Instalment Loans are personal loans repaid over time with a fixed number of scheduled payments. A common type of an instalment loan is a mortgage.
No matter how careful you are with your money, life always seems to have a way of throwing you curveballs. Whether it’s a flood in the basement, a broken-down car, or a child needing braces, we all have those moments when we wonder how on earth we can pay for it all. Having the opportunity to get your hands on some quick cash via an installment loan can make those days a lot less stressful.
But what if you have bad credit? Instant cash is even more difficult to come by as you’re turned away by multiple lenders. Not to worry; if you’re in a bind and need money quickly, loans from Magical Credit will keep you in the green. Our installment loans for bad credit are quick to apply for and can give you cash in as little as one day. You receive a lump sum and pay the loan off in installments.
Some of the benefits you can enjoy from our installment loans for bad credit are:
A consistent loan repayment schedule gives you a manageable way to pay your loan off gradually without extortionate fees. And even if you have poor credit, you can still qualify for personal installment loans with us! We consider a number of other factors when deciding whether to approve each loan.
Ensure that you can keep up with the monthly loan payment schedule for installment loans, with our short-term personal loan calculator!
Magical Credit is Toronto based, but we can help you with installment loans for bad credit if you’re located in any of the following provinces. Fill out an application today!
Installment loans involve the borrower receiving a lump sum and then repaying the loan (plus interest) in installments. The majority of personal loans work in this way, including auto loans and mortgage loans. The amount paid in each installment depends on the amount borrowed and the term (how long it will take to pay back the entire loan). Each payment includes a portion of the borrowed amount (principal) plus interest.
Magical Credit installment loans have flexible terms and low interest rates. Our interest rates are fixed so you know exactly how much each payment will be. If you decide to pay off your loan early, you won’t be charged interest on the remaining length of the term.
Magical Credit has the low interest rate of 3.9% monthly.
Ideally, within 24 hours. We work tirelessly to process your installment loans online as quickly as possible.
Bad credit installment loans are our specialty. Unlike other credit companies, we accept loan candidates based on overall report of credit, versus their credit score. We understand that there are lots of very legitimate reasons people end up with bad credit, so we take various factors into account. Bankruptcy, current consumer proposal, and current loans in collections are some factors we consider.
To see if you qualify for one of our installment loans for bad credit, the process is simple. You can fill out our online form, which asks for minimal information, and submit. Within one business day, you’ll hear back from us and find out if you’re approved.
Unfortunately, we do not extend terms.
We loan between $500-$20,000, predicated on your income.
You can figure out your monthly installment loan schedule with our short-term loan calculator!
Installment loans involve the borrower receiving a lump sum and paying back the money in scheduled installments, typically monthly. A payday loan is usually received and paid back in one lump sum, instead of paying back in installments. The idea is you pay it back with your next paycheck, which acts as security for the loan. Payday loans typically have high interest rates and fees (paying $30 for $100 borrowed is not uncommon) and there are lots of scam lenders to be wary of. A Magical Credit installment loan has a low monthly interest rate and is quick and convenient to qualify for.
Ensure that you can keep up with the monthly loan payment schedule for installment loans, with our short-term, personal loan calculator!
Our loans are considered short-term loans and have up to a 6-60 month term with an interest rate ranging from 3.4%-20% per month.
Example: $1,500 borrowed for one year at 3.4% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.
NOTE: You can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.