Can Your Alberta Government Income Be Used for Paying your Current Cash Loan?
For current residents of Alberta who hold an active loan with us, Magical Credit continues to recognize a wide variety of income sources from the federal (Canada) and provincial (Alberta) governments for account maintenance and repayment. Below are some of the most common types of government income received by people who live in Alberta. Each of these types of income remains relevant to your ongoing account status with us, provided you continue to meet our standard account requirements. Depending on your specific account terms, your existing loan structure remains tailored to your individual income verification.
Alberta Government Income Sources
- Workplace Safety and Insurance (WSIB)
- Private Pensions (Blue Cross, Sun Life, etc.)
Please note that this list may not include every type of government income available in Alberta. We accept most types of fixed government incomes to make payments towards your loan. If you are unsure if your Alberta government subsidy or other income can be used, please call us at 1-855-639-6888.
Cities we serve:
Magical Credit serves Calgary, Edmonton, Chestermere, Lethbridge, Red Deer, Airdrie, Okotoks and all other towns in Alberta!
I want to borrow:
Repayment amount includes optional Loan Protection Plan coverage.
Loan amount and payment amount subject to change upon final loan approval.
Cash Loans from Magical Credit in Alberta
From our headquarters in Toronto, Ontario, Magical Credit has rapidly become a preferred cash loan lender for Canadians across the nation. One of our busiest regions has historically been Alberta, where residents from Calgary to Medicine Hat have long valued the unmatched convenience and accessibility of our services. While we are no longer offering new loans in Alberta, we remain incredibly proud of our history serving the province. On this page, we’ll go over the legacy of our loan services for Albertans, share important information for our existing clients, and highlight how we continue to support Canadians nationwide.
Read on to learn more about what we do!
How it Works
Magical Credit was founded with two goals in mind: expanding Canadians’ access to cash loans and simplifying the process of applying for said loans. We believe we’ve managed to achieve success in both regards—and if you have experience jumping through hoops with traditional lenders, you’ll no doubt agree once you’ve tried us!
Our application process is 100% online via the streamlined web portal here on our site. The documentation you’ll require is minimal, and we guarantee you’ll receive a decision on your application within one business day. Let’s take a moment to walk you through what you’ll need to complete the application, and what to expect once you begin.
Determining Whether You Qualify
Unlike most banking and loan companies, our list of qualifications is brief and crystal clear. To save you time, run through this checklist to determine whether you would be a candidate for our services:
Do you have a fixed monthly income?
We’re looking for candidates with a steady, reliable income base who are well-positioned to meet their monthly loan repayment obligations. While most of our clients draw their income from their employment, we also accept alternative sources such as government subsidies and pension plans (see the longer list of Alberta government income sources at the top of this page, and phone us 1-855-639-6888 if you require clarification).
Do you receive your income via a direct deposit to your bank account?
This requirement is a simple yes/no question. Having direct deposit guarantees that your income will be available when you need it each month, reducing complications with your loan repayments.
If you’ve previously taken out a payday loan, did you repay it successfully?
Finally, while we do accept applicants with checkered credit histories, we are unable to approve those who have defaulted on payday / cash loans in the past.
Starting Your Application
We’d call this the hard part, but every part here is easy! If you were able to answer Yes to the three questions above, check out our loan calculator to determine how much your monthly repayment costs will be based on the amount you’re borrowing and the duration of your loan.
Next, assemble the information you’ll need (such as proof of income and banking info) and then click here to start on your application. All told, filling out our forms shouldn’t take you more than five minutes. We’ll instantly begin processing your request, which will include checking your credit via Equifax. You’ll receive word of your approval or denial within one business day.
Get Money
Aaaand that’s about it on your end! If you are approved, your loan will be instantly deposited in your designated bank account. That means no twisting in the breeze waiting for your cheque to clear, which can be a huge difference if you need that loan money for an immediate challenge, such as a mortgage payment or textbook purchase.
What could you use your Alberta loan for?
Finally, we’d like to take some time to discuss what Albertans have used their Magical Credit loans to accomplish. A small infusion of cash at a critical juncture in your life can make a huge difference in the long term. Here are some examples of how:
- Maintaining a Business - The entrepreneur lifestyle is seldom easy, especially for those who’ve faced credit struggles in the past. Whether you’re trying to establish a new venture or keep your current company afloat, a loan can help you refurbish equipment, manage staffing costs, or invest in new stock. Don’t let cashflow concerns put the brakes on your ambitions!
- Healthcare Costs – Canadians enjoy high-quality publicly funded healthcare, but there are numerous gaps in coverage, from pharmacare to dental and vision. Without a supplementary private insurance policy, many Canadian families encounter steep healthcare costs. This is especially true in Alberta, where private practice alternatives are becoming more prominent. With a well-timed loan, you can help provide security for your loved ones during their time of illness or injury.
- Education Expenses – A postsecondary education can vastly expand your professional horizons, but accessing it is complicated, especially when you’re unable to receive government student loans. Let Magical Credit help you pick up the costs of tuition and textbooks at higher learning institutions like Mount Royal University, University of Calgary, Athabasca, Red Deer College, or wherever you see yourself learning.
- Childrearing – For little buggers, kids sure do manage to eat up a huge portion of their parents’ income pie. A short-term cash loan can bridge the gap when it comes to keeping children fed and clothed, and ensuring there’s something to spare to enroll them in extracurriculars like hockey or music lessons.
- Surviving Unemployment– We’re all vulnerable to cycles of economic boom and bust, as workers in Alberta’s resource industry can attest. If you’re on EI or another type of government subsidy while you hunt for a new job, a cash loan can make sure you don’t fall too far behind on other commitments.
- Bringing Debts Together– Ask any financial advisor: where possible, having only one debt to service over a battery of small ones with varying repayment terms and interest rates, is usually the best move. Use a Magical Credit loan to consolidate your existing debts, simplify your monthly accounting and lock yourself into an interest rate superior to most credit cards.
- Salvaging Your Credit– Just as credit is damaged by failing to make good on loans, so too can it be rebuilt via successful repayments. Taking out a manageable Magical Credit Loan and paying it off on time each month can mark the start of a new commitment to financial prudence—something future lenders will take note of.
- Emergencies! – Recent years have seen a sharp increase in fires, floods and storms, on top of the more quotidian disasters like car accidents and unforeseen expenses that threaten our quality of life. A cash loan at the right time can help keep you afloat until circumstances around you settle down!
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, 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.
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.
Our Family of Brands: Whether you need personal funding, business advance, or short-term cash support, our family of brands offers financial solutions designed to fit your needs.
-Magical Credit: Personal Loans and Installment Loans available through Magical Credit.
Apply Now: https://www.magicalcredit.ca
-Magical Business: Merchant Cash Advances and business funding solutions available through Magical Business.
Apply Now: https://www.magicalbusiness.ca
-Magical Cash: Payday Loans and short-term cash solutions available through Magical Cash.
Apply Now: https://www.magicalcash.ca
