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What Do I Need to Apply for a Loan?

by Magical Credit

If you’ve never had to apply for a loan before, it can seem a little daunting, but it’s even worse if you have to apply for a loan with bad credit history.

apply-for-a-loanAt Magical Credit, we try to make the process as simple and streamlined as possible with our five-minute online loan application process. Here’s everything you need to apply for a loan with bad credit from one of the most trusted providers of bad credit loans in Canada!

Social Insurance Number for Personal Loans

The first thing you need to apply for a loan with bad credit history from Magical Credit is your social insurance number. At Magical Credit, we take your privacy seriously, and protect all information trusted to us with the latest security software available.

Bank Statements OR “Instant Verification”

The next thing you need to do is upload bank statements or use a process called Instant Verification. Instant Verification allows us to verify your personal data and make a fast decision about your personal loans application without you having to go through the hassle of uploading your documents or calling the bank. You can learn more about Instant Verification here, but rest assured that your personal data will be completely private and protected by 128-bit encryption.

We don’t see your passwords, user IDs, and we most certainly don’t log into your banking accounts!

Provide Proof of Income for Bad Credit Loans

While Magical Credit provides easy approval personal loans, we still need to see your proof of income. Luckily, we offer the most flexible income options out of any high-risk loan dealer, including accepting government subsidies as proof of income!

To see what types of subsides we accept, as well as proof of income options, click here.

If you’re currently employed and require personal loans, we simply need two recent pay stubs and a bill to your current address.

Valid Forms of ID for Personal Loans

The last thing we’ll require before we can approve you for personal or bad credit loans is a scan of a valid form of ID, such as:

  • Valid Canadian Driver’s License
  • Valid Canadian passport
  • Certificate of Canadian Citizenship
  • Certificate of Indian Status
  • Canadian Permanent Residency Card
  • Old Age Security Card
  • Photo Health Card and Birth Certificate or Social Insurance Card
  • BYID Card (LCBO) and Birth Certificate or Social Insurance Card

It’s that simple! That’s all you need to file an online loan application with us. The entire process takes no more than a few minutes, and you’ll be notified whether you qualify for our short-term bad credit loans fast. That’s the power of the online loan application process!

If you need to apply for a loan with bad credit history, come to Magical Credit for easy approval, bad credit loans. We make the online loan application process simple, and provide direct deposits for even more convenience!

Loan Example

1 Year
Interest Rate (46.8%)
Total Cost of Borrowing
Total Due End of Term
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.

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