Just Discharged from Bankruptcy? Take Out a Bad Credit Loan in Newfoundland!

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Bankruptcy Loans in Newfoundland

We’ll be honest: after you’re discharged from bankruptcy, most lenders won’t classify you as an ideal loan candidate.

But if you ever intend on taking out a mortgage, or getting a car after bankruptcy, you’ll have to show lenders and creditors that you’re an eligible borrower.

Plus, Newfoundland isn’t cheap, and discharged bankruptcies will leave you low on cash.

If you’re in a financial pickle, or you need to rebuild your credit score, Magical Credit is a high-risk lender specializing in loans for bad credit applicants—including those recently discharged from a bankruptcy.

I want to borrow:

< $2000 >
$500
Min
$10,000
Max

Why You Might Need a Bankruptcy Loan in Newfoundland:

  • Financing a car: Getting a car after bankruptcy is as painful as a lobster’s pincers clamping down where the sun doesn’t shine. Magical Credit’s bankruptcy loans not only improve credit scores after bankruptcy, but also help put money down for your next vehicle.
  • You want to buy a house: You’re researching the chances of buying a house and taking out a mortgage after bankruptcy. The verdict? Unless you improve your credit score, you may as well live in a canoe. A promptly paid-off personal loan will help rebuild your credit after bankruptcy.
  • A second chance: Sick and tired of the bum’s rush when borrowing after bankruptcy? You’re going to the wrong guys—financial institutions aren’t sympathetic to your fiscal fallout. Magical Credit’s bad credit personal loans in Newfoundland will give you a second chance!
  • Rent: Landlords run credit checks on rental applicants, and those with the best credit are prime candidates, while your discharged bankruptcy doesn’t paint you as the best tenant. Improve your credit after bankruptcy with Magical Credit, and live in the lap of adequacy.

FAQs Bankruptcy Loans in Newfoundland

Is it a good idea to apply for a loan so soon after being discharged from bankruptcy?

It can be—if you take out a short-term loan and pay it off quickly, it helps in rebuilding your credit score, displaying a proven debt repayment history.

I’m still bankrupt. Can I take out a loan?

No—our bankruptcy loans are only available to those discharged from bankruptcies. They are unavailable to anyone who has previously defaulted on a payday loan, too.

Having recently been discharged from a bankruptcy, will I be charged higher interest?

No. Our 3.9% monthly interest rate is consistent across all of our loans.

What kinds of income are accepted by Magical Credit?

We accept employment income and non-traditional income-sources, such as government grants and subsidies. As long as you’re direct deposited $600/month, you may be eligible for a bad credit, personal loan in Newfoundland.

How long after bankruptcy can I buy a house?

There is no definitive answer, but buying a house after bankruptcy will take discipline, and some work on rebuilding your credit score.

How much money can I borrow for a bankruptcy loan?

Our bankruptcy loans range from anywhere between $500 and $10,000.


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.