Apply for A Short Term Loan In 5 Minutes or Less!

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Need a loan in Ontario? Get A Short Term Loan from Magical Credit!

You need cash now, but the Big 5 Banks won’t give you the time of day because of your credit score?

That’s no surprise, because banks aren’t flexible at all. They have strict income requirements, fixed terms, and will charge you penalties for the smallest oversight.

You don’t want to be locked into a bank contract. Instead, get a flexible short term loan from Magical Credit. We offer short term bad credit loans which are perfect for all the little expenses that pop up in life. Our loans are open – meaning you only pay interest to date, and not the full term. You can pay off your loan at any time with no penalty.

Apply now for up to $10,000, and be approved in as little as 5 minutes!

Need cash now, 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 An Online Short Term Loan?

  • Phone/Internet – Ontario telecoms are the worst – you know which ones we’re talking about. But you gotta pay ‘em. If you don’t, they’ll send your outstanding bills to collection agencies, and report you to the credit bureau. Don’t let them ruin your credit score!
  • Commuting – Owning a car is expensive. Public transit, while cheaper, can still cost a chunk of change each month. You could bike to work, but then you’re all sweaty in the office. Get where you need to go (and smell like roses) with a Magical Credit loan.
  • Rent – If you’re renting in Toronto, we’re sorry. If you’re renting in the GTA, we’re very sorry. Livin’ in The Six ain’t easy, especially if you aren’t making Drake money.
  • Sporting Events – There’s a Leafs game and your friends are going, but you don’t have the dough. Why on earth does it cost $20 for a hot dog and beer?!? It’s outrageous, but you don’t want to be that guy. With a small Magical Credit loan, you can catch a few games this season with your best buds, and maybe even buy half a beer.
  • A Weekend Up North – Sometimes you gotta get away from it all. You’d think looking at leaves would be cheap, but even a trip to Algonquin or Muskoka will cost you. Gas is expensive, and that rustic log cabin restaurant is actually an incorporated business that will charge you $8 for an ice cream cone.

Online, Ontario Short Term Loan FAQs

How long is a short term loan?

Our loans have 12-24 month terms.

How much can I apply for?

We offer small loans starting at $500 and larger loans worth up to $10,000.

I need a loan, but I have bad credit. Will you lend to me?

Yes, we offer short term loans for bad credit. Credit scores aren’t the be all and end all. Our main requirement is that you receive $600 a month via direct deposit.

I need a loan, but I’m unemployed. Will you lend to me?

You do not need to be working to receive a short term loan from Magical Credit. We accept government subsidies (e.g. EI, CPP, baby bonuses) as well as income from pensions or maternity benefits. If you receive direct deposits to your bank account on a monthly basis, we will consider you.

How much income do I need to qualify for a short term loan?

If you receive $600 a month via direct deposit, you may qualify for a short term loan.

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
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.