Apply for a Bad Credit Installment Loan Online

At Magical Credit, we specialize in installment loans for bad credit and we’re ready to help you today.

Apply now

installment loans Canada

Installment Loans in Canada

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:

  • Approval for bad credit. We won’t turn you away just because you have bad credit. We consider other factors in the application process and approve installment loans for customers with low income or non-traditional income sources.
  • Low interest rates.We offer low rates so you won’t pay as much as you would with other credit companies. Plus, rates are fixed, so you know exactly how much you’ll be paying in installments on your loan.
  • Quick cash. Our online application form is quick and simple to fill out. You’ll hear back from us within one day, and in many cases, can receive funds right away.
  • Flexible terms. You can tailor your installment loan to fit your unique situation. Our terms are flexible and you have multiple payment options to choose from. What’s more, you won’t be penalized for paying early and will only be charged interest on the time borrowed.

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!

I want to borrow:


Why You Might Need an Installment Loan

  • Home Repairs and Renovations - Life is peachy until a pipe bursts like a levee breaking, or your dryer from the Stone Age has started lighting your clothes on fire. Installment loansensure these situations don’t set you too far back.
  • Auto Maintenance and Repair - It’s an age-old story: you go in for an oil change, and suddenly you need a new carburetor. The oil change was expensive enough. Either way, a personal installment loan is a great way to bail you out, so you can keep getting from A to B.
  • Life Milestones - Getting married, having a baby, and sending an older child off to college can all be wonderful life events. But they can be expensive and stressful ones too. You can ease the financial burden and pay for life’s milestones gradually by taking out an installment loan.
  • Vacation - Everybody needs some time off, even if they’re a bit low on cash. Your group of friends are all going to Cuba and you don’t want to miss out on the fun? An installment loan can help cover the cost so you can work on your tan, worry-free.
  • Personal Injury - If you throw out your back, and you aren’t covered by a benefits plan, Canada’s healthcare ceases to be free (beyond the doctor telling you that you’ve hurt your back and to take a couple of Advil). Relief could be a chiropractic adjustment (and a couple of hundred dollars) away. An installment loan can get you loose, limber, and back on your feet without missing unnecessary days at work.
  • Debt Consolidation - When you have too many debts, it could be easy to lose track and fall behind, as they continue to chip away at you. Installment loans from Magical Credit can help pay off all the little debts, with a big loan, to simplify your budgeting responsibilities.
  • Timely Investments - Sometimes a business opportunity arises that is just too good to miss. But what it you have no free cash at that exact moment in time? You don’t have to miss out; bad credit installment loans can give you instant cash, so you can strike while the market is hot.

Can I Get an Installment Loan in My Province?

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!

  • Nova Scotia
  • Nunavut
  • Prince Edward Island
  • Yukon

Installment Loans FAQs

How do installment loans work?

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.

How much would I be paying in interest?

Magical Credit has the low interest rate of 3.9% monthly.

How long would it take to process my loan application?

Ideally, within 24 hours. We work tirelessly to process your installment loans online as quickly as possible.

Can I get an installment loan if I have bad credit?

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.

Am I able to extend my term if I run out of money?

Unfortunately, we do not extend terms.

What is the maximum amount of money that you’ll loan?

We loan between $1,500-$20,000, predicated on your income.

How do I figure out my monthly installment loan schedule?

You can figure out your monthly installment loan schedule with our short-term loan calculator!

What is the difference between an installment loan and a payday loan?

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.


I am brand new to magicalcredit and it has been a pleasure talking to every representative. They are so polite and kind and it is great to have a number to call and get a response quickly. This is the start of a great banking/credit relationship. They have made my day and reignited my hope. Thanks magicalcredit!! Have a magical day!😁

Magical Credit is truly amazing! Their assistance has been a real lifesaver for me. The staff is incredibly friendly and supportive, and they made the entire process a breeze. I wholeheartedly recommend Magical Credit to anyone seeking financial help. They are the best!

The application is very fast easy quick it took me 10 mins to fill it out they responded to my application right away and I was approved in a matter of a couple hours. When talking to the agent she was very helpful and very clear on what they needed to approve my application. Thank you Magical Credit

Very fast and easy to get a loan I needed help and help was given right away . Very polite staff I was doubtful at first but in about 30 minutes was approved for more then I asked for. Which I can use because school shopping for more then one kid isn't cheap . I'd definitely recommend this company . Thank you so much

They made the experience easy and every person I spoke with which I think it was in total of four may have been up to 5 each one was knowledgeable more than willing to help as I am not the world's most tech person out there and even though I filled out some stuff wrong they contacted me right away to say hey we're having trouble with this can you help us out about why we're having trouble and got it sorted out within seconds just all in all a beautiful experience definitely five out of five

I had a great service! Staffs are very responsive and easy to talk to esp NATALIE! She's very nice and very professional, explained everything to me, I was approved for a loan but I needed a little more so she managed to have me approved for the amount I needed, also, It was very fast, i got the funds the next day! Thank you so much guys!

Great staff, fantastic service! Very reasonable interest rates and also flexible payment plans. Got my money promptly. These guys are simply amazing!

Ensure that you can keep up with the monthly loan payment schedule for installment loans, with our short-term, personal loan calculator!


Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so 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.

Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The 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 will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.

1603 people applied for a loan with us in the last 7 days
238 people applied for a loan with us in the last 24 hours
19 people applied for a loan with us in the last hour