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.
Learn more about Magical Credit's short term loan requirements.
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.
For more information about our cash loans, read how it works, and check our FAQs. To calculate your monthly loan payment schedule, try our short-term, personal loan calculator. If you still have questions, please feel free to contact us. We typically respond to all inquiries within 1 business day.
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.