These are the basic requirements of our referral program. Please read them carefully to ensure that you are eligible to receive referral credits from us.
Q: What if I don’t have a Magical Credit loan account?
A: Sorry, only current Magical Credit customers can take advantage of our referral program.
Q: Does the person I refer have to be a new customer?
All referred customers must be new to Magical Credit and never had a loan with us before in order for you to qualify for the referral credit.
Q: Do I get a credit each time the people I referred take out a loan?
A: No. You get a referral credit for their first loan only.
Q: Is there a limit to the number of people I can refer?
A: No, feel free to refer as many people as you like. As long as they are new customers, you’re eligible for a $200.00 plus bonus credit.
Q: How long does it take to get my referral credit?
A: We mail you a cheque after your referral has had an active cash loan with us for 90 days.
Q: In a case where multiple people refer someone, will they all get a referral credit?
A: No, the first one to provide the referral will be the one that receives the credit
Q: How can I tell if my referrals have been approved for a loan or not?
A: Unfortunately this information is confidential. If your friend signs up for a cash loan through Magical Credit, you’ll receive a cheque in the mail shortly after the 90-day probation period is up.
Have a question that’s not on here? We’d be happy to discuss any questions or concerns you may have about our referral program or our cash loans. Contact us now.
Our loans are considered short-term loans and have up to a 6-60 month term with an interest rate ranging from 3.4%-20% per month.
Example: $1,500 borrowed for one year at 3.4% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.
NOTE: 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.