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Get the Funds You Need with Personal Loan from Magical Credit

Personal Loans. As the most common loan type, personal loans are credit provided based on an analysis of your credit history and income, and do not require you to use assets such as your home or vehicle for equity. We focus on these smaller loans, which can be used to fund a wide range of personal expenses.

Life can pile up on you pretty fast. You could be moving into a new home, needing a new car, getting married, filling a cavity, and traveling overseas all in the same year. Even the dullest stretches can be thrown into chaos by an unexpected emergency. And then, before you know it, your chequing account is a pack of gum away from overdraft.

There’s no reason for Canadians to live this way. Even if you have poor credit or you don’t have a credit card, you still have options. Magical Credit specializes in personal loans for people with less than perfect credit history!

Our short term personal loans let you enjoy the advantages of:

  • Lower interest rates than payday loans and credit card cash advances
  • The flexibility of being able to pay with cash and not on a line of credit
  • One fixed interest rate, versus credit cards which have a bevy of surprise stipulations and surcharges

Not sure if you can keep up with a personal loan? Calculate your fixed loan payment schedule with our short-term loan calculator!

Time Is Money With Personal Loans Online

Magical Credit does personal loans online. It only takes five minutes to apply, and you’ll have your money within one day thanks to our 24-hour approval process!

Instead of driving around to different banks or facing down unfriendly quick cash lenders, just eliminate the middleman and go straight to the source at Magical Credit!

I want to borrow:

$500
$20,000

What is a Personal Loan?

If you’re not entirely sure how we define a “personal loan,” read this section! If you already know and would like more information on how our application process works, feel free to proceed to the next one. And, of course, if you’re already ready to get started, you can just click the Apply button above to begin.

A personal loan is another word for an unsecured loan. Traditionally, most large loans are secured, which is to say that the borrower must put up some kind of collateral as a guarantee that they will make a full repayment. A mortgage, for example, is a type of secured loan in which your house serves as your collateral.

With an unsecured loan, a lender is relying primarily on the borrower’s word that they will make repayment. This is why most unsecured lenders will take a careful look at your credit history to determine whether you have proven to be responsible and trustworthy with your finances in the past. It’s also why personal loans tend to have much higher interest rates than secured loans.

At Magical Credit, we believe in giving those with iffier credit histories a second chance to access credit and rebuild their financial reputations. While we do not approve all applications (see conditions below), we are one of the most accessible lenders in Canada.

How to Qualify for a Personal Loan

In this section, you’ll find all of the information you might desire about how our online application process works, and what you’ll need to complete it.

Who Can Qualify for a Magical Credit Personal Loan

Unlike a lot of lenders, we have a pretty short list of qualifying criteria for prospective applicants:

  • You must have a regular source of income. For our purposes, income sources can include either employment income or subsidies. Some examples of government subsidies are pension plans, employment insurance and childcare benefits (such as the Universal Child Care Benefit). You may also have a private subsidy. We have lists of qualifying subsidies broken down by province here.
  • Your income must come to you via direct deposit. We insist on this so that we can be certain you will have an appropriate amount of money available in your account to make your payments each month.
  • You must not have defaulted on any previous payday loan. While we do focus on helping applicants with uneven or nonexistent credit, we are unable to offer financing to those who have failed to repay a previous cash loan or payday loan.


If you meet these minimum criteria, your chances of securing a Magical Credit loan should be quite high! 

Our Personal Loan Application Process

If you haven’t done so yet, plug your desired loan amount and repayment timeline into the calculator on this page. Once you’ve settled on a number you’re comfortable with, you can apply. 

You’ll be asked to provide some basic information, such as your SIN, address, and current monthly rent/mortgage. All of this information will be kept completely private, and is intended only to verify your identity and evaluate your application. Once you’ve created an account with us, you will also be asked to provide proof of income and direct deposit status.

 The entirety of the application takes only a few minutes, and once you’ve signed off you will be notified of your status within one business day. If you have been approved, you can expect your money to be deposited into your account immediately (plus any processing time on your bank’s side).

