Magical Credit offers fixed-interest Installment Loans online. Apply today!

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Whether you’re in Ottawa, Thunder Bay, or Scarborough, a personal installment loan from Magical Credit could help you keep up with the increasing mortgage, rent, or cost of living prices in Ontario. Unlike credit card company’s sneaky hidden fees and surcharges setting you back, we have a fixed monthly interest rate of 3.9%, so there’ll be no surprises and you can plan your budget accordingly!

Our short-term, personal loan calculator schedules your installment loan payments, so you’ll stick to your budget.

I want to borrow:

< $2000 >

When to get an installment loan for quick cash in Ontario

  • Auto repair – Whether your commute is on the DVP or the backroads of Beaverton, you need a functioning vehicle to get to work. If you’re low on cash, malfunctioning motors can malfunction bank accounts – that can be fixed with a Magical Credit installment loan.
  • Vacations – Getaways to Muskoka, Haliburton, or Collingwood are an Ontario summer staple. But renting cottages or camping spaces and paying for gas and groceries may not fit your budget. Don’t miss out on summer fun and apply for an installment loan from Magical Credit.
  • Home Repairs – Since Toronto summers melt you and the winters freeze you, faulty air conditioners and heaters can negatively impact your quality of living. If you need quick cash to fix faulty appliances, Magical Credit does installment bad credit personal loans in the GTA.
  • Job Interview – A new job with a raise in pay and responsibility could be on the horizon. Magical Credit’s low-income loans can provide you quick cash so you can afford the snazzy, well-tailored suit that’ll impress at your big Bay Street interview.
  • Debt Consolidation – Between rent, hydro, internet, and your phone plan, you’ve got more bills than you have friends! Magical Credit knows it’s hard to keep up, so our installment loans for bad credit can help you organize your many nagging debts into one fixed interest loan.

Installment Personal Loans in Ontario- Frequently Asked Questions

What are some advantages to getting an installment loan?
  • Fixed interest rates mean predictable monthly payments (Ours is 3.9% monthly)
  • No surcharges or hidden fees
  • Small affordable monthly payments are easy to make
  • Instant approval process
What do I need to apply for a person installment loan in Ontario?

It’s very simple, all you need is:

I earn a low-income and have bad credit. Can I still get a personal installment Loan online?

Yes—we will loan to you if you have either a traditional or non-traditional source of income. Unlike most lenders, Magical Credit specializes in bad credit, low-income loans, weighing your overall report of credit, not your credit score.

So, can I still get a loan if I’ve gone bankrupt or defaulted on a previous loan?

No—you can get a loan if your bankruptcy has been discharged, but we will not loan to anyone who has previously defaulted on a loan.

Can I still apply Magical Credit’s installment loans for bad credit loans in Ottawa?

You can apply online anywhere in Canada, other than Manitoba and Quebec!

Why not a payday loan?

While payday loans can be easy to get, you get raked over the coals on interest, at $30 per $100 borrowed. Magical Credit is a bad credit lender, but only charges 3.9% interest monthly.

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
1 Year
Interest Rate (46.8%)
Total Cost of Borrowing
Total Due End of Term
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.