Apply for a Personal Loan Online at the Press of a Button!

Apply Now

Low-Interest Personal Loans for Bad Credit Applicants in PEI

There’s plenty of reasons to take out a loan, but there’s even more reasons you’ll face rejection when you look to the wrong institutions for approval.

Banks don’t take kindly to bad credit and low incomes. But, if you don’t have a credit card, where are you supposed to turn when you need money fast? Certainly not to payday lenders, whose out-of-control interest rates only serve to keep you buried in debt.

On the other hand, Magical Credit’s low interest personal loans are ideal for bad credit applicants without credit cards. We offer easy loan approval, and it only takes 5 minutes to apply!

I want to borrow:

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

How PEI Personal Loans Can Help You:

Emergencies: Your house has been wrecked by a flood, all of your belongings are lost, and your insurance barely made a dent in the repair costs. Apply for a personal loan, and start rebuilding your life.

Day-to-day: Food, gas, clothing, haircuts, and other life necessities get more expensive by the day. If you’re behind on bills, purchasing a carton of milk feels akin to buying a Porsche. Take out a personal loan to cover the basics, until you’re caught up.

Debt Consolidation: The stress of numerous consumer debts will lead to lots of sleepless nights. Turn your several debts into a personal loan for debt consolidation in PEI, and rest easy.

Investments: Investing into your future can cause financial strain in the present. After all, investments take time to bloom. If you’re low on funds and have bad credit, you can still be eligible for a personal loan, keeping your finances afloat until your investments finally pay off.

PEI Personal Loans – Frequently Asked Questions

Can’t I just take out a Payday Loan if a bank won’t approve me?

You can, but payday lenders take advantage of low-income applicants when they need money fast. The quick approval blinds people from the unaffordable interest, as well as the expensive premium you’d be charged for paying your payday loan off early.

Magical Credit, on the other hand, provides low interest, personal loans in PEI, offering a fixed 3.9% monthly interest rate. Our loans are also open, meaning you can repay them as early as you like.

Do you offer loans for debt consolidation?

No—but you can take out a larger personal loan from Magical Credit to cover your several smaller debts, indirectly consolidating your debt into one payment.

If I’ve been employed for three months, will I be eligible for a personal loan?

No— qualifying for a bad credit loan in PEI requires a 6-month period of employment.

How do I know if your online personal loans are secure?

Our system operates at 128-bit encryption (bank level security), enhancing your privacy and security. We also employ Verisign – the highest level of online security – to monitor and verify our website.


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.