Loans for Unemployed - Apply in 5 Minutes or Less

Magical Credit offers Canada’s simplest application process, removing the hassle of securing loans for the unemployed.

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Loans for Unemployed Canada

Get an Unemployment Loan Online in Canada From Magical Credit

You’re between jobs and money is tight. You may be getting severance or employment insurance, but it’s not enough to meet your regular financial obligations, not to mention those unexpected emergencies that can wreak havoc on an already precarious income.

This is totally normal, and given the worldwide economic turmoil of the past few years, it has become the day-to-day reality for millions of Canadians. If this situation sounds familiar to you, then you need what’s known as an unemployment loan or an employment insurance loan (EI loan).

Unfortunately, no matter how understandable (and common) your situation is, most banks still won’t give you the time of day. Payday loan companies may lend to you, but they’ll charge you a hefty interest. So where can the unemployed turn for a quick emergency cash loan?

Magical Credit knows where you’re coming from. That’s why our company offers easy-to-understand online loans for unemployed in Canada.

“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:


With our unique platform, you can follow a simple repayment schedule with confidence that there will be no unpleasant surprises from us. Throughout the lending process, our team will help keep you on track with your commitments as you seek out your next job.

Our business model is not based on giving out loans to as many people as possible - we do our due diligence to ensure that you are a good candidate for financing. Blindly offering loans to all comers would inevitably mean putting some applicants in a position to default, which could further their credit woes and damage their ability to secure future financing. Our clients’ interests and financial well-being come first, and you can rest assured that if you are approved it’s because we believe you will be able to make good on your commitment.

We’re here to offer assistance to unemployed people with bad credit. 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!

Best Uses for Unemployment Loans

It’s important to us at Magical Credit that unemployed applicants for cash loans have a clear idea of when it’s appropriate to seek out financing - and when it’s not! We’ve assembled a list of sound reasons why you might seek out a loan. While it’s hardly exhaustive, we think it’s a good read before you go ahead and start the application process. After all, you’ll be saving so much time with Magical Credit, you should have plenty left over to give this a quick browse!

  • Internet/Mobile Plans - We’re two decades into the 2000s (give or take): how many employers are still accepting hand-delivered resumes? And how many still advertise job openings with a sign in the window? It’s a cold fact that you need an internet connection and a mobile plan to job hunt effectively, and these can be 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.
  • Medical Expenses - Although Canadians enjoy universal healthcare, there are significant gaps in public coverage, including vision, dental and prescriptions. Without a workplace benefits package, you could be on the line for some substantial expenses if you or a member of your family should fall ill. An emergency cash loan can be the difference between sickness and health for the unemployed.
  • Moving Expenses - New jobs often require relocating, and relocating opens up a whole slew of expenses. There’s furniture, storage rentals, moving trucks, moving equipment, set-up costs, first and last month’s rent, security deposits, and a whole lot more. Unemployment loans are a great way to make this transition go as smoothly as possible.
  • Automotive Expenses & Maintenance - A lot of jobs require a car even if the job ad doesn’t outright say it. With loans for unemployed, Magical Credit 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 some culture, and have a bit of fun before you rejoin the 9-5.

Can I Get a Loan for Unemployed in My Province?

Although Magical Credit is a Toronto-based company, we offer emergency cash loans to the unemployed in seven provinces and two territories across Canada. Check the list below to see if you qualify and apply now!

  • Ontario
  • Alberta
  • British Columbia
  • New Brunswick
  • Nova Scotia
  • Nunavut
  • Prince Edward Island
  • Yukon

Unemployment Loan FAQs

What is a loan for unemployed?

An unemployment loan is, quite simply, a loan for unemployed persons. While unemployed, potential borrowers are typically considered a financial risk by lenders and often have difficulty securing financing. Companies specializing in unemployment loans apply more flexible criteria in vetting applicants.

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) 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.

What is Employment Insurance (EI)?

Employment Insurance (EI) is a Canadian program which provides temporary income support to unemployed workers; it is intended to help beneficiaries stay above water while they seek new employment or work on upgrading their skills. It also provides support for workers experiencing significant life events, such as the birth of a child or critical illness of a family member.

If you qualify for EI, you can use your benefits to apply for an employment insurance loan online (AKA as EI loan). Magical Credit provides an alternative to EI payday loans, offering lower interest rates and more flexible repayment term limits.

Do you lend to unemployed 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 $1,200/mo via direct deposit, we will consider you.

How much can I borrow?

You can receive between $1,500 and $20,000.

What’s your interest rate for unemployment loans?

Our rate is 3.9% a month.

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 just applied for an unemployment loan. When will I hear back from you?

We'll get back to you within 24 hours.


I am brand new to magicalcredit and it has been a pleasure talking to every representative. They are so polite and kind and it is great to have a number to call and get a response quickly. This is the start of a great banking/credit relationship. They have made my day and reignited my hope. Thanks magicalcredit!! Have a magical day!😁

Magical Credit is truly amazing! Their assistance has been a real lifesaver for me. The staff is incredibly friendly and supportive, and they made the entire process a breeze. I wholeheartedly recommend Magical Credit to anyone seeking financial help. They are the best!

The application is very fast easy quick it took me 10 mins to fill it out they responded to my application right away and I was approved in a matter of a couple hours. When talking to the agent she was very helpful and very clear on what they needed to approve my application. Thank you Magical Credit

Very fast and easy to get a loan I needed help and help was given right away . Very polite staff I was doubtful at first but in about 30 minutes was approved for more then I asked for. Which I can use because school shopping for more then one kid isn't cheap . I'd definitely recommend this company . Thank you so much

They made the experience easy and every person I spoke with which I think it was in total of four may have been up to 5 each one was knowledgeable more than willing to help as I am not the world's most tech person out there and even though I filled out some stuff wrong they contacted me right away to say hey we're having trouble with this can you help us out about why we're having trouble and got it sorted out within seconds just all in all a beautiful experience definitely five out of five

I had a great service! Staffs are very responsive and easy to talk to esp NATALIE! She's very nice and very professional, explained everything to me, I was approved for a loan but I needed a little more so she managed to have me approved for the amount I needed, also, It was very fast, i got the funds the next day! Thank you so much guys!

Great staff, fantastic service! Very reasonable interest rates and also flexible payment plans. Got my money promptly. These guys are simply amazing!

“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!


Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so you can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.

Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The 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 will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.

1376 people applied for a loan with us in the last 7 days
164 people applied for a loan with us in the last 24 hours