At Magical Credit Inc., we collect personal information primarily from you, for instance through applications and supporting documentation you provide. We may also collect personal information about you through your ongoing interactions with us, whether it be from references, employers or other financial institutions you have identified in your application as well as credit bureaus and other third party sources. For example, we may collect personal information from credit bureaus for the purpose of locating you to collect outstanding debts. In connection with loan agreements, we may also collect personal information from credit bureaus in order to verify your current and ongoing creditworthiness and other information you may provide to us.
We may collect and use personal information for various purposes such as, but not limited to: managing business activities, verifying identity and other personal information, evaluate requirements and eligibility, advertising and promotion, establishing business relationships, collecting outstanding debts, and maintain records.
All personal information is safely and securely stored within our servers with proper layers of security ensuring its safety. Information is accessed by Magical Credit Inc. and is not passed on or disclosed to any third parties unless specifically outlined in the “Disclosing Information” section below. All personal information received is given with the full consent of the individual when an application is received, either electronically or verbally.
Magical Credit Inc. holds the right to disclose personal information without the individual’s consent or knowledge only:
Magical Credit Inc. does not in any way collect personal information indiscriminately nor does Magical Credit Inc. deceive or mislead individuals about the reasons for collecting personal information.
Magical Credit Inc. only uses or discloses personal information for the purpose for which it was collected, unless the individual consents, or the use or disclosure is authorized by the Act (PIPEDA). All personal information is retained for as long as necessary to satisfy purposes.
Magical Credit Inc. investigates any informed complaints and takes appropriate measures to correct information handling practices and policies.
If you would like to make any changes to your file, please send your request to:
MAGICAL CREDIT INC. PO Box 38619, North York, ON M2K 2Y5
All contents of the Site are: Copyright 2023 by Magical Credit Inc. Any rights not expressly granted herein are reserved.
Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626
NOTE: Our installment loans are open, so you can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.
Magical Cash Loans - Ontario and British Columbia Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.
The 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 will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.