Fallen Behind because You’re Unemployed? Apply for an Employment Insurance Loan from Magical Credit!

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Magical Credit Offers Quick Loans for Unemployed People in Nunavut!

Job loss is as anxiety inducing as it is hard on the finances. The expenses stay the same while your income drastically shrinks. You’ll need a loan just to keep up with payments, but banks won’t loan to an unemployed applicant and you’re not going to fall for a payday lender’s tricks!

If you’re collecting a monthly EI income of at least $600 via direct deposit, Magical Credit specializes in quick loans for unemployed people in Nunavut. Our interest rate is 3.9% a month, and you’ll only be paying interest to date when you pay off your loan.

I want to borrow:

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

Why Nunavut Needs Unemployment Loans

  • Internet Plans – These days, landing a gig without the internet is highly unlikely. You need to stay connected online, so you remain professionally connected. Our EI loans can cover your internet costs.
  • Professional Development –When in between jobs, you may need to better your skill set, be it with a year of college or just a single course. Our unemployment loans can pay for the lessons that lead to the next step of your career.
  • Moving expenses – You’ll take a job anywhere at this point. Even if you have to relocate out of province. People in Nunavut can apply for an EI loan to cover moving costs until those paycheques start piling up.
  • Debt Consolidation – Before you lost your job, you accrued numerous consumer debts, and once you lost your job, you couldn’t afford to pay them off. A loan for debt consolidation in Nunavut will turn several debts into one simple loan.

FAQ: Unemployment Loans in Nunavut

I’m 16-years-old, can I take out one of your employment insurance loans?

No—you must be at least 18-years-old to apply Magical Credit.

How much do you charge in interest?

Our quick loans for unemployed applicants come with 3.9% monthly interest.

So you’ll even lend to unemployed applicants?

We will loan to unemployed applicants. However, we can’t guarantee loans to anyone. You still need to be collecting an EI income (or another traditional or non-traditional income) of at least $600 via direct deposit. Also, you need to be discharged of any prior bankruptcies or consumer proposals, and not have any other loans in collections to be eligible for our employment insurance loans.


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.