Installment Loans Online, Up to $20,000
A structured, predictable way to borrow $1,500–$20,000 and pay it back in fixed installments, even with bad credit. One fixed rate, no surprises. Currently available to Ontario residents.
Borrow | $1,500 to $20,000 |
Rate | One fixed rate: 34.86% annual percentage rate (APR) |
Payments | 12 to 78 payments: weekly, bi-weekly, semi-monthly or monthly |
Decision | Within one business day |
Where | Ontario residents only |
Installment Loans in Canada
An installment loan is a personal loan you repay over time through a fixed number of scheduled payments. A mortgage is one common example.
Life has a way of throwing curveballs: a flood in the basement, a car that won't start, a child who needs braces. An installment loan gives you a lump sum up front and a fixed schedule to pay it back, so those moments come with a plan instead of a scramble.
Installment loans from Magical Credit are currently available to Ontario residents. The process is the same wherever you are in the province: one online application, one fixed rate, and a decision within a business day, with no branch visit.
Magical Credit's installment loans are quick to apply for and can put cash in your account in as little as one business day. Here's what you get:
Considered beyond your credit score. We look at your overall financial picture, not just a number.
One fixed rate. 34.86% APR, fixed for the life of the loan, no surprise increases.
Fast decisions. Apply online in minutes and hear back within one business day.
Flexible terms. Choose weekly, biweekly, semimonthly, or monthly payments and pay off early with no penalty.
One Fixed Rate, Not a Range
Some lenders quote a range of possible rates and decide where you land after a credit check. Magical Credit charges one fixed rate on every approved installment loan: 34.86% APR, regardless of your credit score.
It's also comfortably under Canada's federal criminal interest rate cap of 35% APR, which took effect on January 1, 2025, for loans to individuals. You'll see your exact rate, payment schedule, and total cost of borrowing before you sign anything, with no fine-print surprises.
Our disclosure practices follow Ontario's Consumer Protection Act, 2002 cost-of-borrowing requirements the same rules that require every lender in the province to show you the total cost of a loan up front, not just the rate.
I want to borrow:
Repayment amount includes optional Loan Protection Plan coverage.
Loan amount and payment amount subject to change upon final loan approval.
Example: A $5,000 loan repaid over 36 monthly installments works out to $300.40 per month, at our fixed 34.86% APR. Try the calculator above with your own numbers; the final loan amount and payment are subject to approval.
Ways to Use an Installment Loan
Debt consolidation — roll credit cards, old payday loans, or several smaller bills into one fixed monthly payment.
Home repairs & improvements — a burst pipe, a dead furnace, or a renovation you've been putting off.
Vehicle repairs — keep your commute running without draining your savings.
Medical, dental & injury costs — cover treatment, a chiropractic visit, or a procedure not fully paid by provincial health insurance.
Major purchases & life events — weddings, new babies, moving costs, or a big purchase you'd rather pay off over time.
Unexpected emergencies — life doesn't send a calendar invite before something breaks.
How It Works
Step 1:
Apply online and complete instant bank verification. Your bank securely sends us read-only statements for the past 90 days. If you’re pre-approved, you’ll then provide the front and back of your valid Canadian-issued ID, your most recent pay stub, and a selfie holding your ID.
Step 2:
Get your terms. We review your application; a soft credit check may be part of the initial review, with a full check at approval. This isn't guaranteed approval; no responsible lender can honestly offer that. You'll get a clear breakdown of your rate, payment schedule, and total cost of borrowing before you sign anything.
Step 3:
Get funded. Once you accept your terms, funds are sent via direct deposit or e-transfer, typically within 1 to 2 business days. Your fixed installments are automatically withdrawn on the schedule you agreed to, and you can make extra payments at any time to pay down your balance faster.
Who Can Apply
Who can apply:
- 18 or older
- Canadian citizen or permanent resident
- Live in Ontario
- Employment income paid by direct deposit into a Canadian bank account
What you’ll provide:
- Instant bank verification (read-only access to your bank statements)
- If you’re pre-approved: the front and back of your valid Canadian-issued ID, your most recent pay stub, and a selfie holding your ID
Not currently eligible for an installment loan: Employment Insurance (EI), CPP, OAS, disability, child benefit, or other government subsidy as your only income source.
What “Secured” Means for This Loan
Loans generally fall into two categories: secured loans, backed by collateral that reduces the lender's risk, and unsecured loans, based on income and credit history alone. Magical Credit's installment loans are secured loans, which is part of how we're able to offer a single fixed 34.86% APR to applicants across the credit spectrum, rather than a rate that rises for lower scores.
Where We Lend
At this time, Magical Credit issues installment loans exclusively to residents of Ontario, including Ottawa, London, Hamilton, Kingston, Windsor, Sudbury, Barrie, Kitchener-Waterloo, Oshawa, St. Catharines, Thunder Bay, and the entire Greater Toronto Area.
