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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.

Get Approved for an Emergency Loan in 5 Minutes or Less

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Emergency Loans in Canada

Life is full of unexpected surprises. Some things you can try to hedge for with an emergency fund, but other times you’re simply ill-equipped to handle the tree that’s collapsed through your roof.

For expenses that’re impossible to plan for, an emergency personal loan from Magical Credit is the solution to your setback. Regardless of what you need a personal loan for, we look past poor credit or non-traditional sources of income to determine your eligibility. Best of all, you can be approved for your emergency cash advance in just 5 minutes!

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!

I want to borrow:

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

Why You Might Need an Emergency Loan

  • Automotive Expenses & Maintenance – Your car is essential to get to work, to pick up the kids, and for social outings. If a tire gets punctured, or your engine gives out, an emergency loan can get you back on your feet (well, you know what we mean).
  • Dental – We Canadians know all too well about dental emergencies, like knocked out teeth, a lost filling, or a broken jaw – hockey is our nation’s sport after all.
  • Home Renovations – Leaks, cracks, breaks, scratches – your house will need maintenance some day. Emergency loans can fix those little problems before they become big (and expensive) ones.
  • Appliance Repair & Replacement – If your fridge breaks down, it’s costly in more ways than one. This isn’t the 1930’s, so you probably don’t have an icebox in your basement – emergency cash can potentially salvage your expensive appliances (and your leftover, boiled celery).
  • Debt Consolidation – Would you rather take on 100 small bills, or a singular, large, consolidated one, head-to-head? If it’s the latter, apply for an emergency personal loan now!

Emergency Loans FAQs

I applied an hour ago. How long does it take to get an email confirmation? Once you submit your application for an emergency personal loan, a representative will get back to you within a maximum of 24 business hours.
Is it guaranteed approval? We do not guarantee approval for emergency cash advances, seeing as every case if different – but that doesn’t mean you’re ineligible for an emergency loan with bad credit.

We accept working income, as well as government subsidies, as long as you are receiving a minimum of $600.00 a month in addition to direct deposit income. A denial would be the result of current consumer proposal default on loans, loans in collections, or current bankruptcy.
Do you help people with bad credit? Yes, we are a bad credit loan lender! And that includes emergency loans for bad credit. We don’t go off your credit score, but your overall report of credit. So we consider other variables like current consumer proposal, bankruptcy, and current loans in collections.
What’s the process to get a loan? If you’re receiving a minimum of $600.00 monthly, and your income is direct deposit, you may qualify for an emergency loan with us.

All you have to do is fill out our online application! It should take approximately 5 minutes to complete. A loan officer will respond to you within one business day. We don’t go off your credit score, but we take your overall credit report into account.
If I can only get approved for less than what I applied for, will I be notified? Or is it just a ‘no’? We’ll let you know if you qualify for a smaller emergency loan, too.
Can you help us consolidate some large debts into one monthly payment? We unfortunately don’t consolidate our short term loans directly, but you can qualify for a larger loan from us, which you can then use to cover your multiple, smaller debt payments.

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.