What Kind Of Cash Loan Do You Qualify For?
To better support a wide range of customers, Magical Credit provides cash loans to individuals with employment as their primary source of income, while also considering government benefits and other income sources as additional support.
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 3 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 78 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, but it can't be your primary source of income. This includes Canada Pension Plan (CPP), Old Age Security (OAS), Canada Child Benefit (CCB), and many other subsidies. We lend between $1,500 and $20,000, depending on many factors.
Click on your province below to see a list of the most common types of income that Magical Credit approves for loans.
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.
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 12 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.
