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.
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.
Magical Credit serves Calgary, Edmonton, Chestermere, Lethbridge, Red Deer, Airdrie, Okotoks and all other towns 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!
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:
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).
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.
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.
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.
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.
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:
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.
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!
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.
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.
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.
We offer loans of up to $20,000.
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.
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 and British Columbia 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.