Leverage Your Child Tax Benefits and Apply for a Loan in Yukon!

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Take Out a Loan in the Yukon With Your Child Tax Benefit Income

Child tax benefits in Canada can pay for the barest of necessities, but they won’t cover much else. If your children want to enjoy recreational activities beneficial to their growth, your child tax benefits alone won’t suffice.

But banks only care about the well-being of their bottom line, not your children—they would never consider loans for bad credit applicants collecting low incomes.

Magical Credit specializes in loans for bad credit applicants collecting lower incomes. Even if your primary income comes from your child tax benefits, you may be eligible for a Magical Credit loan!

If you’re unsure that you can keep up with our Child Tax Benefit loan repayment terms, use our short-term personal loan calculator!

I want to borrow:

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

Why Get a Child Tax Benefit Loan in the Yukon?

  • Dental Care – If you think your child is brushing their teeth regularly, you’re probably wrong. If your dental isn’t covered, you can apply for a loan from Magical Credit to foot the bill for your child’s dental cleanings.
  • Auto Repairs – Your children can’t be walking to school in the freezing cold because your engine’s gone kaput. Too low on cash and credit to pay for repairs? Our child tax loans are ideal for bad credit applicants collecting low incomes.
  • Babysitting – Single parenthood is unpredictable. If you’ve recently gotten a job and have to work nights, you’ll need to hire a babysitter. Take out a Magical Credit loan to pay for the babysitter fee until your paycheques start piling up.
  • Debt Consolidation – Leverage your child tax credit into a debt consolidation loan in the Yukon if you’ve compiled a number of consumer debts. You’ll only have one monthly payment, allowing you to focus on your children.

Yukon Child Tax Benefit Loans FAQs

Do you accept candidates with bad credit?

Yes—since Magical Credit weighs candidates on their overall report of credit instead of their credit score, our loans are ideal for bad credit applicants.

Can I be considered for a child care loan if I’m in between jobs?

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

Can I apply for a $25,000 loan? My consumer debts are out of control!

No—we do offer loans up to $10,000, which can cover part of your consumer debts.

Does your interest rate increase for child tax benefit loans?

No—our interest rate is 3.9% a month for all of our loans.


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.