Does Your Alberta Government Income Qualify For A Cash Loan?

If you’re currently a resident of Alberta, Magical Credit accepts a wide variety of income sources from the federal (Canada) and provincial (Alberta) governments. We also consider fixed private income, such as monthly payments for pension or insurance. Below are some of the most common types of government income received by people who live in Alberta. Each of these types of income may qualify for a cash loan, if you meet our other requirements. Depending on the amount of your income, you can qualify for between $1,500 and $20,000.

Alberta Government Income Sources That Qualify

  • Old Age Security (OAS)
  • 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 income that are received on a monthly basis. If you are unsure if your Alberta government subsidy or fixed monthly income qualifies you to receive a cash loan from us, 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:


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 is Alberta, where residents from Calgary to Medicine Hat have discovered the unmatched convenience and accessibility of our services. We offer Albertans a simple promise: like real magic, what you see with us is exactly what you get. On this page, we’ll go over every detail of our loan services for Albertans, from the application process, to our interest rate offerings, to some ideas about what you could accomplish with your cash loan.

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.

Quick Cash

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 like you 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 institutes 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!

Alberta Loans FAQ

How can I find out if I'm eligible to get a loan in Alberta?

Well, step one would be to read the section above in which we delineate what we’re looking for in a loan applicant here at Magical Credit. While our home base is in Toronto, our eligibility guidelines are for all intents and purposes the same in every province we operate in.

If you do not qualify, the next step would be to look into what you can do about it. For example, if you have a steady work income but are paid in cash or by cheque, you could explore setting up direct deposit from your employer. You might also check out what government benefits from the province of Alberta you might be eligible and apply for a Magical Credit loan.

What do you need to get a loan from Magical Credit?

Short version: a stable monthly income; a direct deposit agreement on that income; no history of defaulting on payday loans. You can see elsewhere on this page for more details!

What are the ways to repay my loan?

Loans are repaid on a monthly, bi-weekly and semi-monthly schedule, the terms of which will be outlined in your loan agreement. You may also at any time pay off your loan in lump sum should you wish to complete your obligations early.

What are the consequences if I can't repay my loan on time?

We don’t offer extensions on loan repayments. Entering into a loan agreement with us is a firm commitment to meet your obligations, and failure to do so may hinder your chances of receiving future loans from Magical Credit.

What are your interest fees?

We work with a fixed interest of 3.9% per month. Our loans range from 12 to 60 months.

If you were, for example, to take out a $1200 loan with a one-year repayment schedule at a 3.9% interest rate, your payment owing each month would be $199.05. Factoring in this interest as well as an initial standard admin fee of $194.00, your total repayment amount would be $2,388.54.

What is the maximum I can borrow from you?

We offer loans of up to $20,000.

If I live in Edmonton, can I still apply?

Of course! Magical Credit harbours no ill-will against Edmonton or Edmontonians. In fact you can also get a loan whether you live in West Calgary, East Calgary, North Calgary, South Calgary, Greater Calgary… Lethbridge, Red Deer, Airdrie, Grand Prairie… Cardston, Cochrane… Granum… everywhere in Alberta, basically, is what we’re saying.

Is a cash loan from Magical Credit better than a payday loan?

In our view, yes. We offer more favourable interest rates to our clients than the standard corner payday loan operation. We always strongly encourage you to shop around to find the best deal available for you before making a significant financial decision like taking out a loan.


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.

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