Get Approved for a Consumer Proposal Loan in 5 Minutes or Less!

Apply Now

Consumer Proposal Loans in Alberta

If you’re in a consumer proposal, you’ve successfully protected your assets so the banks can’t get their hands on them.

What now?

A consumer proposal is a good way of avoiding bankruptcy, but it leaves you with an r7 credit score, and not many options in terms of how to rebuild your credit. Even if you decide to wait the years it will take to pay it off until you start to rebuild your credit, who will give you the loans to make that happen?

We offer consumer proposal loans in Alberta that’ll help you rebuild your credit – fast. So not only are you getting a head start on paying back your consumer proposal, but you’re getting a head start on turning around your credit score.

Just fill out our online application, and in as little as 5 minutes, you can be on your way to a simple, credit rebuilding solution!

Need a loan, 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

Should I be Taking out a Consumer Proposal Loan?

A Consumer Proposal loan is a great way to immediately start rebuilding your credit.

But isn’t it sometimes worth it to be patient, and pay off my Consumer Proposal over the span of 5 years, interest-free?

Maybe for some people, but consider:

  • You might want to own a home: If you have ambitions of one day owning your own home, you can forget it unless a bank will give you a mortgage. Without a strong or improving credit, it’ll be difficult to attain.
  • You might need a car: Imagine you get offered a dream job that requires you to drive to work every day. If you can’t afford to buy or lease a car, financing is always the best option. Well, it would’ve been if you had a suitable credit score to finance. Sweet dreams, dream job.
  • Cheaper insurance rates: As part of the algorithm to determine your premium, insurance companies consider your credit score to determine reliability. The better your credit score, the cheaper the insurance. So, it’s an investment for years of better insurance rates.
  • Job prospects: Some employers will check your credit score as part of their hiring process. They want to know they can count on you. So rebuilding your credit will tell them that they have nothing to worry about, and that they won’t regret the decision to hire you.

Consumer Proposal Loans FAQ

What is the interest rate on Consumer Proposal loans in Alberta?

Magical Credit’s interest rate for Consumer Proposal loans in Alberta is 3.9% monthly.

In which cases are Consumer Proposal Loans a good debt solution?

A consumer proposal loan is a good idea if you ever want to buy a house, get a job, buy a car, take out insurance, or simply rebuild your credit.

What’s the best way for me to ensure that my debt solution to rebuild credit works the way I want it to at this point in the Consumer Proposal process?

It might take some discipline and cutting down on a few indulgences. But you have to make sure that you are making your payments on time, preferably more than the minimum payment.

How much money can I borrow for a Consumer Proposal loan?

Magical Credit can offer anywhere from $500 – $10,000 in Consumer Proposal loans.

If I have an r7 credit score, do I have enough creditworthiness to take out a loan with Magical Credit?

Magical Credit specializes in low-income, poor credit loans. We offer relief for people’s financial troubles when the banks look the other way. We can only expect an r7 credit score at this point in the Consumer Proposal process. So yes, you have enough creditworthiness, and yes, we can still help.


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.