REFERRAL PROGRAM - TERMS AND CONDITIONS
Magical Credit Referral Program Terms & Conditions
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.
- You must have an active loan in good standings with Magical Credit in order to use our referral program
- Your referral must be a new customer who receives a loan from us (minimum amount $2,000) in order for you to qualify for a credit. *Please note, we cannot provide confidential information about whether your referral candidates have been approved or disapproved for a loan after you refer them.
- You will receive your $200.00 plus bonus credit after your referred friend’s loan has been active for 90 days and in good standings.
- All referral credits will be awarded in the form of EFT.
Other Frequently Asked Questions
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 will debit it directly to your bank account on file, once all the requirements are verified.
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 an EFT payment 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.
Disclosures:
Magical Installment Loans: Installment loans are available to eligible residents of Ontario and range from $1,500 to $20,000. Repayment terms range from 18 to 78 payments, with flexible payment schedules available as weekly, bi-weekly, semi-monthly, or monthly.
Example: A $5,000 loan repaid over 36 monthly installments would require payments of $300.40 per month.
NOTE: Loan amount and payment amount are subject to change upon final loan approval. Interest rate for Personal Loans is calculated at 34.86%. The Repayment amount includes optional Loan Protection Plan coverage.
Magical Cash Loans - Ontario, British Columbia, Alberta, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $14.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $140.00. The total to pay back is $1,140.00, which is an annual percentage rate of 365.00%. ON License #4741412. BC License#85919 AB License#358423.
The Loan must be paid in full by the end of the term, with no extensions or exceptions, and 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.
