Apply For A Bad Credit Personal Loan In Toronto, Scarborough, Ottawa Or Anywhere In Ontario!

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Why Personal Loans Online In Ontario Are The Best Way Out Of A Personal Jam

Magical Credit’s short-term personal loans are Ontario’s solution to financial dire straits. We offer lower interest than payday loans and credit card cash advances, with one fixed monthly interest rate (3.9%), meaning no surprise fees or surcharges.

Magical Credit’s 24-hour-loan approval for low-income, bad credit applicants means no more pointless visits from bank to bank, no spamming applications and ruining your credit, and no stress.

What it does mean is cash in your pocket when you need it fast!

Calculate your risk-free, personal loan payments with our short-term loan calculator!

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Personal Loans For Personal Circumstances

  • Emergencies: A car accident on Eglinton? A back injury playing shinny in Kanata? A burst pipe in your home in Burlington? Life’s curveballs don’t care if you’re low on funds. Luckily, quick cash, personal loans provide security for those times you’re surprised by personal emergencies.
  • Day-to-day: When your bank account flirts with the dreaded overdraft, suddenly necessities like haircuts, groceries, rent, and gas become unaffordable. But these are basic needs, and if you can’t afford them, a personal loan online gets you money fast, thanks to our 24-hour-loan approval.
  • Milestones: Don’t serve beef jerky at your anniversary dinner, or propose with an onion ring. We get it, inflation is high in Ontario, and even months of salary can’t foot the bill for life’s big moments. Magical Credit’s personal loans will help ensure that you don’t miss out on them!
  • Investments: Opportunities to be the captain of industry are an “act now or never” deal, especially on Bay Street. Invest cash into your buddy’s ambitious personal training business- Magical Credit’s low-interest personal loans get you money now, so it can pay off later.

Ontario Personal Loans – Frequently Asked Questions

What makes Personal Loans better than Payday Loans?

Magical Credit’s low interest, personal loans in Ontario has a fixed 3.9% monthly interest rate, while payday loan companies charge up to $30 for every $100 you borrow, certifiably raking you over the coals.

I’m carrying several nagging debts – can a short-term, personal loan from Magical Credit consolidate my debt?

We’re unable to directly consolidate your debt, but it’s possible to take out a bigger personal loan from Magical Credit to cover your smaller debts.

I’ve been working at my job for half a year, am I able to qualify for a personal loan?

Yes— qualifying for a personal loan in Ontario requires a 6-month period of employment.

Are your Personal Loans Online just some scam for my personal information?

No—our system enhances your privacy and security, and operates at 128-bit encryption- bank level security. Verisign – the highest level of online security – monitors and verifies our website.

What’s the longest term you offer for your loans?

Magical Credit offers 6-60 month terms for our loans. Use our short-term loan calculator to calculate your bad credit, personal loan payment schedule.

If I live in Ottawa, can I still apply?

Manitoba and Quebec are the only two provinces where we don’t offer loans. So yes—you can apply for a low-income bad credit personal loan in Ottawa.

Can I get a loan if I don’t have a credit card?

Yes—personal loans are a great way to acquire quick cash if you don’t have a credit card. You do need a bank account to apply however, as our loans are done by direct deposit.

I have an incredibly low credit score, can I still be approved for a personal loan?

You can still be approved for a personal loan, as we specialize in loans for bad credit, as well as low-income personal loans!

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!


Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so 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.

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 $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The 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 will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.

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