Installment Loans in Kitchener
Borrow $1,500 to $20,000 and repay in fixed payments at one fixed rate. Apply online from anywhere in Kitchener, with no branch visit.
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 for Kitchener residents
An installment loan gives you the money up front and a fixed payment schedule to repay it. Magical Credit offers installment loans in Ontario to eligible residents of Kitchener, Waterloo, Cambridge and Guelph. The whole process is online, and you borrow directly from us.
Every approved loan carries the same fixed rate for the life of the loan. Before you accept, you’ll see your exact rate, payment schedule and total cost of borrowing.
Use our loan repayment calculator to see your schedule before you apply.
I want to borrow:
Repayment amount includes optional Loan Protection Plan coverage.
Loan amount and payment amount subject to change upon final loan approval.
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, so we can verify your income and banking quickly. 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:
Review your terms. We review your application. A soft credit check may be part of the initial review, with a full credit check at approval. Approval isn’t guaranteed. If you’re approved, you’ll see 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 by direct deposit or e-transfer, typically within one to two business days. Payments come out automatically on the schedule you chose, and you can make extra payments at any time.
When Kitchener borrowers use an installment loan
Car repairs. Keep your commute running without draining your savings.
Home repairs. A broken furnace, a roof leak or a basement repair that can’t wait.
Debt consolidation. Combine credit cards and smaller bills into one predictable payment.
Medical and dental costs. Cover treatment that your provincial plan or benefits don’t fully pay.
Unexpected emergencies. Spread an unplanned cost over scheduled payments.
Areas we serve around Kitchener
We lend to eligible Ontario residents throughout Waterloo Region and nearby. That includes: Kitchener, Waterloo, Cambridge and Guelph. Magical Credit currently lends to Ontario residents only.
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: EI, CPP, OAS, disability, child benefit, or other government subsidy as your only income source. If your income comes mainly from government benefits, see who qualifies for other Magical Credit products.
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 a single fixed 34.86% APR on installment loans, comfortably under Canada’s 35% federal criminal interest rate cap (Criminal Code, s. 347), so your payment never changes for the life of the loan.
Loan amount | $5,000 |
Repayment | 36 monthly installments |
Rate | 34.86% APR, fixed |
Monthly payment | $300.40 |
Repayment amount includes optional Loan Protection Plan coverage. Loan amount and payment amount subject to change upon final loan approval.
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 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 | 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 |
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 |
Why borrow from Magical Credit
- Direct lender. You borrow straight from Magical Credit, with no third party involved.
- One fixed rate. 34.86% APR for the life of the loan.
- Credit bureau reporting. We report to both Equifax and TransUnion, so on-time payments can help build your payment history. Missed payments can hurt it.
- No penalty for paying early.
- Your full financial picture. We look at more than a credit score, and we can work with a discharged bankruptcy.
- Fully online. Apply from your phone or computer. Our head office is in Concord, in the Greater Toronto Area (GTA), and we’ve been lending since 2014.
- Support seven days a week. Call 1-855-639-6888.
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.
Installment loans in Kitchener: FAQs
Does Magical Credit offer installment loans in Kitchener?
Yes. We lend to eligible Ontario residents in Kitchener and across the province. The application is online, so there’s no branch to visit.
How much can I borrow?
You can borrow between $1,500 and $20,000, depending on your income. You repay in 12 to 78 payments: weekly, bi-weekly, semi-monthly or monthly. Final loan and payment amounts are subject to approval.
What do I need to apply?
You must be 18 or older, a Canadian citizen or permanent resident, live in Ontario, and have employment income paid by direct deposit into a Canadian bank account. You start with instant bank verification. If you’re pre-approved, you’ll provide the front and back of your valid Canadian-issued ID, your most recent pay stub, and a selfie holding your ID.
How fast will I hear back, and when do I get the money?
Most applicants hear back within one business day. After you accept your terms, funds are typically sent within one to two business days.
Can I get an installment loan in Kitchener with bad credit?
We look at your overall financial picture, not just a credit score, so a lower score doesn’t automatically rule you out. Approval is never guaranteed.
Will you run a credit check?
A soft credit check may be part of the initial review, and it doesn’t affect your credit score. A full credit check is completed at approval.
Do you report to the credit bureaus?
Yes. We report to both Equifax and TransUnion. On-time payments can help build your payment history, and missed payments can hurt it.
Can I pay my loan off early?
Yes. You can make extra payments or repay the balance at any time with no penalty, which reduces the interest you pay. See our guide: Can you pay off an installment loan early in Ontario?
What is 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.
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.
Can I get an installment loan if my income is EI, CPP, OAS or disability?
Not as your only source of income. For installment loans we currently review applications based on employment income.
Do you serve Waterloo, Cambridge and Guelph too?
Yes. We lend to eligible Ontario residents in Kitchener, Waterloo, Cambridge, Guelph and across the province. Everything is online, so your location within Ontario does not change the process.
Ready to apply?
Apply online and hear back within one business day. One fixed rate, honest terms, wherever you are in Kitchener.
Reviews
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
Great staff, fantastic service! Very reasonable interest rates and also flexible payment plans. Got my money promptly. These guys are simply amazing!
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!
heard on:
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
