Need a loan in New Brunswick? Apply for an Unemployment Loan In 5 minutes!

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Get an Unemployment, Bad Credit Loan in New Brunswick

You were just laid off from your job, and have tons of bills to pay off.

While you may be collecting severance or employment insurance, neither can put a dent in your financial obligations.

What if we told you that you could leverage your employment insurance or severance payments into procuring a Magical Credit E.I. loan?

Magical Credit offers easy loan approval for our unemployment loans. You can follow a simple loan repayment schedule with a fixed 3.9% monthly interest rate with no surprise fees. Our unemployment loans can help you stay fiscally afloat while you look for your next job.

If you want to know what your 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 in New Brunswick?

  • Internet/Mobile Plans – It’s the 21st century, meaning job applications are completed online. Communicating with potential employers is done through e-mail. Can’t afford a plan? Take out an EI loan and invest in some bandwidth.
  • Hobby Classes/Professional Development – Apply for a college course to upgrade or fine-tune your skills while you hunt for a new job. Use our EI loans to help bear the weight of those hefty class prices.
  • Moving expenses – You live in Fredericton, but all the jobs in your field are in Moncton. You’re a little low on funds to relocate, but an unemployment loan in New Brunswick can cover all your moving expenses.
  • Travel – You need a vacation before your next job-hunt begins. Can’t afford it? Magical Credit provides loans for unemployed people, as long as they’re collecting employment insurance or severance.

FAQs - Unemployment Loan in New Brunswick

I’ve been out of a job for six months – can I still be eligible for your unemployment loans?

Yes—Magical Credit specializes in loans for unemployed people. We accept government subsidies (e.g., EI and baby bonuses). As long as you’re collecting a minimum $600.00 monthly income via direct deposit into your bank account, Magical Credit will consider you.

Do you lend to people with poor credit?

Yes—we specialize in loans for bad credit applicants. We weigh our candidates on their overall report of credit, not their credit score.

Can I apply for a $300 loan?

No—we only offer loans between $500 and $10,000.

Do you increase the loan interest for unemployed borrowers?

No—all of our loans have an interest rate of 3.9% a month.

What do I need to apply?

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—you can upload everything directly to our site!


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.