Get a Loan on your Child Tax Benefit

Apply Now

Child Tax Benefit Loans in Ontario

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 $10,000!

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!

I want to borrow:

< $2000 >
$500
Min
$10,000
Max

Why Get A Child Tax Benefit Loan?

  • Dentist – Kids are terrible at brushing and making teeth-friendly snack choices. Send them to the dentist and let the hygienist take care of that mess.
  • Camp – Give your kids the gift of the outdoors. Teach them about mother nature. Most importantly, get three months to yourself.
  • Daycare/Afterschool Programs – You don’t want your kids sitting around all day. If they get too used to it, they’ll be living with you ‘til they’re 30. Get them out of the house with a Magical Credit loan.
  • Appliance Repair & Replacement – Things tend to break a lot more when kids are around. Everything tends to be stickier too. Keep everything running smoothly with a Magical Credit loan.

Child Tax Benefit Loans 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 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.

I’m not employed. Will you consider me for a child tax benefit loan?

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.

How much can I borrow?

You can get cash loans on child tax credits between $500 and $10,000.

What do I need to apply?

In order to apply, you need the following:

  • 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 receive at least $600.00 a month via direct deposit, you may qualify for a child tax benefit loan.

Where are you located?

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 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.