Get Approved for a Healthcare or Medical Loan in Ontario

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Magical Credit = Medical Credit

Imagine driving down the Gardiner Expressway coming back from a grueling day’s work along with thousands of other Torontonians. You’ve done this drive so many times, you can do it in your sleep (which you basically are). And even though it’s bumper to bumper, the person behind you steps on the gas, crunching into the back of your car, sending you flying forward.

After a visit to the doctor, you are fortunate to hear that it was nothing serious – just whiplash and a cracked shoulder. Nothing that a little physical therapy and prescription medication can’t solve.

But while Canada’s public healthcare system might offer medical reimbursements for surgery, you’re on your own for recovery. So ‘a little physical therapy and prescription medication’ can cost a fortune – a fortune too rich for many Ontarians.

When that happens, Magical Credit can help with your medical billing. By providing bad credit, medical loans in Ontario for surgery, therapy, treatments, and drugs, we’ve helped many Ontarians like you get the care they need, even when they didn’t have the monetary means.

Get a medical loan in Ontario by applying online or giving us a call – in just 5 minutes, you can be well on your way to recovery.

Need a medical 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!

I want to borrow:

< $2000 >
$500
Min
$10,000
Max

Why You Might Need a Medical Loan in Ontario

  • Personal injury: Life is far from predictable, and when that unpredictability results in an injury to you or a loved one, we can provide medical loans to ensure that you have access to the necessary care or treatments.
  • Therapy: Our body is made of thousands of joints, bones, and parts. And if any one of those parts isn’t working properly, you’ll know. Whether you have trouble sleeping, walking or bending down, a little therapy can make a big difference.
  • Visits to the dentist: An oral hygienist will typically advise Canadians to visit the dentist around twice a year for routine check-ups and cleaning. And seeing as Canada’s public health plan doesn’t offer medical reimbursements for dental visits, oral hygiene can come at a steep price.
  • Prescription Medication: Whether it’s for antibiotics or other drugs, prescribed medication is imperative to your overall health. And that’s something we’re not prepared to let you compromise on.
  • Surgery: OHIP won’t offer medical reimbursements for laser eye or cosmetic surgery. While the government tells you that these surgeries aren’t ‘worthwhile’ enough to be covered, you might see it differently. Magical Credit offers medical loans for surgery, so you can look after yourself the way you see fit.

Medical Loan FAQs

How do I apply for a medical or healthcare loan for medical treatment?

Just fill out our online application, and follow the steps. We’ll follow up within 24 hours regarding the status of your application.

If my medical loan is approved, how long will it take to receive payment?

We want to get you looked after as soon as possible. It normally takes within a business day from the approval of your application, to a transfer of the loan for your medical treatment.

What’s the interest rate?

We have an interest rate of 3.9% monthly.

If I have a history of bad credit, is it still worth my time applying for a healthcare loan, or will I just be denied?

Definitely apply!

We consider other factors than credit score to help get the medical credit you need to pay off debt.

If I’m not sure which medical reimbursements will be provided to me through OHIP, can I take out a medical loan and return what I don’t use for medical billing?

Once you’ve taken out a healthcare loan for medical treatment, it’s final, and our 3.9% monthly interest rate immediately kicks in.

Which pieces of ID can I use for my online 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
Can I apply if I don’t have a bank account in Ontario?

Yes, as long as you have a bank account somewhere else in Canada. However, without a bank account in Canada, you are immediately ineligible.


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
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.