Requirements For Magical Credit Cash Loans In Newfoundland
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 $1,500 and $20,000.
Newfoundland Income Sources That Qualify For Cash Loans:
- Canadian Pension Plan (CPP)
- Employment Insurance (EI)
- Baby Bonus/Canada Child Tax Benefit (CCTB)
- Old Age Security (OAS)
- Employment Insurance Maternity Leave (EI)
- Newfoundland and Labrador Child Benefit (NLCB)
- Workplace Safety and Insurance (WSIB)
- Private Pensions (Blue Cross, Sun Life, etc.)
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.
Disclosures:
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 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%. License #4741412.
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.
