x
Please be aware Magical Credit will not request you to send any upfront fees in order to get a loan from us. If you are contacted by anyone requesting this by email, text or phone, please call us immediately at 1-877-213-2088.

Apply for quick cash loans while in a consumer proposal and get approved instantly!

Apply Now

If your consumer debt is between $5000-$250,000, you can hire a Licensed Insolvency Trustee (LIT) to negotiate a consumer proposal with your creditor. It’ll ensure your credit doesn’t tank like it would with bankruptcy, and you can pay back creditors at your own pace without having to pay anymore added interest.

Once you’ve been discharged, or have successfully completed your consumer proposal, you can rebuild you credit with a consumer proposal personal loan from Magical Credit – we specialize in bad credit loans!

Magical Credit’s short-term loan calculator will help schedule and keep track of your consumer proposal loan repayment!

I want to borrow:

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

How to Rebuild Your Credit with a Short-Term Consumer Proposal Loan

When you file a consumer proposal, your credit takes an enormous hit. Therefore, you’ll need to find ways to rebuild your credit.

A consumer proposal loan can re-establish your creditworthiness in various ways:

  • Consolidate Credit Card Debt – Using personal loans to pay off maxed out credit card balances is a proven method of improving credit, but most lenders scoff at applicants with bad credit. Fortunately, Magical Credit approves bad credit loans in 24 hours or less!
  • Pay via Installments – Installment loan debts won’t hurt your credit the same as carrying a credit card balance that’s almost been maxed out. Thankfully, Magical Credit’s loans are all installment-based. Learn more about installment loans here.
  • Create Mixed Forms of Credit – Taking out and paying off a personal loan shows your ability to keep up with a diverse range of payments with differing interest rates. A successfully paid-off personal loan improves credit scores, and reestablishes creditworthiness.
  • Pay More Than Minimum – The quicker you pay off your personal loan, the more it re-establishes positivity in your payment history. Paying more than monthly minimums will save you money by reducing the impact of interest, while improving your credit.

Short-Term Consumer Proposal Loan FAQ

What is creditworthiness? Does it factor into Magical Credit’s weighing of personal loan applicants? Creditworthiness is a valuation performed by lenders that determines the possibility a borrower may default on his debt obligations. It considers factors such as repayment history and credit score.

Magical Credit specializes in bad credit loans, so we don’t weigh your credit score, but instead your overall credit report. Other variables such as your current consumer proposal, bankruptcy, current loans in collections and your debt repayment history are considered.
Can I still get a consumer proposal loan for bad credit if I have previously declared bankruptcy? While all cases are different, you can only apply for loan with Magical Credit once you’ve been discharged or have successfully completed your consumer proposal.
What if I have previously defaulted on a payday loan? No- Magical Credit has a zero tolerance for previously unpaid payday loans.
Would my interest rate be higher if I’ve filed a consumer proposal? Magical Credit’s 3.9% monthly interest is our fixed rate for all approved short-term personal loans.
How long do I have to pay back a short-term loan? We do bad credit loans for anywhere between 6-24 months.
What if I don’t make enough money? As long as you have a consistent source of income, (traditional or non-traditional) you can still be approved. Magical Credit specializes in low-income loans, so your total income will only determine the amount we can loan you.

You can figure out if you can pay more than minimum by using Magical Credit’s short-term 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.