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!
If you’re in need of Child Care Expenses in any of the following provinces, we can help. Apply now!
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.
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.
You can receive between $1,500 and $20,000.
If you’re receiving at least $1,200.00 a month via direct deposit, you may qualify for a Magical Credit loan.
Our rate is 3.9% a month.
No, you don’t have to fax a thing. All documents can be uploaded to our site.
Your funds will be deposited directly into your bank account.
Yes, we’ll tell you if you qualify for a smaller loan.
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 a 12-60 month term with a fixed interest rate of 3.9% per month.
Example: $1,500 borrowed for one year at 3.9% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.
NOTE: 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.