Personal Reasons For Personal Loans

  • Personal Emergencies – Injuries, illnesses, car accidents, and malfunctioning home appliances don’t ask whether this is a convenient time for you. When you get staggered by an unexpected emergency, a personal loan from Magical Credit can get you back on steadier footing.
  • Personal Necessities – Haircuts, groceries, work clothes, toiletries – many of life’s most basic needs can seem unaffordable when you’re low on cash. You don’t need that kind of stress. If you have bad credit, a personal loan from Magical Credit will help cover the nagging costs of necessity!
  • (Little) Personal Needs – Any parent can tell you: kids don’t come cheap. If you’re a parent facing challenges providing for your little ones, a small personal loan can fill in a lot of the little gaps their needs create. That means new clothes, better lunches, fees for extracurriculars, medicine, braces and anything else they may require to grow up right.
  • Personal Milestones – You don’t have to propose with a cubic zirconia, get married at a McDonalds, or have your honeymoon in Buffalo (unless you really, really want to). Magical Credit’s personal loans provide the quick cash you need to make life’s biggest milestones memorable!
  • Personal Finances/Investments – Don’t miss out when a time-sensitive chance to be a captain of industry presents itself. If you want to invest some cash into your friends’ food truck, a short-term personal loan from Magical Credit can get your business cooking fast!
  • Personal Debt Consolidation – Debt consolidation is the act of bringing together all of your various debts into one monthly payment. This can save you a lot of the headaches that come from dealing with multiple repayment deadlines per month, and allows you to lock yourself into a single, more favourable interest rate. Use your Magical Credit personal loan to pay off your other debts in lump sum, and then focus on repaying us each month.
  • Personal (Credit) Improvement – As you may have learned in your search for a personal loan, it’s not easy to find a lender willing to give you a fair shake if you have a checkered credit history. If you have a poor credit rating, you can expect to pay much higher interest rates and lose out on access to big money loans (such as a mortgage). Start rebuilding your reputation with a small personal loan. Once you’ve successfully paid it off, your credit rating should get a nice boost, and you may find future lenders much friendlier to your cause.

“I need a loan but I want to know what my monthly payments are going to look like” - Use our personal loan calculator to find out!

Can I Get Other Personal Needs In My Province?

If you’re in need of Other Personal Needs in any of the following provinces, we can help. Apply now!

FAQs About Personal Loans

Do I need collateral to get a personal loan with Magical Credit?

Nope! Our personal loans are unsecured, meaning that they rely purely on your personal qualifications. In fact, many borrowers turn to us for a source of cash when the equity on their home and other assets has already been maximized. This means you won’t risk foreclosure on a significant asset if you run into trouble making repayments, but it also means you will have a higher interest rate to manage each month. There are trade-offs to any loan!

Can I get a personal loan with a bad credit score?

You can! With Magical Credit, for example. While a bad credit score does mean you will likely have to pay a higher interest on any loan you take out, it will not prevent you from accessing financing. One smart way to think of your Magical Credit personal loan is as part of a strategy to improve your credit rating. Successfully repaying a debt is the surest way of building a healthier score.

What do I need to qualify for a personal loan?

As noted earlier, all you need to qualify is a regular source of income that is directly deposited into your bank account. Provided you haven’t defaulted on a prior cash loan, you will most likely be approved.

How much money can I borrow?

Magical Credit offers loans ranging from CAD $500 to $20,000. We offer repayment periods of 6 to 60 months.

Can I repay my entire loan early?

No problem at all! If at any point over the life of your loan you are able to pay more than your agreed-upon monthly payment (up to and including the entirety of your remaining debt), you are completely free to do so. You will only have to pay the interest that has accrued on your loan to date—anything extra you would’ve owed had you paid more slowly no longer applies!

What interest rates does Magical Credit charge?

Your interest rate will vary based on a number of factors. These include the amount you are borrowing, the duration of your repayment schedule, and your personal credit history. Magical Credit’s base interest rate ranges from 3.4% to 20%.

For an example of how this might apply to your situation, consider the following. On a $1500 loan with a 12 month repayment period and a 3.4% interest rate, you would owe $199.05 per month. There is also a one-time standard $194.00 standard administration fee applied at the outset of your loan. Therefore, the total repayment amount on your $1500 loan would be $2,388.54.

What happens if I can’t make a monthly payment?

We would recommend not letting this happen! Unfortunately, we are not able to accommodate any requests for extensions or stays on your monthly repayments. Failing to make a payment could seriously affect your ability to access a future loan from Magical Credit and other lenders.

It’s for this reason we insist on all of our clients having their income regularly direct deposited into their bank account. If you can be certain of the day your income is coming in, and the day your loan repayment will be withdrawn, it’s much easier for you to manage your commitments.

How soon will I get my money?

Speed of sound. Speed of light! Very quickly, is what we’re trying to say. Once your loan application has been approved, we send over your money more or less immediately. Occasionally the client’s (your) bank will take its time processing the fund transfer, but in general, if you need your loan to put out an immediate fire, you can rely on us to provide the water in short order.

How do Magical Credit personal loans compare to credit card cash advances?

Well, we’re better. That’s the short version. The (slightly) longer version is that our interest rates compare quite favourably to the hefty costs associated with most credit card cash advances.

Of course, we are a bit biased here! We strongly encourage you to take a close look at the terms your credit card offers before proceeding, and to choose the financial option that provides you with the best arrangement for your needs.

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.

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