x
Please be aware Magical Credit will not request you to send any upfront fees in order to get a loan from us. If you are contacted by anyone requesting this by email, text or phone, please call us immediately at 1-877-213-2088.

Apply For an Unemployment Loan In 5 Minutes or Less.

Apply Now

Get An Unemployment Loan Online from Magical Credit

You’re between jobs and money is tight. You may be getting severance or employment insurance, but it’s not enough.

This is totally normal. You need what’s called an unemployment loan or an employment insurance loan (EI loan).

Unfortunately, no matter how understandable your situation is, banks still won’t give you the time of day. Payday loan companies may lend to you, but they’ll charge you hefty interest.

Magical Credit knows where you’re coming from and offers easy-to-understand unemployment loans. You can follow a simple loan repayment schedule with no surprises from us. Magical Credit loans will help keep you on track with commitments while you look for your next job.

Check out our loan calculator to figure out your monthly payments, and then apply online. You can be approved for a loan in as little as 5 minutes!

“I need a loan but I want to know what my monthly payments are going to look like” - Use our personal loan calculator to find out!

I want to borrow:

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

Why Get An Unemployment Loan?

  • Internet/Mobile Plans – No one will take a hand-delivered resume. You need an internet connection and a mobile plan to job hunt effectively and these are pricey, particularly in Canada.
  • Hobby Classes/Professional Development – The time between jobs can be a good time to pursue interests, develop skills, and meet new people. Community colleges offer a variety of interesting courses for a reasonable cost.
  • Moving expenses – New jobs often require relocating, and relocating has a whole slew of expenses. There’s furniture, storage rentals, moving trucks, moving equipment, set-up costs, first and last month rent, security deposits, and a whole lot more. Unemployment loans are a great way to make this transition go as smooth as possible.
  • Automotive Expenses & Maintenance – A lot of jobs require a car even if the job ad doesn’t outright say it. A Magical Credit loan can keep your car up and running, opening the door to new employment opportunities.
  • Travel – Why not get some rest and relaxation before you start your next job? Get a little sun, experience a little culture, and have some fun before you rejoin the 9-5.

Unemployment Loan FAQs

Will my unemployment affect my ability to get a loan? No, Magical Credit specializes in loans for unemployed people. You do not need to be employed to get a loan with us. We accept government subsidies (e.g. EI and baby bonuses) as well as income from private insurers. As long as some type of income is being direct deposited to your bank account on a monthly basis, Magical Credit will consider you.

For a list of income sources we accept, please read our who qualifies page.
Do you lend to people with poor credit? Yes, we offer our unemployment loans/employment insurance loans to people with poor credit. We do not make decisions based solely off of credit scores. If you are receiving at least $600/mo via direct deposit, we will consider you.
How much can I borrow? You can receive 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 bank account
  • Proof of income
  • Valid ID
  • SIN
Do I need to fax any documents? No, who has a fax machine? You can upload everything to our site!
How will I receive my money? Once your loan is approved, your money will be deposited directly into your bank account.
If I apply for a loan I don't qualify for, will you offer me something else? Yes, we’ll tell you if you can get a smaller loan.

“I need a loan but I want to know what my monthly payments are going to look like” - Use our personal loan calculator to find out!

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.