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Private Loans In British Columbia

Living in British Columbia, as incredible as it may be, has its disadvantages. Sure, Vancouver consistently ranks among the top 3 livable cities in the world, but that kind of status comes at a cost. Tuition, rent, vacations, and even day trips cost more here than in most places.

The question is, is it worth it?

Well, you would never want to live anywhere else in the world, and frankly, neither would we. But the high costs of living are forcing millennials out of the city. Since 2008, there has been a net loss of individuals between the ages of 25-44 living in Vancouver.

So the question isn’t really if it’s worth it – but how can we make it work?

Magical Credit offers low-income, private loans in BC for applicants with bad credit. Our reasonable interest rates and willingness to look past bad credit allows you to take out the loan you need. Just fill out our online application, and in as little as 5 minutes, you can be on your way to a quick loan that can make living in BC a lot more manageable.

I want to borrow:


Why Would You Need A Private Loan In BC?

  • We are not bank lenders: Banks can be frustrating. The tellers, paperwork, signatures, bureaucracy – wouldn’t it be easier if there was some way to just fill out a short online application, and have the whole quick loan process done and dusted in just a few minutes? Wait a second…
  • Private student loans in BC: Taking out a private student loan in BC from Magical Credit not only allows you to avoid doing business with the banks, but make the quick loan approval process simple.
  • Need help paying bills: The cost of living in Vancouver is quite high. So when you need help paying bills – whether it’s BC Hydro, or phone, internet, or cable – Magical Credit can offer you a low-income, poor credit private loan in Alberta to help alleviate financial pressure.
  • Vacation loans: This is by no means exclusive to Vancouverites. Vacations are expensive for everyone, so our BC loans will help you take a break from life.
  • BC Ferries: You can always save some money and take a local vacation to one of the islands, right? Wrong. A BC Ferry can cost about $150 each way, and that’s before any expenses you’ll have on the island. Magical Credit’s private vacation loans can get you to across the Strait of Georgia, giving you the ‘local’ vacation you so desperately need.

Private Loan FAQs

Why is a non-bank lender like Magical Credit better than a bank?

It depends on your situation. Oftentimes, a bank won’t even consider your application for a loan if you have either a low-income or poor credit. Magical Credit, however, accepts low-income and looks past bad credit, making it far easier for you to get your loan.

You offer low-income loans to help with bill payments, but how much do I have to be making?

Magical Credit will consider your application for a private loan if you are making a minimum of $600 monthly, whether that’s by means of an employer, or government grants and subsidies.

What kinds of things do you consider in my application that allows you to look past my bad credit?

We consider your entire credit history. Meaning we check if you have ever defaulted on previous payday loans, if you’ve recently filed for bankruptcy, etc.

What is the monthly interest rate on a private loan in BC?

Our interest rates are the same 3.9% monthly, regardless of the loan type.

Is Magical Credit associated with a major bank or any other financial institution?

No. We are a private, non-bank lender for bad credit and low-income households. We have no affiliation with any banks or any other financial institutions.

Because it’s a private loan, can I still apply for a loan to help with bill payments if I don’t have a bank account?

No. One of the requirements to take out a private loan is that you have a $600 monthly direct deposit income. So, if you don’t have a bank account, you will not be approved.

Do I have to fax my documentation over when I apply for a loan to help with bill payments?

Please don’t. Nobody uses fax machines anymore! Magical Credit gives you the option to upload your documents with your online application during the follow up process.

I need to apply for a private student loan in BC to cover my tuition. How much money do you loan?

Our loans can be anywhere between $500 and $10,000, although the amount you are eligible to receive will depend on your income.

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!

Loan Example

1 Year
Interest Rate (46.8%)
Total Cost of Borrowing
Total Due End of Term
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.

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