If you’re living in Newfoundland or Labrador, Magical Credit accepts income sources from the federal (Canada) and provincial (Newfoundland and Labrador) governments. We may also accept income from private sources, such as insurance or pension companies, if they are direct deposited on a monthly basis.
Below we’ve listed many of the most common types of government income received by residents of Newfoundland or Labrador. Each of these types of income can qualify you to receive a cash loan from us. Depending on the size of your income, you can qualify for anywhere between $500 and $20,000.
Please note that this list is not comprehensive. We accept most types of fixed government income that are received on a monthly basis. If you are unsure if your Newfoundland government subsidy or fixed monthly income qualifies you to receive a cash loan from us, please call us at 1-855-639-6888.
Our loans are considered short-term loans and have up to a 6-60 month term with an interest rate ranging from 3.4%-20% per month.
Example: $1,500 borrowed for one year at 3.4% 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.