Magical Credit is a Canadian private lender that specializes in providing cash loans to people who are receiving a fixed government income. We accept a variety of different government subsidies from both federal and provincial governments in Canada.
Often when people hear the term "government income" they think of welfare and government assistance. However there are many government-funded programs that can contribute to your income, and your ability to qualify for a Magical Credit cash loan. Almost any payment that is received from government sources (provincial or federal) is included in our definition of government subsidies. This applies to everything from baby bonuses, to unemployment insurance, to old age security.
Not sure if your government income qualifies for a cash loan? Click on your province below to see a list of the most common types of government income that Magical Credit approves for cash loans.
* Please bear in mind that, temporarily, we had to limit the sources of income we accept. Please refer to the "What has changed temporarily with COVID-19?" section of our FAQ page for further information on the matter.
Our loans are considered short-term loans and have a 12-60 month term with a fixed interest rate of 3.9% per month.
Example: $1,500 borrowed for one year at 3.9% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.
NOTE: 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.