Does Your British Columbia Government Income Qualify For A Cash Loan?

If you’re currently a resident of British Columbia, Magical Credit accepts a wide variety of income sources from the federal (Canada) and provincial (British Columbia) governments. We also consider fixed private income, such as monthly payments for pension or insurance.

Below is a compilation of the most common types of government income received by people who live in British Columbia. Each of these types of income can qualify for a cash loan from Magical Credit, if you meet our other requirements. Depending on the amount of your monthly income, we will approve you for a loan between $1,500 and $20,000.

British Columbia Government Income Sources That Qualify:

  • Universal Child Benefit (UCB)
  • Old Age Security
  • 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 British Columbia. We accept most types of fixed government income that are received on a monthly basis. If you are unsure if your British Columbia 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 Vancouver, Surrey, Burnaby, Richmond, Abbotsford, Coquitlam, Kelowna, Nanaimo and all other towns in British Columbia!

Cash Loans from Magical Credit in British Columbia?

Welcome! We are Magical Credit, a lending company based in Toronto, Ontario, Canada. We offer customers financing from Vancouver to St. John’s, and most points in between!

We specialize in providing cash loans to British Columbia clients with bad credit or no credit at all, helping to fill in the gaps that traditional lenders have long ignored. Established in 2014, we are committed to changing the way Canadians access financing. We do this in three ways:

  • Simplifying the application process

  • Expanding the pool of eligible applicants

  • Reducing processing and approval times

  • Making repayment agreements as direct and transparent as possible

  • Getting you your money quickly

If you’ve been looking for a financing solution for Vancouverites (or Victorians, or Abbotsfordians etc.) that cuts out all the extra hurdles and lets you get back to living your life, we invite you to give Magical Credit a try. Continue reading to learn how the voodoo we do works, as well as for a quick FAQ and some suggestions for how you might put your loan to good use!  

How it Works

With other lenders, this section would either be several thousand words long, or have so much fine print to read you’d likely end up blowing part of your new loan on new eyeglasses. With us, there’s not a lot to it—which happens to be our main selling point.

Here’s what you need to apply for a cash loan from Magical Credit:

  • A regular monthly income…
  • …which is directly deposited into your bank account
  • No history of defaulting on payday loans
  • An Internet connection, or ready access to one

Our Process

As we noted earlier, Magical Credit’s home office is in Toronto, but thanks to our unique online application system we can easily offer loans in Vancouver, Kamloops, Coquitlam and everywhere else in British Columbia. The entire application process is conducted through our website, and typically takes less than five minutes of your time!

  • You’ll fill out your basic information (address, financial history, proof of income)
  • Select the loan amount and repayment terms you’re seeking
  • Hit submit

That’s literally all you have to do! From there we’ll review your documents to ensure you’re a good candidate for a Magical Credit cash loan, and you’ll hear back from us within—wait for it—one business day. (Not a long wait, eh?)

While we do our due diligence on every application and do not approve candidates we do not believe will be able to meet their repayment obligations, our goal is to make financing as accessible as possible. That means giving those with bad credit the same chance to get help as everyone else. If you believe a short-term loan will make a difference in your life, we invite you to give us a spin. Before you do, feel free to try our repayment calculator below to get an idea of what monthly payment you can expect.

I want to borrow:


What Do You Need a Cash Loan For in BC?

