Have a job, but credit’s bad? Apply for an Employment Loan in 5 minutes!

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Employment Loans in Newfoundland

In today’s economy, working 40 to 50-hour weeks isn’t enough to cover the cost of unforeseen expenses, especially if you live in Newfoundland.

Magical Credit offers flexible employment loans to Newfoundlanders with poor credit. Our loans are open, which means you only pay interest to date, and not the full term if you decide to pay off your loan early.

Avoid long bank lines and stingy payday loan fees – apply for a Magical Credit employment loan today!

Calculate your loan repayment schedule with our short-term loan calculator!

I want to borrow:

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

Why You Might Need an Employment Loan in Newfoundland

  • Increase in Bill PaymentsCity life is expensive, especially if you live in St. John’s or Labrador City, where the standard of living is higher than the rest of the province. If you’re struggling to make ends meet, a Magical Credit employment loan can keep your financial boat afloat.
  • TravelingNeed a break from working 40 to 50 hours a week? How about a trip to Cuba, Japan, or Miami? An employment loan from Magical Credit can cover the cost of that well-deserved vacation!
  • Replacing Your AutomobileYou can only do so many repairs until that sad day comes where you’re forced to replace your beloved ‘92 Honda Civic. Fortunately, a Magical Credit employment loan can help cover the cost of your first car payment.
  • New Technology From banking to communicating, our entire lives are dependent on the use of technology. If you don’t have access to a cell phone or a computer, it’s almost impossible to perform simple, everyday tasks. Enter the digital age with an employment loan from Magical Credit, and cover the cost of laptops and cell phones.

Employment Loans FAQs

I have poor credit—can I apply for an employment loan?

Yes, we specialize in bad credit, employment loans for low-income families with poor credit.

How much are your interest rates?

The monthly interest rate is 3.9%.

How long is the application process for an employment loan?

Our online application takes a few minutes to complete and one business day to be approved.

If bad credit isn’t a factor, how do you weigh loan applicants?

We accept loan applicants based on their overall report of credit, not their credit score. We also weigh bankruptcy, current consumer proposal, and current loans in collections.

Does my income determine my eligibility for an employment loan?

While your income restricts how much we can loan you, Magical Credit specializes in low-income loans. We also accept candidates with any source of income, traditional or non-traditional.

Do you have employment loans larger than $10,000?

Sorry, our employment loans only range between $500 and $10,000.


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.