Magical Credit provides installment loans that Ontario residents can count on, whether you're in downtown Toronto or a small town up north. For anyone who'd rather skip the branch altogether, our online installment loan process in Ontario takes just minutes.
Built for Ontario, Not a Nationwide Cookie-Cutter Product
Whether you're in Ottawa, Thunder Bay, or Toronto, an installment loan from Magical Credit can help you keep up with the rising cost of rent, mortgage payments, or everyday life in Ontario. We charge a single fixed APR of 34.86%, comfortably under Canada's federal criminal interest rate cap of 35% APR, which took effect on January 1, 2025, so you'll know exactly what you owe from day one.
An installment loan Ontario borrowers can plan around starts with that fixed rate and ends with a clear payment schedule, no matter which city you're in.
Use our loan repayment calculator to see your installment loan schedule before you apply, and compare it against the cost of a cash advance or payday loan.
I want to borrow:
$100
$20,000
Repayment amount includes optional Loan Protection Plan coverage.
Loan amount and payment amount subject to change upon final loan approval.
When Ontarians Turn to an Installment Loan
Auto repair — whether your commute is the DVP or the backroads of Beaverton, a functioning vehicle isn't optional. A Magical Credit installment loan can cover the cost of the fix.
Vacations — Muskoka, Haliburton, or Collingwood getaways are an Ontario summer staple, even when the cottage rental doesn't quite fit the budget.
Home repairs — Toronto summers and winters are both hard on a furnace or an air conditioner. We offer installment loans across Toronto and the GTA to help cover the cost of the fix.
A new job — if a Bay Street interview calls for a sharper suit, a small installment loan can bridge the gap.
Debt consolidation — roll rent, hydro, and a handful of smaller bills into one fixed, predictable payment.
Installment Loans in Toronto & the GTA
Installment loans Toronto applicants ask about most often go toward rent gaps, car repairs, and the occasional emergency and Magical Credit has been part of that story across the GTA for years. We've helped borrowers across Scarborough, North York, Etobicoke, Mississauga, Brampton, Markham, Richmond Hill, Vaughan, and Pickering get installment loans without the wait of a traditional bank. GTA residents benefit from local market understanding: we know what rents look like, what a furnace replacement costs in a Toronto semi-detached home, and why “just put it on a credit card” isn't always realistic when you're already carrying a balance.
Does Magical Credit offer installment loans in Toronto?
Most Toronto applicants hear back within one business day, with funds available shortly after approval.
How fast can I get my installment loan funds in Toronto?
Most Toronto applicants hear back within one business day, with funds
available shortly after approval.
Is Magical Credit based in Toronto?
Magical Credit is headquartered in the Greater Toronto Area, and we've funded
installment loans for thousands of borrowers across Toronto and the GTA.
Can I get an installment loan in
Toronto with no credit check?
No responsible lender can honestly promise “no credit check.” What we can offer
is a review of your full financial picture, not just a credit score — so a
lower score in Toronto or anywhere else in Ontario doesn't automatically rule
you out.
Areas We Serve Across Ontario
We provide installment loans across the entire province, whether you're in a small town in Northern Ontario or right in the heart of the GTA. Our coverage includes Toronto, Scarborough, Markham, Richmond Hill, Brampton, and Pickering, as well as Ottawa, London, Hamilton, Kingston, Windsor, Sudbury, Barrie, Kitchener-Waterloo, Oshawa, St. Catharines, and Thunder Bay.
Eligibility: What You Need to Apply
Documents:
Your Social Insurance Number
Read-only bank verification or uploaded bank statements
Proof of income
Valid ID
Who qualifies:
Resident of Ontario, 18 years of age or older
Income from employment, paid by direct deposit
Not currently eligible for an installment loan: EI, CPP, OAS, disability, child benefit, or other government subsidy as your only income source.
What “Secured” Means for This Loan
Secured loans are backed by collateral, which reduces the lender's risk and helps us offer a single fixed 34.86% APR to applicants across the credit spectrum, rather than a rate that increases for lower scores. Magical Credit's installment loans in Ontario are secured loans.
Magical Credit vs. Other Ontario Installment Loan Providers
Magical Credit
Typical Ontario/Toronto provider
Local presence
Headquartered in the Greater Toronto Area
Many are out-of-province call centres or comparison platforms with no local office
Where we lend
All of Ontario, including Toronto and the GTA
Some competitors only cover specific cities, or require an in-person visit
Interest rate
One fixed 34.86% APR for everyone approved
Often a range that depends on your credit tier
Application
Fully online, decision within 1 business day
Varies — some require an in-branch visit or multiple follow-ups
over 10,000
customers
4,3 out of 5 stars
customer rating
4.64 out of 5
customers would recommend to their friends
100%
secure process
2014
Established in 2014
No third party involved! You are borrowing directly from Magical Credit.
Installment Loans in Ontario — FAQs
What are the advantages of a secured installment loan from Magical Credit?
One fixed rate of 34.86% APR for the full term, so your payment never changes; no hidden fees or surcharges; small, manageable payments that fit your budget; and a straightforward, entirely online approval process.
What do I need to apply for an installment loan Ontario lenders will actually approve?
Your Social Insurance Number, read-only bank access (or bank statements), proof of income, and valid ID.
I have a lower income and less-than-perfect credit. Can I still get an installment loan?
Yes, we look at your overall financial picture, not just your credit score. At this time, we can consider income from employment.
Can I still get a loan if I've gone bankrupt or defaulted on a previous loan?
You can get a loan once a bankruptcy has been discharged. We're not able to lend to anyone who has previously defaulted on a loan repayment.
Can I apply for an installment loan in Toronto, Ottawa, or anywhere else in Ontario?
Yes, Magical Credit currently offers installment loans exclusively to residents of Ontario, including Toronto, Ottawa, and every city and town across the province.
Are installment loans in Ontario ever guaranteed approval?
No lender can honestly guarantee approval, and we'd be cautious of any that claims to. When you apply, we can take a fair look at your entire financial picture, not just your credit score.
Can I get an installment loan if I'm on EI, a pension, or another government benefit?
At this time, we review installment loan applications based on employment income, so 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 when payments are made on time and in full it builds payment history and can improve your credit mix. Missing payments have the opposite effect.
Can I make extra payments?
Yes. You can put extra money toward your balance at any time with no penalty, which reduces your total interest cost.
Why not a payday loan?
Payday loans are easy to get but expensive; paying $30 for every $100 borrowed isn't unusual. Magical Credit's installment loans carry a fixed 34.86% APR instead, with a repayment schedule you can plan around.
Ready to Apply?
No fear-based pressure and no impossible promises just a straightforward application, one fixed rate, and honest terms, wherever you are in Ontario. Apply online now and get a decision within one business day.
Our Installment Loans in Ontario Extend Across Various Regions.
Toronto
Ottawa
Mississauga
Brampton
Hamilton
London
Markham
Vaughan
Windsor
Kitchener
Waterloo
Guelph
Kingston
Sudbury
Thunder Bay
St. Catharines
Niagara Falls
Oshawa
Richmond Hill
Burlington
Barrie
Scarborough
Pickering
Peterborough
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!😁
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!
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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