Magical Credit vs. Other Installment Loan Providers
Magical Credit | Typical Ontario installment-loan provider | |
|---|---|---|
Direct lender or broker? | Direct lender — you borrow straight from us | Several well-known sites are comparison platforms that match you to a lender, then you apply again elsewhere |
Interest rate | One fixed 34.86% APR for everyone approved | Often a range that depends on your credit tier |
Decision time | Within 1 business day | Varies — some same-day, others several days |
Credit approach | Considers your full financial picture, not a single score | Many set a minimum credit score to qualify |
Where we lend | Ontario | Varies — some are Canada-wide, some province-specific |
Installment loan vs other ways to borrow
Magical Credit installment loan |
Payday loan |
Revolving credit (credit card or line of credit) |
|
|---|---|---|---|
How you repay |
Fixed scheduled payments, 12 to 78 payments |
Usually one payment on your next payday |
Minimum payments that change as your balance changes |
Cost |
One fixed 34.86% APR |
Much higher cost of borrowing than an installment loan |
Rate set by the issuer or lender, often variable |
Paying early |
No penalty |
Repaid in full at the end of the term |
Set by the issuer or lender |
Ends when |
On a set date, so you know what’s coming |
At the end of a short term |
Open-ended while you keep a balance |
Installment Loans FAQs
How do installment loans work?
You receive a lump sum and repay it, plus interest, in scheduled installments. Most personal loans work this way, including auto loans and mortgages. Each payment covers part of the amount you borrowed (the principal) plus interest, based on how much you borrowed and your term length.
Why is your rate fixed instead of a range?
Because we consider more than just your credit score when deciding whether to approve you, we don't need to price risk on a sliding scale. Every approved installment loan carries the same 34.86% APR.
What credit score do I need?
We don't have a minimum credit score requirement. We look at your whole financial picture income, overall credit report, and personal circumstances rather than a single number, so a lower score doesn't automatically rule you out.
How long does approval take?
Most applicants hear back within one business day.
Can I get an installment loan with bad credit?
Bad credit installment loans are one of our specialties. We look at your overall credit report rather than a single score, and take context into account, such as a past bankruptcy or a consumer proposal.
Is approval guaranteed?
No, and we'd be cautious of any lender who claims otherwise. Responsible lending means confirming you can actually afford the payments. We review your income, credit history, and personal circumstances to find a loan you can manage, not one that sets you up to fail.
Can I get an installment loan if I'm on EI, a pension, or another government benefit?
At this time, Magical Credit reviews installment loan applications based on employment income. We're not able to consider EI, CPP, OAS, disability, or other government benefit income specifically for installment loans.
Does an installment loan affect my credit score?
It can help. On-time payments are reported to credit bureaus and build a positive payment history, which can improve your credit score over time. Missing payments have the opposite effect, so only borrow what you're confident you can repay.
Can I make extra payments?
Yes. You can put extra money toward your balance at any time, with no penalty. It reduces your total interest cost and can shorten your term.
What's the maximum amount I can borrow?
Between $1,500 and $20,000, depending on your income.
What's the difference between an installment loan and a payday loan?
An installment loan is repaid in scheduled payments over months at a fixed APR. A payday loan is usually repaid in one payment on your next payday and carries a much higher cost of borrowing. Magical Credit’s installment loans carry a fixed 34.86% APR instead, with a repayment schedule you can plan around.
Do I need to be a Canadian citizen or permanent resident?
Yes. Installment loans are available to Canadian citizens and permanent residents who live in Ontario.
Which credit bureaus do you report to?
We report to both Equifax and TransUnion. On-time payments can help build your payment history, and missed payments can hurt it.
Can I apply if I’ve been bankrupt?
Yes, once your bankruptcy has been discharged. We can’t lend to anyone currently in bankruptcy or a consumer proposal, or who has previously defaulted on a loan repayment.
What if I think I’ll miss a payment?
Call us at 1-855-639-6888 before your payment date. Missed payments are reported to the credit bureaus and can lower your credit score, so the sooner you talk to us, the better.
We lend responsibly
We don’t approve every application. We want to be confident you can afford your payments, so we look at your full financial picture: your income, credit history and personal circumstances. If you’re approved, it’s because we believe you can repay the loan. Approval is never guaranteed.
If you think you might miss a payment
Call us at 1-855-639-6888 before your payment date. Missed payments are reported to the credit bureaus and can lower your credit score, so the sooner you talk to us, the better.
Related reading
Reviews
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!😁
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!
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Disclosures:
Magical Installment Loans: Installment loans are available to eligible residents of Ontario and range from $1,500 to $20,000. Repayment terms range from 12 to 78 payments, with flexible payment schedules available as weekly, bi-weekly, semi-monthly, or monthly.
Example: A $5,000 loan repaid over 36 monthly installments would require payments of $300.40 per month.
NOTE: Loan amount and payment amount are subject to change upon final loan approval. Interest rate for Personal Loans is calculated at 34.86%. The Repayment amount includes optional Loan Protection Plan coverage.
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 $14.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $140.00. The total to pay back is $1,140.00, which is an annual percentage rate of 365.00%. ON License #4741412. BC License#85919.
The Loan must be paid in full by the end of the term, with no extensions or exceptions, and 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.
Our Family of Brands: Whether you need personal funding, business advance, or short-term cash support, our family of brands offers financial solutions designed to fit your needs.
-Magical Credit: Personal Loans and Installment Loans available through Magical Credit.
Apply Now: https://www.magicalcredit.ca
-Magical Business: Merchant Cash Advances and business funding solutions available through Magical Business.
Apply Now: https://www.magicalbusiness.ca
-Magical Cash: Payday Loans and short-term cash solutions available through Magical Cash.
Apply Now: https://www.magicalcash.ca
