Whether you’re in Ottawa, Thunder Bay, or Toronto, an 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 loan repayment calculator schedules your installment loan payments, so you’ll stick to your budget. Get best installment loan solutions in Ontario that are cheaper than cash advance and payday loans.
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 unsecured loans, weighing your overall report of credit, not your credit score.
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 repayment.
You can apply online anywhere in Canada, other than Manitoba and Quebec!
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 installment 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 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.