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!
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!
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!
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!
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.
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.
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.
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.
You can receive between $500 and $20,000.
No, who has a fax machine? You can upload everything to our site!
Once your loan is approved, your money will be deposited directly into your bank account.
Yes, we’ll tell you if you can get a smaller loan.
We'll get back to you within 24 hours.
“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 6-60 month term with an interest rate ranging from 3.4%-20% per month.
Example: $1,500 borrowed for one year at 3.4% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.
NOTE: 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.