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Private Loans in PEI

Many banks’ loan application processes are ripe with roadblocks. By the time they’re done rejecting you, you’ll be left with a lower credit score, and a higher blood pressure than when you walked in.

Magical Credit is a private loan company that gives bad credit applicants a chance. When you’re strapped for cash, don’t waste time at the bank! Instead, visit Magical Credit, and apply online for a bad credit loan in PEI!

I want to borrow:

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

Why Should You Apply for a Private Loan in PEI?

  • You hate the banks: When you deal with banks, you’re saddled with inconvenient trips, lengthy queues, and an impossible application process. Conversely, the simplicity, flexibility, and speed of a private, online loan from Magical Credit is like a breath of fresh sea air!
  • Rent: If your rent is past due, you’ll need an expedited loan process – but you couldn’t possibly afford to pay off the interest of a payday loan. Our one-day loans get you the quick cash you need to appease your landlord at an affordable interest rate.
  • Auto or Boat repairs: Capsized boats and unreliable cars can’t be ignored, even if you need a loan to afford the cost of repairs. Don’t bother with stingy banks! Instead, take out a private loan from Magical Credit. Whether it’s land or sea, your travels should be worry free.
  • Debt consolidation: Turn your laundry list of overwhelming consumer debts into one easy lump sum payment, and take out a private loan for debt consolidation in PEI.

FAQs: Private, Personal Loans in PEI

What are private loans?

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

Do you provide bad credit, personal loans in PEI?

Yes! As high-risk lenders, our loans are best suited for bad credit applicants, because your eligibility isn’t entirely based on your credit score.

I’m not in PEI for six months of the year. Can I still apply for a private loan if I’m in Nova Scotia?

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

What’s the minimum income I must collect to be eligible for private, personal loans in PEI?

Our minimum income requirement is $600/month via direct deposit into your bank account, whether it’s by means of an employer, or a non-traditional source such as a government subsidy.

What is needed to apply for a loan?
  • Bank account information
  • Proof of direct deposit income
  • Valid ID
  • SIN

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.