To better serve customers, Magical Credit offers cash loans to people who are employed, in addition to providing cash loans to people who currently receive government subsidies.
To qualify for a bad credit personal loan from Magical Credit, you must be employed for a period of 6 months. We lend between $1,500 and $20,000 depending on your current income. If you are employed and receiving a short-term loan, you can choose between a loan period of 12 months to 60 months.
Cash Loans - small, unsecured loans that are easy to obtain and provide a borrower with immediate cash to fund a necessary expense.
To qualify for a government subsidy loan from Magical Credit, you must receive an applicable government subsidy in your province. This includes unemployment, pension, baby bonuses and many other subsidies. We lend between $1,500 and $20,000 depending on how much fixed income you receive. All government subsidy loans have a set period of 12 months.
Click on your province below to see a list of the most common types of income that Magical Credit approves for loans.
* Please bear in mind that, temporarily, we had to limit the sources of income we accept. Please refer to the "What has changed temporarily with COVID-19?" section of our FAQ page for further information on the matter.
Our loans are considered short-term loans and have a 12-60 month term with a fixed interest rate of 3.9% per month.
Example: $1,500 borrowed for one year at 3.9% 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.