The reasons Magical Credit customers provide for why they need short-term cash loans are as diverse as they are! With that said, in speaking to our clients some trends do emerge. The list of loan rationales below is hardly exhaustive, but we offer it to give you some examples and perhaps help to jog some ideas of your own.
  • Building Your Own Business — British Columbia, and Vancouver in particular, has become a hub for innovation and entrepreneurship. But getting your business off the ground can be challenging, especially if you lack access to significant capital. A cash loan can be used to float the cost of investments in tools or supplies, for example, or to front a down payment on an office space.
  • Going/Going Back to School — BC is dotted with great colleges, from Coquitlam College to UBC to the University of the Fraser Valley in Abbotsford. Upgrading your education can open lots of new doors. But it’s not without costs, particularly if you don’t qualify for tuition assistance or government student loans. A cash loan can cover the full costs of a short-term program (such as a certificate/diploma program) or tide you over until your academic performance enables you to seek scholarship and bursary options.
  • Job-Seeking Expenses — It’s not cheap living in British Columbia, especially Vancouver. If you’re between jobs, or looking to find better work, there are some baked-in expenses you’ll likely have to wrangle. From Internet and phone bills to upgrading your interview attire to making payments on a car, the costs of job hunting can pile up—and often at a time when you’re least set-up to manage them. Our financing can help keep the hounds at bay until you’ve found the career you desire.
  • Kid Costs - Children don’t come cheap! They’re just like adults, in that they have to eat, wear clothes, be entertained and take shelter; only they never pay for anything themselves. (Admittedly, this describes some adults too!) If you’re in a pinch in terms of buying new school clothes, or perhaps getting them the new computer they need for college, some financing may come in handy.
  • Consolidating Debts - Juggling multiple lines of credit (such as student loans, mortgages and credit cards) is a sure-fire recipe for financial confusion. Use your cash loan to wrestle all your debts under one umbrella and simplify your bills each month.
  • Rehabilitating Credit- The best way to rebuild your credit rating is by proving to lenders that you are responsible enough to manage your finances. Unfortunately, that can be a slow process when you don’t have any recent proof! Taking out a modest cash loan and repaying it on time each month will help repair some of the damage of past financial indiscretions, and position you for better terms on future loans.
  • Dealing with Emergencies - Even the best-laid plans of etcetera and etcetera don’t always work out, or however that old saying goes. What we mean is, you never know when you’re going to be blindsided by an accident, family crisis or otherwise unforeseen situation. Cash financing can alleviate monetary concerns, and help you stay focused on getting back on your feet.

By and large, one thing about our clients is consistent: they are seeking cash loans to expand the limits of what their financial picture allows them to accomplish. If your finances are stable enough to safely take out and repay a loan, it may be time for you to dream a little bigger!

BC Loans FAQ

Am I eligible to get a loan in BC?

Magical Credit offers loans to residents of Ontario, Alberta, New Brunswick, Newfoundland, Nova Scotia, Nunavut, Prince Edward Island, Yukon and… British Columbia! (It’s very cosmopolitan of us, we know.)

So yes, if you meet our qualifications (which can be found under “How It Works” on this page, or elsewhere in the FAQ) as a resident of BC, you’re very much welcome to work with us.

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

Courage, good looks and charm.

Actually, those are just bonuses. Really, all you need is a monthly source of income which is directly deposited into your bank account. As we noted earlier on this page, this could take the form of employment wages, fixed income (such as a pension) or a government subsidy (such as Employment Insurance [EI]).

So long as you haven’t previously defaulted on a payday loan, your chances are quite good at landing financing with us.

Is your loan a payday loan alternative?

We view ourselves as such, yes. While we, like payday lenders, specialize in short-term cash loans, we offer more client-friendly interest rates and repayment structures.

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

We strongly recommend only taking out a loan if you have a high degree of certainty that you will be able to make good on your repayment commitments. While we are sympathetic to unforeseen challenges, we must insist that all payments be made on time each month. We do not offer extensions or exceptions. Failure to repay your loan will have a negative impact on your credit and may affect your ability to get a loan in the future.

Will applying for a cash loan hurt my credit history?

Applying for a cash loan will affect on your credit rating. Successfully paying off your loan, however, will help you build up your credit score and increase future lenders’ confidence in your ability to manage your finances.

What are your interest fees?

Our fixed interest rate is 3.9% monthly.

Here’s an example of what that might translate to for you:

If you borrow $1,200 from Magical Credit and agree to pay it back within 12 months at a 3.9% monthly interest rate, your payment each month will be $199.05. Over the life of your loan, you will pay back $2,388.54 (including the initial $194 administrative fee charged on all loans).

Remember, you always have the option of repaying your entire loan balance at any time without penalty.

What is the maximum I can borrow from you?

Our maximum cash loan is CAD $20,000.

If I live in Surrey, can I still apply?

Yes, we have no grudge against Surrey residents. For that matter, folks from anywhere in BC, be they in Vancouver, Kelowna, Abbotsford or Coquitlam are welcome to apply. Yes, including Victoria. Yes, including McBride. When we say anywhere we mean anywhere!

Does Magical Credit check my credit history?

Yes. Although we specialize in loans to applicants with bad credit or no credit, we will check your history to get a sense of your financial background, and to see whether or not you have defaulted on past payday loans.


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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