Leverage Your Child Tax Benefits into a Bad Credit Loan in Newfoundland!

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Take out A Loan in Newfoundland for Child Tax Benefits

The Canadian government’s child tax benefits aren’t enough to make ends meet, and families commonly need to borrow money to pay for basic necessities.

But banks are uncaring—it’s all about the bottom line, and they aren’t interested in providing loans for bad credit applicants collecting low incomes. And payday loan companies are only interested in taking advantage of vulnerable people, and keeping them in debt.

Magical Credit is a high-risk lender specializing in loans for bad credit applicants. We offer reasonable interest rates, and you can even be approved if your main source of income is non-traditional, including child tax benefits!

I want to borrow:

< $2000 >
$2,000
Min
$10,000
Max

Why Get a Child Tax Benefit Loan in Newfoundland?

  • Dental Care – You serve salmon, but your children eat hard candy instead. Pay for the imminent dental work by leveraging your child tax benefits into a Magical Credit loan!
  • Automotive Repair – Don’t miss out on a family trip because of a faulty carburetor and faultier bank account. Your child tax benefits may provide enough income to be eligible for a loan that’ll fund your repair, and family fun.
  • Childcare/Babysitting – If you’re working nights, take out a child care loan so you can afford the rising cost of babysitters. Have bad credit? No worries! Magical Credit offers bad credit loans in Newfoundland!
  • Debt Consolidation –Staying on top of your children’s lives is hard enough already. Throw in a bevy of debts, and even Mary Poppins couldn’t manage everything. Leverage your child tax credit into a debt consolidation loan in Newfoundland.

Newfoundland Child Tax Benefit Loans FAQs

Can I be eligible for a child tax benefit loan if I have bad credit?

Yes—as a high-risk lender, Magical Credit doesn’t solely weigh applicants based on their credit scores, but instead their overall report of credit.

Can I still be eligible for a child care loan if I’m unemployed?

Yes—as long as you’re collecting a monthly income (traditional or non-traditional) of $600, direct deposited into your bank account, you may be eligible.

Can I borrow $35,000?

No—we only offer loans between $500 and $10,000.

What will I be paying in interest?

Our rate is a fixed 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!

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.
Loan Example
Term
1 Year
APR
56.50%
Amount
$2,000.00
Fees
$194.00
Interest Rate (46.8%)
$936.00
Total Cost of Borrowing
$1,130.00
Total Due End of Term
$3,130.00
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.