What Kind Of Cash Loan Do You Qualify For?

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.

Short Term Loans For Those Who Are Employed

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.

Short Term Loans For Those Who Receive Government Subsidies

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.


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, British Columbia, 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 $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.

1377 people applied for a loan with us in the last 7 days
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