Recently discharged from your Consumer Proposal, and need a Bad Credit Loan in PEI? Apply in 5 minutes or less!

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Take Out a Consumer Proposal Loan in PEI

Once you’re discharged from your consumer proposal, you’ll have restored some credit, but your credit score will have taken a huge hit. Simply put, you won’t be a desirable borrower!

The bank isn’t kind to bad credit applicants. And payday lenders will drown you in debt with sky-high interest rates.

So, where can you go to help rebuild your credit score after a consumer proposal?

Magical Credit’s personal loans for bad credit applicants have reasonable interest rates, even if you’ve been discharged from a consumer proposal—helping you rebuild your credit score.

I want to borrow:

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

How Bad Credit Loans in PEI Can Rebuild Your Credit After a Consumer Proposal

A discharged consumer proposal still comes with its bevy of headaches. Namely, your credit has sunk to the bottom of the financial ocean.

Magical Credit’s consumer proposal loans can be your credit score’s flotation device, giving you a fresh start:

  • Debt Consolidation- Fish aren’t biting and lobsters aren’t pinching, so your bank account is plummeting. You racked up consumer debts, and you need to pay up. Our loans for debt consolidation in PEI cover numerous payments, showing creditors a history of debt repayment.
  • Pay via Installments- Installment loans can be your financial life jacket. Fill out your application, make above minimum payments, and float to economic safety. Learn more about installment loans here.
  • Create Mixed Forms of Credit- Paying off bad credit loans shows a multitude of successful payments, painting you as a responsible borrower. Creditor’s reward diverse payment histories with a healthy bump to your score!
  • No Added Premiums- Our loans are open, so you can pay them off early, without the added premiums payday lenders charge, giving you ample opportunity to improve your credit!

Consumer Proposal Loans in PEI—FAQ

My credit is terrible after being discharged from a consumer proposal – are you sure I can qualify for your short-term personal loans?

Yes—Magical Credit specializes in loans for bad credit applicants. We assess your overall credit report as opposed to your credit score.

Can I be eligible if I’ve ever gone bankrupt?

Each case is unique, but you may be eligible if you’ve been discharged from bankruptcy.

I’ve defaulted on a payday loan – will I be considered for a consumer proposal loan?

No— Magical Credit has a zero-tolerance policy for previously unpaid payday loans.

Will I be paying extra interest because of my discharged consumer proposal?

No—you’ll be paying 3.9%, just like everyone else!

If I only collect $300/month from EI, will I be considered?

No—while you have a direct deposited monthly source of income, it needs to be at least $600/month (traditional or non-traditional) to be eligible for a consumer proposal loan.


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.