Apply For A Child Tax Benefit Loan In 5 Minutes Or Less

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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 $20,000. 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 Care Expenses In My Province?

If you’re in need of Child Care Expenses in any of the following provinces, we can help. Apply now!

  • Nova Scotia
  • Nunavut
  • Prince Edward Island
  • 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 $1,200 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 ourwho qualifies page.

How much can I borrow?

You can receive between $1,500 and $20,000.

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 $1,200.00 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.


I am brand new to magicalcredit and it has been a pleasure talking to every representative. They are so polite and kind and it is great to have a number to call and get a response quickly. This is the start of a great banking/credit relationship. They have made my day and reignited my hope. Thanks magicalcredit!! Have a magical day!😁

Magical Credit is truly amazing! Their assistance has been a real lifesaver for me. The staff is incredibly friendly and supportive, and they made the entire process a breeze. I wholeheartedly recommend Magical Credit to anyone seeking financial help. They are the best!

The application is very fast easy quick it took me 10 mins to fill it out they responded to my application right away and I was approved in a matter of a couple hours. When talking to the agent she was very helpful and very clear on what they needed to approve my application. Thank you Magical Credit

Very fast and easy to get a loan I needed help and help was given right away . Very polite staff I was doubtful at first but in about 30 minutes was approved for more then I asked for. Which I can use because school shopping for more then one kid isn't cheap . I'd definitely recommend this company . Thank you so much

They made the experience easy and every person I spoke with which I think it was in total of four may have been up to 5 each one was knowledgeable more than willing to help as I am not the world's most tech person out there and even though I filled out some stuff wrong they contacted me right away to say hey we're having trouble with this can you help us out about why we're having trouble and got it sorted out within seconds just all in all a beautiful experience definitely five out of five

I had a great service! Staffs are very responsive and easy to talk to esp NATALIE! She's very nice and very professional, explained everything to me, I was approved for a loan but I needed a little more so she managed to have me approved for the amount I needed, also, It was very fast, i got the funds the next day! Thank you so much guys!

Great staff, fantastic service! Very reasonable interest rates and also flexible payment plans. Got my money promptly. These guys are simply amazing!

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!


Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so you can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.

Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The 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 will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.

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