You’re out of work at the moment. Hopefully you’re receiving employment insurance or severance, but even if you are, it may not be enough to cover your expenses. You need some cash to keep the lights on while you look for your next job. You need an unemployment loan or an employment insurance loan (EI loan).
Magical Credit offers short-term unemployment loans in Ontario that are perfect for keeping you afloat until you find your next job. Credit score not so hot? That’s okay. You can apply for an unemployment loan in Ontario, even with bad credit! Apply today – you can be approved for a loan in 5 minutes!
Not working but need a loan? Not sure you can keep up with the loan repayment terms? See what your monthly loan payment schedule will look like with our personal loan calculator!
No, Magical Credit specializes in loans for unemployed people. We accept government subsidies (e.g. EI and baby bonuses) as well as income from private insurers. If you receive $600 a month via direct deposit, Magical Credit will consider you.
For a list of income sources we accept, please read our who qualifies page.
Yes, we offer unemployment loans/EI loans to people with bad credit. We do not make decisions based solely off of credit scores. If you receive at least $600 a month via direct deposit, we will consider you.
We offer 12 and 24 month terms. You can pay off your loan earlier at no penalty.
You can borrow between $500 and $10,000.
Our rate is 3.9% a month.
In order to apply, you need the following:
Yes, we will offer you a smaller loan if you qualify for one.
Our head office is in Toronto, Ontario.
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!
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