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Apply For A Consumer Proposal Loan In B.C. In 5 Minutes Or Less!


Consumer Proposal Loans In British Columbia

Did you know that you can hire a Licensed Insolvency Trustee (LIT) to negotiate a consumer proposal with your creditor?

They’ll protect your credit from the pitfalls of bankruptcy, while allowing you to square up with creditors without any added interest – and you can make payments at your own pace!

Once you’ve paid off your consumer proposal, Magical Credit presents a unique opportunity to rebuild your credit with our consumer proposal loans in BC. In fact, we specialize in bad credit loans for people in BC!

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

I want to borrow:


How Short-Term, Consumer Proposal Loans Can Help In B.C.

Consumer proposals may be a better option than bankruptcy, but your credit still takes some serious damage. Therefore, finding ways to rebuild your credit is imperative.

A short-term, consumer proposal loan in BC can re-establish your creditworthiness in various ways:

  • Consolidate Credit Card Debt- Personal loans can pay off maxed out credit card balances and are an effective way to improve bottomed-out credit. While the majority of lenders won’t give you a minute of their time, Magical Credit specializes in loans for bad credit applicants!
  • Pay via Installments- Installment loans offer your credit score muchmore breathing room than a credit card balance at the edge of its limits. That’s why all of Magical Credit’s loans are installment-based.  Learn more about our installment loans here.
  • Create Mixed Forms of Credit- Show that you can keep up with a multitude of payments with varying interest rates, by taking out a short-term personal loan! Pay it off successfully and promptly, and you’ll improve your credit score, while reestablishing your creditworthiness.
  • Pay More Than Minimum- Paying more than monthly minimums gets your loan paid off faster, and creates a positive repayment history. On top of that, it’ll reduce the impact of interest, keeping extra cash in your pocket while improving your credit.

Consumer Proposal Loan FAQ For B.C.

Can you explain 'creditworthiness'? Does Magical Credit’s consider creditworthiness when weighing their loan candidates?

Creditworthiness is the process lenders use to determine the possibility of whether or not a borrower is likely to default on debt obligations. Repayment history and credit scores are weighed in this valuation.

Magical Credit specializes in loans for bad credit applicants; therefore. we don’t weigh an applicant’s credit score, but their overall credit report. We’ll also weigh any current consumer proposals, bankruptcies, loans in collections, and your debt repayment history.

Am I eligible for a bad credit loan in BC if I’ve declared bankruptcy?

You may apply for our loans once you’ve been discharged of any declared bankruptcy, or once you’ve completed your consumer proposal.

What if I have previously defaulted on a payday loan?

Magical Credit will not lend to anyone who has defaulted on a payday loan. We have a zero tolerance for previously unpaid payday loans.

Given my low credit score, would I being paying higher interest on a loan, after I’ve completed my consumer proposal?

No—all of our loans come with a fixed 3.9% monthly interest rate.

What if I don’t make enough money?

As long as you collect a fixed monthly source of income of $600.00, (traditional or non-traditional) direct deposited into your bank account, you can still be eligible. Magical Credit caters to low-income applicants, so your total income will only determine the amount we can loan you.

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!

Loan Example

1 Year
Interest Rate (46.8%)
Total Cost of Borrowing
Total Due End of Term
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.

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