Apply for an Unemployment Loan In 5 Minutes or Less!

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Online, Unemployment Loans in Newfoundland

Job hunting is a full-time gig that doesn’t pay. You’re pounding the pavement and sailing the seas, while the job market continually leaves you high and dry.

If your EI isn’t enough to foot the bill, it can be leveraged into a Magical Credit personal loan. With a fixed income of $600 a month via direct deposit, you could be eligible!

I want to borrow:

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

Why Get Employment Insurance Loans Online?

  • Internet/Mobile Plans – In today’s digital world, the job hunting game is internet-based. If you’re unemployed, our bad credit loans in Newfoundland can pay for enough bandwidth to pound the virtual pavement.
  • Professional Development – Extra certifications and skills will fatten up your resumé (and LinkedIn profile) while you’re in between jobs. Pay for those pricey classes with an EI loan—the skills you develop will be priceless in the long run.
  • Moving Expenses – Finding a gig three-hours away after an extended stint on unemployment means you’ll have to relocate. A personal loan in Newfoundland will cover the excess moving expenses until those paycheques start piling up.
  • Interview Clothes – The right look could make you the right person for the job. But professional interview attire isn’t easy on the finances. Get a loan to look the job—offers will follow suit.

Bad Credit Unemployment Loans in Newfoundland FAQ

Will my unemployment impact my eligibility for a loan?

Employment isn’t required for a Magical Credit loan. Government subsidies such as EI are acceptable sources of income. If you receive at least $600 monthly via direct deposit, you will be considered for an unemployment loan.

If I have bad credit on top of being unemployed, can I apply for a loan?

Yes—as a high-risk lender, we specialize in loans for bad credit applicants. Our applicants’ loan eligibility isn’t based solely on credit scores, but their overall report of credit.

I turn 18 next month, can I get an unemployment loan?

You’ll have to wait until next month! You must be at least 18 years old to be eligible.

Do I need to mail any documents?

Fortunately, you don’t—we are an online, high-risk lender, and all information is transferred digitally. Simply upload everything 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.