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Need Cash Now? Get A Short Term Loan from Magical Credit

You need cash now. You need a loan. That’s easy, right? Just go to a bank and get a loan.

Well, maybe. But then you have to walk to the bank, then wait in a line, then talk to a teller, then sign paperwork with fine print saying they own your soul.

And even after all that, you probably won’t see a cent. At the best of times, banks are very stingy with their money, and if you have poor credit history, you might as well not exist.

Unlike banks, Magical Credit specializes in short term loans for bad credit and will never lock you into a rigid contract. We offer open loans – meaning you can pay off your loan whenever you want. You pay interest to date - not for the full loan term. And there’s NO penalty for paying a loan off early. And, perhaps best of all, you can apply for a loan in as little as 5 minutes!

Need a short term 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!

I want to borrow:

< $2000 >

Why Get A Short Term Personal Loan?

  • Bills – We all got ’em. A short term loan is a good way to keep your accounts in good standing and will keep you from paying service charges, late fees, and other penalties.
  • Automotive Expenses & Maintenance – Your need your car to get to work, to pick up the kids, to buy groceries, to do everything really. If your engine won’t start or you need a new set of tires, a short term loan can help get you back on the road.
  • Appliance Repair & Replacement – Here are two truths: 1. You never truly appreciate your appliances until they break 2. None of us are as handy as we like to think. So save yourself the pain and embarrassment of electrocution and call a professional.
  • Moving expenses – Planes, trains, and automobiles are pricey. So is furniture, storage rentals, moving trucks, moving equipment, and security deposits. Short term loans are a perfect way to keep yourself afloat until you settle in to your new place.
  • Travel – There’s a place you’re dying to visit. So visit it. Whether it’s a dream pub crawl in Germany, or a weekend in Vegas, a short term loan can help you relax and recharge before work drives you nuts.

Short Term Loan FAQs

Do you lend to people with bad credit? Yes, Magical Credit specializes in poor credit loans. Our decisions aren’t made solely off of credit score. If you are receiving at least $600/mo via direct deposit, you will be considered to receive a short term loan for bad credit.
I’m not employed. Will I be considered for a loan? You do not need to be employed to get a short term loan from Magical Credit. Besides employment income, we accept government subsidies (e.g. EI, CPP, baby bonuses), as well as income from pensions or maternity benefits. As long as some type of income is being direct deposited into your bank account on a monthly basis, Magical Credit will consider you.

For a list of income types we accept, visit our who qualifies page.
How much can I borrow? You can get a loan between $500 and $10,000.
What do I need to apply? In order to apply, you need the following:
  • Be 18 years or older
  • Valid chequing account
  • Proof of income
  • Valid ID
  • SIN
Do I need to fax documents? No, Magical Credit prides itself on offering fast and easy loans online. You can upload everything to our site.
How do I receive my funds? Once your short term loan gets approval, your funds are deposited directly into your bank account.
How much income do I need to qualify for a short term loan? If you’re receiving at least $600.00/mo, and it's paid to you via direct deposit, you may qualify for a short term loan.
If I apply for a loan that I didn't qualify for, will you offer me something else? Yes, we’ll tell you if you’re eligible for a smaller loan.
I just applied for a short term loan. When will I hear back from you? We pride ourselves on offering fast loans. We'll get back to you within 24 hours at the latest.

Need a short term 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
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.
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.