Apply For A Child Tax Benefit Loan In 5 Minutes Or Less
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, as long as it's not your primary source of income.
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:
Repayment amount includes optional Loan Protection Plan coverage.
Loan amount and payment amount subject to change upon final loan approval.
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!
- Ontario
- Alberta
- British Columbia
- New Brunswick
- Northwest Territories
- 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 based on credit score. If you receive at least $1,410 a month via direct deposit, we will consider you.
I’m not employed. Will I be considered for a child care loan?
You do need to be employed to get a child care loan from Magical Credit. In addition to employment income, we accept government subsidies (e.g., OAS and CPP) as secondary sources of income.
For a list of income sources we accept, check our who qualifies page.
How much can I borrow?
You can receive between $1,500 and $20,000.
What do I need to apply?
- 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 $1,410.00 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 APR is 34.86%.
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.
Reviews
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!
Disclosures:
Magical Installment Loans: Installment loans are available to eligible residents of Ontario and range from $1,500 to $20,000. Repayment terms range from 12 to 78 payments, with flexible payment schedules available as weekly, bi-weekly, semi-monthly, or monthly.
Example: A $5,000 loan repaid over 36 monthly installments would require payments of $300.40 per month.
NOTE: Loan amount and payment amount are subject to change upon final loan approval. Interest rate for Personal Loans is calculated at 34.86%. The Repayment amount includes optional Loan Protection Plan coverage.
Magical Cash Loans - Ontario, British Columbia, Alberta, 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 $14.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $140.00. The total to pay back is $1,140.00, which is an annual percentage rate of 365.00%. ON License #4741412. BC License#85919 AB License#358423.
The Loan must be paid in full by the end of the term, with no extensions or exceptions, and 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.
Our Family of Brands: Whether you need personal funding, business advance, or short-term cash support, our family of brands offers financial solutions designed to fit your needs.
-Magical Credit: Personal Loans and Installment Loans available through Magical Credit.
Apply Now: https://www.magicalcredit.ca
-Magical Business: Merchant Cash Advances and business funding solutions available through Magical Business.
Apply Now: https://www.magicalbusiness.ca
-Magical Cash: Payday Loans and short-term cash solutions available through Magical Cash.
Apply Now: https://www.magicalcash.ca
