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Private Loans in Newfoundland

Loans from the bank are a lot like Moby Dick: endlessly hunting for them will only lead to your downfall.

Banks notoriously throw non-stop obstacles at you during a loan application process. And by the time these “reputable” establishments are finished, you’ll be left with a lower credit score, and a higher number of grey hairs.

Magical Credit is a private loan company that doesn’t scoff at bad credit—so when you’re fiscally capsized, swim to safer shores and apply for a bad credit, private loan in Newfoundland!

I want to borrow:

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

Why Should You Apply for a Private Loan in Newfoundland?

  • You hate the banks: Long drives, longer queues, and an eternally difficult application process make banks as appealing as spoiled trout. Comparatively, the convenience, availability, and speed of a private online loan from Magical Credit is more like finely seasoned salmon!
  • Rent: When you need cash for rent, you don’t have time for the bank’s lengthy loan processes. Magical Credit’s one-day loans are perfect for bad credit applicants, and have affordable interest rates.
  • Auto or Boat repairs: Busted barges and crapped-out cars need to be dealt with immediately. Bypass the stingy, complicated bank loan approval process, and take out a private loan from Magical Credit. Your travels should be fret-free, on land or sea!
  • Debt consolidation: Magical Credit can turn your bevy of debts into one easy, lump sum payment, if you apply for a private loan for debt consolidation in Newfoundland.

FAQs: Private Personal Loans in Newfoundland

What are private loans?

A private loan is provided by a private lender or institution instead of a bank, and are faster, easier, and more accommodating.

Do you offer bad credit personal loans in Newfoundland?

Yes! We are a high-risk lender, specializing in loans for bad credit applicants. Your eligibility doesn’t solely rely on your credit score. Instead, we review your entire credit history.

I’m not in Newfoundland all year. Can I still apply for a private loan if I’m in New Brunswick?

Absolutely. Our private loans are available anywhere in Canada, except Manitoba and Quebec.

What’s the minimum required income to be eligible for private personal loans in Newfoundland?

You need a minimum direct deposit income of $600 monthly— by means of an employer, or a non-traditional source such as a government subsidy.

Which are considered valid pieces of ID for the application process?
  • Valid Canadian Driver’s License
  • Valid Canadian passport
  • Certificate of Canadian Citizenship
  • Certificate of Indian Status
  • Canadian Permanent Residency Card
  • Old age security Card
  • Photo Health Card and Birth Certificate or Social Insurance Card
  • BYID Card (LCBO) and Birth Certificate or Social Insurance Card

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.