Get a Loan Even If You’re Unemployed

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Unemployment Loans in Alberta

You’re not working at the moment. Maybe there’s a job or contract on the horizon, but until then, money’s tight.

Don’t bother going to the banks – with them if you’re out of work, you’re out of luck. Don’t bother with payday loan companies either – they may lend to you, but they’ll rob you blind with interest.

Instead, get an unemployment loan or employment insurance loan (EI loan) from Magical Credit. Our short-term, unemployment loans are perfect for keeping you afloat until you find your next job. Credit score not so hot? That’s okay. We specialize in lending to people with poor credit.

Apply now and be approved for a loan in 5 minutes!

I want to borrow:

< $2000 >
$500
Min
$10,000
Max

Why Get An Unemployment Loan?

  • New Set of Clothes – When you want a job, you have to dress the part and fake it ‘til you make it. So buy that cowboy hat and those chaps, because no one else is going to get them for you (it’d be weird if they did).
  • Gym – Going to the gym is great when you have some downtime. You’ll gain energy, you’ll improve your posture, and you’ll look good – all great things to have for job interview.
  • Personal/Professional Development Classes – You’ve always wanted to learn how to cook Italian food/paint with water colours/play the bongos. So go do it! It’ll be fun AND you can put it on your resume.
  • Moving Expenses – Do you really mean it when you check off that “I’m willing to relocate” box on job applications? Because if you do, you need to be prepared for relocation costs. Our Alberta loans can help pay for all those shipping expenses and security deposits.

Alberta Unemployment Loan FAQs

Will being unemployed affect my ability to get a loan?

Magical Credit prides itself in providing online loans for unemployed people. As long as you have a source of income of $600 a month, we will consider you for a loan.

How long are your loan terms?

We offer loans for 12 and 24 month terms. You may pay off you loan at any time without penalty.

How much can I borrow?

We offer loans between $500 and $10,000.

I have a bad credit score. Will you lend to me?

Yes, we offer unemployment loans/EI loans to people with bad credit. If you receive at least $600 a month via direct deposit, we will consider you.

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

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
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.