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Private Loans in Ontario

When it comes to taking out a bank loan, there are often protocols and systems in place – a long bureaucratic process that gets pushed from person to person, department to department. Inevitably, after hours of waiting you will be told that the bank won’t approve you for a loan because of a bad financial decision you made years ago.

Maybe it’s time you considered using a private lender in Ontario for bad credit.

At Magical Credit, we offer private loans for people with poor credit. We remove the entire bureaucratic process that banks make you suffer through. We don’t base our decision on your credit score, but your entire credit history, making it easier to get a private loan.

So if you need help paying bills, you can either wait hours for a bank loan to hear, we’d love to help you, we just can’t. Or you can fill out Magical Credit’s online application, and be approved in as little as 5 minutes!

Need a private loan, but aren’t sure you can keep up with the loan repayment terms?

Calculate your monthly loan payment schedule with our personal loan calculator!

I want to borrow:

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

Why You Might Need a Private Loan

  • Tickets: One of the great things about living in Ontario is the entertainment scene. Whether it’s a concert, Leafs game, Raptors game, or a live show, when you need a quick loan to get you past the box office, Magical Credit can help.
  • Vacation: If Niagara Falls ever gets old and you need a change of scenery, Magical Credit’s quick loans can get you the money you need for that much-needed dream vacation.
  • Tuition: School is expensive, and if you find tuition to be beyond your means, Magical Credit can offer private student loans to help you reach your academic and professional aspirations.
  • Maintenance: No one knows when their AC is about to break, so now that it happened out of the blue, only a quick loan will do. When you need money fast – something the banks just don’t understand – a private loan from Magical Credit can help.
  • You reeaallly want it! When you find yourself wanting to buy a gorgeous sweater, a suave suit, or a new phone, its price tag might have other plans. When you need a quick loan, apply for a private loan from Magical Credit.

Private Loan FAQs

What are private loans?

A private loan is a loan from a private lender or institution (not a bank or the government). Private loans are often much faster, more accessible, and more accommodating.

Do you offer private student loans?

Yes we do. Because we believe in education, we offer private student loans, even when the banks won’t.

I don’t have a bank account. Can I still apply for a loan?

If you do not have a bank account, you will be ineligible for a private loan. We require an income of at least $600/month that is directly deposited into your bank account.

How much money do I need to be earning to take out a loan?

You need a minimum $600 monthly income.

What am I going to need to apply for a loan?
  • Bank account information
  • Proof of direct deposit income
  • Valid ID
  • SIN
If I am unemployed, but I’m earning the minimum amount on government subsidies, can I still apply for a private loan?

Yes! As long as you’re making $600/month, it doesn’t matter if it’s via government subsidies or grants, or a professional income. If it’s directly deposited into your account, you can be eligible for a private loan.

I was turned down for a quick loan from the bank because I have bad credit. Is there anything that you would be able to do for me that the bank wasn’t?

Absolutely! We are a poor credit loan company, meaning that we consider overall credit history, and current financial situation, rather than just a credit score. This makes it easier to get a private loan when you need help paying bills. So if you need a poor credit loan, it’s still worthwhile to apply for a loan – you may be in a better position than you think.

I don’t live in Canada, but I want to take out a loan from Magical Credit. Do I have to be Canadian?

We offer loans to people all over Canada except in Manitoba and Quebec.


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.