back quickly before a lot of interest is incurred.

What is the interest on a Magical Credit bankruptcy loan?

We offer a 3.9% monthly interest rate for all of our loans including bankruptcy loans, unlike most private lenders where your credit score significantly affects the interest rate.

If I don’t have a bank account, can I still take out a Magical Credit bankruptcy loan in Alberta?

No. One of our requirements for eligibility to take out a bankruptcy loan is that you have a direct deposit income of at least $600.

I have a bank account, but it’s an American one. Does that count?

No. While we offer loans to Canadians across the country (except for Quebec and Manitoba), we don’t offer loans in the US.

I am only taking out a loan after bankruptcy to rebuild my credit. What’s the best way to ensure that my credit gets rebuilt as efficiently and quickly as possible?

You need to pay back your loan as quickly as possible, and more than just in minimum payments. This might mean you need to cut back on some indulgences, but with a little discipline, your credit will be strong in no time.

Do I need a source of income to take out a loan after bankruptcy discharge with Magical Credit?

You need to be making a minimum of $600 monthly of direct deposit income in order to be eligible. That can be through an employer, government grants, or subsidies like maternity or employment insurance.

I know a bankruptcy loan is how to increase credit score, but realistically, will I ever get a mortgage after bankruptcy?

With some discipline and a rigid repayment schedule, your credit will be up in no time, so you can start saving for a down payment.

What pieces of ID can use for my online application?

• Valid Canadian Driver’s License
• Valid Canadian passport
• Certificate of Canadian Citizenship
• Certificate of Indian Status
• Canadian Permanent Residency Card
• Old age security Card
• Photo Health Card and Birth Certificate or Social Insurance Card
• BYID Card (LCBO) and Birth Certificate or Social Insurance Card
• Valid Canadian Driver’s License
• Valid Canadian passport
• Certificate of Canadian Citizenship
• Certificate of Indian Status
• Canadian Permanent Residency Card
• Old age security Card
• Photo Health Card and Birth Certificate or Social Insurance Card • BYID Card (LCBO) and Birth Certificate or Social Insurance Card


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.