Raising a kid in Ontario is expensive. Every stage of their life comes with new expenses. It starts with diapers and formula, then it’s childcare and clothes, and then it ramps up to mobile plans and computers. According to StatsCan, it costs $250,000 to raise a child to 18! So it’s not unusual when families need to borrow money.
But borrowing is easier said than done. Banks have very rigid lending policies, and don’t care about your circumstances. Payday loan companies may lend to you, but their interest rates are unreasonably high.
Magical Credit is a flexible poor credit lender with fair, fixed interest rates. We offer childcare & child tax benefit loans which allow you to leverage your monthly child benefit payments into loans for up to $20,000!
Apply for a child tax benefit loan in as little as 5 minutes!
Need an online loan that accepts child tax credits, but aren’t sure you can keep up with the loan repayment terms? Calculate your monthly loan payment schedule with our personal loan calculator!
Yes, Magical Credit is a poor credit lender. Our lending decisions aren’t made solely off of credit score. If you receive at least $600 a month via direct deposit, we can get you a loan on your child tax benefit.
You do not need to be employed to get a loan from Magical Credit. Aside from getting cash loans on child tax credits, you can also borrow off of EI and CPP, as well as income from pensions or maternity benefits. As long as you receive some type of income via direct deposit on a monthly basis, Magical Credit will consider you.
For a list of income sources we accept, check our who qualifies page.
You can get cash loans on child tax credits between $500 and $20,000.
In order to apply, you need the following:
If you receive at least $600.00 a month via direct deposit, you may qualify for a child tax benefit loan.
Our rate is 3.9% a month.
Magical Credit is proud to provide online loans for child tax benefits in Ontario from our headquarters in Toronto.
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 6-60 month term with an interest rate ranging from 3.4%-20% per month.
Example: $1,500 borrowed for one year at 3.4% 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.