Apply for an Unemployment Loan In 5 Minutes or Less

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Online Unemployment Loans in PEI at the Click of Your Mouse!

You may’ve lost your job for a number of reasons – layoffs, cuts, or even closures that led to your dismissal. While you’re allotted a severance and EI cheques, it’s not enough money to offer you peace of mind—especially if the job market is dry.

Magical Credit offers quick loans for unemployed, bad credit applicants. As long as you’re collecting a fixed income of $600 a month via direct deposit, from either traditional or non-traditional sources, you could be eligible!

Keep up with your monthly installment payments by using our personal loan calculator!

I want to borrow:

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

Why Apply for Bad Credit, Unemployment Loans in PEI?

  • Internet PlansWe live in a digital landscape, and those who make hiring decisions are most accessible by e-mail. Without the internet, you won’t find a new gig. An EI loan from Magical Credit can cover your bandwidth needs.
  • Professional Development Pay for resume-building courses with an unemployment loan—you’ll develop skills that’ll eventually pay the bills.
  • Moving ExpensesThere comes a point during unemployment where you’ll take a job anywhere, even if you’re relocating from PEI to Quebec. A bad credit loan in PEI will cover your moving costs 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 an unemployment loan to look the part—offers will follow suit.
  • Debt ConsolidationBefore you lost your job, you amassed numerous consumer debts. And once you lost your job, you couldn’t afford to pay them off. A loan for debt consolidation in PEI will turn many complex debts into one simple loan.

FAQ: Bad Credit EI Loans in PEI

So, you’ll consider me for your quick loans, even if I’m unemployed?

Yes—employment isn’t a requirement for a Magical Credit loan. Government subsidies such as EI can be leveraged, as long as you’re collecting a $600 monthly direct deposit income.

What if I have bad credit and I’m collecting EI?

You can still be considered for a loan. As a high-risk lender, we specialize in loans for bad credit applicants. We don’t weigh candidates on credit scores, but overall report of credit instead.

I need $330 for appliance repairs – does Magical Credit offer EI loans for less than $500?

Sorry, we only offer unemployment loans between $500 and $10,000.

I turned 18 two weeks ago, am I able to apply for an unemployment loan?

Yes—you must be at least 18 years old to apply with Magical Credit.

Do I need to mail any documents?

You don’t! We are strictly an online 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.