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Apply For A Short-Term Loan In 5 Minutes Or Less.


Need Cash Now? Get A Short-Term Loan From Magical Credit

You need cash and you need it quick. Whether it’s an emergency car repair or a new fridge, you need a short-term loan to cover expenses. But if you have poor credit, applying for a short-term loan can feel next to impossible.

Magical Credit specializes in flexible, short-term loans for Newfoundlanders with bad credit. We offer open loans, meaning you only pay interest to date and not the full term. And best of all, there is no penalty for paying off your loan early!

If you live in St. John’s, Labrador City, or anywhere else in beautiful Newfoundland, you can be approved for a short-term loan in as little as five minutes. Apply Now!

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:


Why Get A Short-Term Personal Loan In Newfoundland?

  • Bills – Whether you’re a fisherman in Labrador City or a barista in St. John’s, staying on top of your bills can be difficult at times. Fortunately, a short-term loan is an easy way to keep your accounts in good standing while you wait for your next paycheque.
  • Automotive Expenses & Maintenance – Living in Newfoundland means driving everywhere. When you’re going to work, picking up the kids, or running errands, a car is the best way to get around town. If your engine suddenly goes kaput, a short-term loan can help get your life back on track.
  • Moving Expenses – Relocating your family from Corner Brook to St. John’s can open up a world of new opportunities. However, getting to your new home can be quite expensive. Luckily, a short-term loan can cover the cost of new furniture, storage rentals, and moving equipment.
  • Travel Across Canada – From Whistler to Quebec City, Canada has so many amazing cities worth visiting. A short-term loan from Magical Credit can help cover the cost of travel and accommodations anywhere you want to go.

Short Term Loan FAQs

I have poor credit – am I still eligible for a short-term loan?

Yes, we offer short-term loans for bad credit applicants living in Newfoundland. Unlike banks, we don’t base our decisions solely on your credit score, but your entire credit history. If you earn more than $600 monthly via direct deposit, you can apply for a short-term loan.

I recently lost my job, can I still apply for a short-term loan?

Yes, Magical Credit accepts traditional and non-traditional sources of income. we accept government subsidies (e.g. EI, CPP, baby bonuses), as well as income from pensions or maternity benefits.

I need a short-term loan for $15,000, can you lend me this amount?

Sorry, our loans range between $500 and $10,000.

I'm 16, can I still apply for a loan?

You must be 18 years or older to apply for a Magical Credit loan.

How will I receive my short-term loan?

Once your short-term loan gets approval, your funds are deposited directly into your bank account.

What’s the interest rate for your short-term loans?

Our rate is 3.9% a month

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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