Raising a child in Alberta costs a lot of money. Their tastes are expensive right from the start, with expenses growing as fast as they do.
First it’s a fancy liquid-only diet, then they move on to tiny individual glass jars of gourmet mush, and by the end they’re demanding raw fish and bison burgers! It costs $250,000 to raise a child to 18, so it’s not surprising at all when families need to borrow money.
Unfortunately, borrowing is often easier said than done. Banks have rigid lending policies and will reject you for a number of reasons. Payday loan companies may lend to you, but you’ll have to pay their unreasonably high interest rates.
Thankfully, there’s a better option. Magical Credit is a flexible poor credit lender that provides child care/child tax benefit loans in Alberta. You can leverage your monthly child tax benefits for a loan as large as $20,000!
Apply for a child tax credit loan online in 5 minutes or less!
Why Get a Child Tax Benefit Loan in Alberta?
Yes, Magical Credit is a poor credit lender. We don’t make lending decisions solely off of credit score. If you receive at least $1,200 a month via direct deposit, you will be considered for a child tax benefit loan in Alberta.
You do not need to be employed to qualify for an online loan for child tax benefits. Aside from borrowing off of child tax benefits, you can also borrow off of EI and CPP, as well as income from pensions or maternity benefits.
You can apply for a loan from anywhere between $1,500 and $20,000.
In order to apply, you need the following:
You must receive at least $1,200 a month to qualify for a Magical Credit child tax benefit loan.
3.9% a month.
Need an emergency loan, 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 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%. License #4741412.
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.