Get A Loan for Child Tax Benefits
Kids are expensive. And they never get less expensive. If it’s not diapers and formula, it’s computers and cell plans. The Canadian government does give child tax benefits, but it’s not much. So it’s no surprise when families need to borrow money.
Unfortunately, borrowing is much easier said than done. Banks have very strict lending requirements, and payday loan companies aren’t any better. They’re more likely to lend to you sure, but they’ll rip the shirt off your back with high interest.
Magical Credit is a flexible bad credit lender with reasonable interest rates. We offer short term installment loans and consider many sources of income, including child tax benefits, when choosing who we lend to.
You can leverage your child tax benefit payments into a loan as large as $10,000. Apply for a child tax credit loan online and you can be approved in as little as 5 minutes!
Need an online loan for child tax credits, 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!
I want to borrow:
Why Get A Child Tax Benefit Loan?
- Dental Care – Kids have so many teeth and they keep falling out. Why? Why is dental care so expensive? Even if you’re lucky enough to have a dental plan, it’ll only cover a percentage of the cost. Magical Credit loans can help make sure you have cash on hand when dental emergencies strike.
- Bills – With a Magical Credit child tax benefit loan, you can avoid missing payments and all associated late fees and penalties.
- Automotive Expenses & Maintenance – Maintain your car. Replace that oil, check your engine, and get those seasonal tires. If you don’t, you just might find yourself riding *shudder* your bike.
- Childcare/Babysitting – Your children are great, but even if you could, you wouldn’t spend every waking minute with them. You need a break now and then. Watch a movie, go to a restaurant, maybe take a weekly art class. Treat yourself to a little me time.
- Appliance Repair & Replacement – Your kid wants grilled cheese for lunch but the stove is broken. He’s going to be annoying all day. With a Magical Credit loan you can fix that stove (or buy a toaster oven).
Can I get Child Tax Benefit Loans in my province?
If you’re in need of Child Tax Benefit Loans in any of the following provinces, we can help. Apply now!
- Northwest Territories
- Nova Scotia
- Nunavut
- Prince Edward Island
- Saskatchewan
- Yukon
Child Tax Benefits FAQs
Do you offer loans on child tax benefits to people with poor credit? Yes, Magical Credit is a poor credit lender. Our lending decisions aren’t made solely off of credit score. If you receive at least $600 a month via direct deposit, we will consider you.
I’m not employed. Will I be considered for a child care loan? You do not need to be employed to get a child care loan from Magical Credit. Besides employment income, we accept government subsidies (e.g. EI and CPP), as well as income from pensions or maternity benefits. As long as some type of income is being direct deposited into your bank account on a monthly basis, Magical Credit will consider you.
For a list of income sources we accept, check our who qualifies page.
For a list of income sources we accept, check our who qualifies page.
How much can I borrow? You can receive between $500 and $10,000.
What do I need to apply? In order to apply, you need the following:
- Be 18 years or older
- Valid chequing account
- Proof of income
- Valid ID
- SIN
How much income do I need to qualify for a child tax benefit loan? If you’re receiving at least $600.00 a month via direct deposit, you may qualify for a Magical Credit loan.
What’s the interest rate for your child tax benefit loans? Our rate is 3.9% a month.
Do I need to fax anything? No, you don’t have to fax a thing. All documents can be uploaded to our site.
How do I receive my funds? Your funds will be deposited directly into your bank account.
If I apply for a loan I don't qualify for, will you offer me something else? Yes, we’ll tell you if you qualify for a smaller loan.
I just applied for a child tax benefit loan. When will I hear back from you? We'll reach you within 24 hours.
Need an online loan for child tax credits, 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.
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.