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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.

Apply For A Private Loan In 5 Minutes or Less!

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Get A Private Loan from Magical Credit

You need a loan but don’t want to go to your bank. Maybe you already have a loan there and are worried about asking for more. Maybe you don’t like how their tellers can pull up all your personal information. Maybe you don’t like how banks nickel and dime you for every little thing. There are a million reasons to dislike banks.

Thankfully, there’s a better option.

Magical Credit is a private money lender that gives loans to people with bad credit that banks won’t even look at. We offer open loans that can be paid off whenever you like with no penalty. There’s no strict bank contract or lengthy approval process here. Apply for a Magical Credit loan in as little as 5 minutes!

“I need a loan, but I’m not sure I can keep up with the loan repayment terms”. No problem. Calculate your monthly loan payment schedule with our personal loan calculator!

I want to borrow:

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

Why Get A Private Loan?

  • Dental – Tooth pain from infection is ranked higher on pain charts than childbirth. So if you’re feeling an ache in your tooth, don’t ignore it - get it checked out before it gets worse.
  • Automotive Expenses – Cars are freedom. It’s terrible when this freedom is taken from you because of something as small as engine troubles or flat tires. Get back on that open road with a quick loan from Magical Credit.
  • Pet Care – Non-pet owners will never understand the bond between a man/woman and their dog/cat/pot-bellied pig. Their loss. A private loan can help keep your pets healthy and happy.
  • Appliance Repair/Replacement – You never appreciate kitchen appliances until they’re broken. You need a working stove to make eggs in the morning. If you don’t have them, your whole day is ruined. They say you can microwave eggs, but it’s just not the same.
  • Travel – Everyone needs to take a trip now and then. It keeps your mind sharp and gives you something to look forward to. A private loan is a perfect way to pay for a trip, no questions asked.

Private Loan FAQs

What are private loans? Private loans are simply loans from a private individual or institution, rather than a chartered bank. Magical Credit is a private institution.
Are you affiliated with a major bank or financial institution? No. Magical Credit is a private money lender specializing in quick, poor credit loans that most banks and financial institutions won’t consider.
How secure is my information? Very. Magical Credit’s loan application process is protected by bank-level 128-bit SSL encryption.
Do you offer loan to people with bad credit? Yes, Magical Credit is a poor credit lender. Credit scores are not the be-all and end-all with us. If you receive at least $600 a month via direct deposit, we will consider you for a private money loan.
I’m not working at the moment. Can I still get a loan? You do not need to be working to get a private loan from Magical Credit. Besides employment income, we accept government subsidies (e.g. EI, CPP, baby bonuses), as well as private income from pensions. As long as you receive at least $600 a month via direct deposit, Magical Credit will consider you.

For a list of income sources we accept, visit our who qualifies page.
What are your income requirements for private loans? At least $600.00 a month via direct deposit.
How much can I borrow? You can apply for a money loan between $500 and $10,000.
What should I have on hand for your loan application? In order to apply, you need the following:
  • Bank account information
  • Proof of income
  • Valid ID
  • SIN

“I need a loan, but I’m not sure I can keep up with the loan repayment terms”. No problem. 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.