Please be aware Magical Credit will not request you to send any upfront fees in order to get a loan from us. If you are contacted by anyone requesting this by email, text or phone, please call us immediately at 1-877-213-2088.
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!
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!
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.
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.
Interest Rate (46.8%)
Total Cost of Borrowing
Total Due End of Term
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.