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Please be aware Magical Credit will not request you to send any upfront fees in order to get a loan from us. If you are contacted by anyone requesting this by email, text or phone, please call us immediately at 1-877-213-2088.

Get Approved for a Dental or Medical Loan in 5 Minutes or Less

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Think of us as ‘Medical’ Credit.

When you or a loved one is sick, or needs any kind of medical attention, there is nothing in the world that you wouldn’t do to ensure they have all the necessary care.

Medical costs are some of the most expensive bills you will ever have to pay. And while Canada’s Public Healthcare medical reimbursements often alleviates financial burdens, its basic coverage won’t cover therapy, chiropractic services, dental, ‘elective’ surgeries, eye care, prescription drugs, and more.

What options, then, are Canadians left with?

They can either do one of 2 things:

  1. Delay the treatment from the dentists or doctors they desperately need.
  2. Get the treatment, but be saddled with a high-interest, healthcare loan.

Magical Credit, however, offers a 3rd option.

  1. We provide bad credit, medical loans with reasonable interest rates so you can get the treatment you need, without worrying about medical billing and interest rates snowballing out of control.

Get a loan for your medical treatments today by giving us a call, or fill out our online application – it takes just 5 minutes to complete!

Need a medical loan, but aren’t sure you can keep up with the loan repayment terms?

Calculate your monthly loan payment schedule!

I want to borrow:

< $2000 >
$2,000
Min
$10,000
Max

Why you might need a Medical Loan

  • Visits to the Dentist – The government’s medical reimbursements don’t include dental coupons. And while Canada’s health plan is solid for basic medical coverage, it doesn’t cover dental costs. So unless your dentist is willing to give you an unexpected discount, your oral health will take a hefty toll on your pocket.
  • Chiropractic Services – Ironically, the government will cover surgeries that a good chiropractor would deem unnecessary, but they won’t pay the chiropractor fees. But if back pain is causing trouble sleeping, turn to Magical Credit for a loan that can help get that spring back in your step.
  • Therapy – A physical injury may require some forms of therapy. Whether you need physical therapy, occupational therapy, or acupuncture therapy, the road to recovery is often a lot longer than just a visit to the doctor (or the bank).
  • Prescription Drugs – Sadly, 1 in 10 Canadians can’t fill prescriptions because of its expense. If they knew about Magical Credit, they’d be able to take out a medical loan and continue their treatment the way the doctor instructed them to.
  • Assisted Living – Someone in need of assisted living should never be denied. There are, unfortunately, countless scenarios where they are. Magical Credit can offer healthcare loans to help you provide the assistance your loved one requires.

Medical Loan FAQs

I just applied for a medical loan. How long does it take until I get an email confirmation? It only takes a maximum of one business day, and then we’ll let you know.
I have a job, and an income. Does that mean I will definitely be approved? It certainly makes your application look good. But no, it does not guarantee approval. While you may have a direct deposit income of over $600 monthly (our minimum), if you have any kind of loans in collection, or bankruptcy, we won’t offer you a loan.
I have a direct deposit income almost entirely made up of government subsidies. Can I still apply for a medical loan? Yes, you can! Our minimum direct deposit income requirement of $600 includes both a professional income, and an income through government services (as long as it is directly put into your bank account).
How should I go about getting a loan? First, fill out our online application. It should only take you around 5 minutes to complete, and you should have a response within 24 business hours.
If I have bad credit, is it still possible to be approved? We are a bad credit loan company, so yes! We take other things into consideration other than your credit score, like your credit history. If you have a history of unpaid loans, it will negatively affect your chances of taking out a loan.
If I don’t know what medical reimbursements the government will give me, is it possible to take out more than I need, and then return whatever I don’t use without the added interest? Unfortunately, once you take out a loan, we will start charging 3.9% monthly interest. It doesn’t matter if you don’t need as much money as you applied for – once a loan is given, it’s final.
If I don’t have a bank account, can I apply? You won’t be approved unless you have a Canadian bank account, because one of our requirements is that you receive $600 minimum monthly income that is directly deposited into your bank account.
Which pieces of ID can I use for my application?
  • Valid Canadian Driver’s License
  • Valid Canadian passport
  • Certificate of Canadian Citizenship
  • Certificate of Indian Status
  • Canadian Permanent Residency Card
  • Old age security Card
  • Photo Health Card and Birth Certificate or Social Insurance Card
  • BYID Card (LCBO) and Birth Certificate or Social Insurance Card

Need a loan, but aren’t sure you can keep up with the loan repayment terms? Calculate your monthly loan payment schedule with our 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
Term
1 Year
APR
56.50%
Amount
$2,000.00
Fees
$194.00
Interest Rate (46.8%)
$936.00
Total Cost of Borrowing
$1,130.00
Total Due End of Term
$3,130.00
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.