Get a Loan in Ontario! (Even if You're Unemployed)

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Unemployment Loans in Ontario

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!

I want to borrow:

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

Why Get A Loan When You’re Unemployed?

  • Interview Clothes – It never hurts to overdress a little for an interview. It can definitely hurt to underdress. Think of your wardrobe as an investment for your next job and make sure it looks professional.
  • Hobby/Professional Development Classes – Hobby or professional development classes look great on a resume. It shows that you’re looking to improve yourself in your free time. Plus, it’s an opportunity to network!
  • Internet/Mobile Plans – You need to stay connected to hit up job contacts and browse job sites. You could use the internet at the library, but that’s not something you want to do too often – you have to sign up in a binder and the keyboards are gross.
  • Gym – Since you have some downtime, why not go to the gym? Employers love strong, healthy employees with good posture (and who don’t take too many sick days).
  • Moving expenses – If you really want a job, you have to check off that “I’m willing to relocate” box. Moving has its share of expenses though. A Magical Credit loan can help you get a new place for your new job.

Unemployment Loans in Ontario FAQ

Will being unemployed affect my ability to get a loan?

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.

I’m unemployed AND I have poor credit. Will you still lend to me?

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.

How long do I have to pay off my loan?

We offer 12 and 24 month terms. You can pay off your loan earlier at no penalty.

How much can I borrow?

You can borrow between $500 and $10,000.

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
If I apply for a loan I don't qualify for, will you offer me something else?

Yes, we will offer you a smaller loan if you qualify for one.

Where are you located?

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!

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.