In a Consumer Proposal? Apply for quick cash loans in Nova Scotia and get approved instantly!

Apply Now

Consumer Proposal Loans in Nova Scotia

When you file for a consumer proposal, you’re essentially telling your creditors that you’re unable to pay your debt. After filing a consumer proposal, it’s hard to rebuild your R7 credit without a personal loan.

Getting a loan from most financial institutions seems almost impossible. Banks will laugh at your current credit score and immediately turn you away. Payday loan companies aren’t any better with their high-interest rates and questionable  hidden fees.

Fortunately, if you live in Halifax, Dartmouth, New Glasgow, or anywhere else in Nova Scotia, Magical Credit can help rebuild your credit score with a bad credit consumer proposal loan. We specialize in bad credit loans to help low-income families get back on their feet. Avoid the vicious cycle of loan rejection and apply for a loan in as little as 5 minutes!

I want to borrow:

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

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

Filing for a consumer proposal will negatively impact your credit score. Luckily,  here are some ways you can rebuild credit using a Magical Credit consumer proposal loan:

Consolidate Credit Card Debt— The best way to rebuild credit is with a loan. Using personal loans to pay off outstanding credit card debt is an excellent way to improve your credit, but once you’ve filed for a consumer proposal, getting a loan is impossible. Don’t sweat it! Magical Credit approves bad credit loans in 24 hours or less!

Pay via Installments— Installment loan debts won’t damage your credit the same way credit cards can. The best part about Magical Credit’s consumer proposal loans is that they’re installment-based.

Create Mixed Forms of Credit—Improve your credit score and re-establish your creditworthiness by replacing credit card debt with a personal loan. When you take out and pay off a personal loan, it shows creditors that you’re capable of keeping up with a diverse range of payments with differing interest rates.

Pay More Than Minimum– When you only pay monthly minimums, you end up paying more in interest. The faster you pay off debt, the more money you will save. Paying more than the minimum also improves your credit by re-establishing positivity in your payment history by lowering your credit balance.

Consumer Proposal Loans FAQ

I defaulted on a payday loan 10 years ago, will you still lend to me?

Sorry, we have a zero tolerance for previously unpaid payday loans.

 

I live in Nova Scotia, is my interest rate for a consumer proposal loan higher than other provinces?

No, all our short-term personal loans have a fixed-monthly interest rate of 3.9% across all provinces and territories.

How long do I have to pay back a short-term loan?

Repayment for our bad credit loans ranges between 6-24 months.

I work a part-time job, will I qualify for a consumer proposal loan?

If you have a consistent source of income ($600.00 minimum), whether that be traditional or non-traditional, you can still be approved. Your total income will only determine the amount you can borrow from us. To learn more about the income sources we accept, visit our who qualifies page.


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.