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

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Bad Credit Loans After a Discharged Bankruptcy in PEI

Most lenders won’t be impressed with your loan application after you’ve been discharged from a bankruptcy. Whether you’re taking out a mortgage, buying a house, or getting a car after bankruptcy, you’ll need to find ways to show lenders and creditors that you’re a responsible borrower.

If 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 bankruptcy!

I want to borrow:

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

What Bad Credit Loans in PEI Can Offer After a Discharged Bankruptcy

  • Financing a car – Getting a car after bankruptcy is akin to voyaging across the Atlantic Ocean in a canoe. Magical Credit’s loans improve credit scores after bankruptcy, making you eligible for a lease, and offering the extra cash to put money down for your next vehicle.
  • Purchasing a home: Buying a house and taking out a mortgage after bankruptcy are pipe dreams, unless you improve your credit score. A promptly paid-off personal loan will help rebuild your credit, so you won’t be renting for the rest of your life.
  • A second chance: Borrowing after bankruptcy is impossible—when you’re going to the wrong places. Remember, financial institutions aren’t sympathetic to your financial blunders. However, Magical Credit’s bad credit loans in PEI will give you the second chance you deserve.
  • Rent: Landlords run credit checks on rental applicants, and a discharged bankruptcy doesn’t paint you as an exemplary rental candidate. Improve your credit after bankruptcy with a Magical Credit bankruptcy loan, and become a desirable tenant.

FAQs: Bankruptcy Loans in PEI

Should I really apply for a loan right after being discharged from bankruptcy?

It depends on your financial situation—by taking out a short-term loan and paying it off quickly, it helps with rebuilding your credit score, displaying a proven debt repayment history.

On the flip side, if you can only make minimum payments, or you miss payments, it will further damage your credit score.

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

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

Is interest more expensive for applicants who’ve been discharged from bankruptcies?

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

What kinds of income would make me eligible for a bankruptcy loan?

We accept traditional employment incomes and non-traditional income-sources, such as government grants and private pensions. If you’re being direct deposited $600/month, you might be eligible for a bad credit loan in PEI.


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.