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.
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.
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.
No. Our 3.9% monthly interest rate is consistent across all of our loans.
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.
There is no definitive answer, but buying a house after bankruptcy will take discipline, and some work on rebuilding your credit score.
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!
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