If you’re living in Ontario, Magical Credit accepts a wide variety of income sources from the federal (Canada) and provincial (Ontario) governments, as well as private sources, such as insurance or pension companies. Below are many of most common types of government income received by residents of Ontario. All of these types of income can qualify for our cash loans. Depending on the size of your income, you may qualify for anywhere between $500 and $20,000. Learn more about our loan requirements.
Please note that this list is not comprehensive. We accept most types of fixed government income that are direct deposited on a monthly basis. If you are unsure whether your Ontario government subsidy or fixed monthly income qualifies you to receive a cash loan from us, please call us at 1-877-213-2088.
Magical Credit serves Toronto, Ottawa, Kingston, Hamilton, Kitchener, Mississauga and all other cities and towns in Ontario!
Based in the Yorkdale neighbourhood of Toronto, Ontario, Magical Credit has rapidly become one of Canada’s leading payday alternatives, offering cash loans to customers with bad or no credit on fair terms. Magical Credit’s popularity with consumers in Ontario and across Canada can be traced to a few basic principles: we make applying for a loan simple; we don’t force our customers to wait ages for approval; and we approve a more diverse array of Canadians than the big lenders.
Here are a few of our unique benefits:
A True Payday Loan Alternative: Predatory payday loan companies have long been the scourge of working class Ontarians, offering a cash bridge to help clients make it from week to week at the cost of exorbitant interest rates. These interest rates make it easy to fall ever-deeper into the cycle of debt. Magical Credit offers cash loans with competitive interest rates (even for those with rough credit histories), simple repayment terms and reliable customer service.
Five-Minute Online Application: If you’ve ever applied for a loan from a traditional lender, it’s doubtful you have positive memories of the experience. Visiting a bank to speak with a loan officer can be nerve-wracking, especially when you’re relying on a loan the officer can approve or deny on a whim. Magical Credit offers an alternative tailored to today’s consumer, with a fully-online application process you can complete in just five minutes.
24-Hour Approval: No more gnawing on your fingernails while you wait for word on the status of your cash loan. Our staff works double-time to make sure all loan applications are processed within one business day. We can’t guarantee you’ll be approved—but we can promise you won’t be left twisting in the breeze while we decide.
Okay, so if you’ve read this far, you’re probably curious about how this whole thing actually works. So let’s get into it!
Compared to most of our competitors, our requirements to qualify for a cash loan are pretty simple! We take into account two primary factors when we look at potential clients: their fixed monthly income and their credit history. We specialize in offering bad credit personal loans, and loans to low-income earners, including people on government subsidies and pensions.
So, do you qualify for a Magical Credit loan? Ask yourself these questions:
If your answer to each of the questions above was Yes, then the odds are good you would be approved for a loan! (Congratulations, this is an exciting moment for all of us.) But, before we go any further, let’s take a second to make sure you have a clear idea of what your repayment expectations will be, and that you feel confident you can meet them.
We recommend visiting our loan payment calculator prior to beginning your application. Simply plug in the amount you are seeking to borrow and your preferred repayment timeline—the calculator will help you determine your average monthly loan repayment figure. (Hint: multiply your monthly payment by the number of months to determine your total interest-included repayment amount.)
Ready to continue? Okay, let’s move on to...
Just like you, we hate the tedious applications on payday loan websites (not to mention the rigmarole of going to the bank in person). That’s why we’ve taken steps to simplify the process. You should be able to fill out the forms and submit your documentation in just five minutes.
Once you've submitted your application, Magical Credit accesses additional information directly from Equifax Canada. We'll send you confirmation if your loan has been approved or declined within one business day.
Step Three doesn’t ask much of you. Once you’ve been approved, you just have to check your bank account, et voila, your funds will have appeared. After that, it’s up to you to use that loan to care of your business, and to stick to the repayment schedule we’ve agreed upon.
Now let’s take a look at some more specific questions you may have.
The reasons why our customers approach us for a
loan are as diverse as those customers themselves; that said, some
common themes emerge when we take a wider view.
Debt Consolidation: Most Canadians have active debts from a variety of creditors, such as mortgages, student loans and credit cards. Balancing multiple repayment commitments can be a challenge, forcing you to keep track of a variety of interest rates and schedules. By taking out a new loan to repay old debts in full, you can simplify matters: one payment date per month, one set of repayment conditions to bear in mind.
Business Expenses: Establishing a small business, be it in Markham or Thunder Bay, comes with numerous costs both large and small. Magical Credit loans have helped entrepreneurs handle office space rentals, company car payments, marketing expenses and more.
Medical Expenses: Although Canadians are protected by a socialized healthcare system, there are plenty of gaps, including dental, optical and pharmacare for adults. If you’re facing medical expenses that the government won’t cover, cash loans can help you get back on your feet.
Tuition and Textbooks: Most jobs in Ontario require a certain level of higher education to achieve, be it a college course or an apprenticeship program. Don’t let a short-term lack of funds affect your long-term earning potential.
Childcare Expenses: Kids don’t come cheap—they have all the needs of grownups, including food, shelter, healthcare, education and clothing, without any of the ability to provide for themselves. That can you leave you, the parent in a sticky situation! A cash loan may help you make ends meet if you’re faced with some sudden childcare expenses.
Legal Fees: Good representation doesn’t often come cheap. If you find yourself embroiled in litigation, you may have to bite the bullet and pay through the nose for a reputable attorney. If there’s no avoiding it, a quick cash loan can give you what to need to secure a favourable decision when you have your day in court.
Getting Through Unemployment: Finding a job is often challenging, and unfortunately many times you’re forced to go on the hunt when you’re at your lowest emotional and financial ebb. A cash loan can you some breathing room while you prepare your strategy, helping you keep up payments on your phone, internet and car or metro pass—each of which makes the job search much more manageable.
Emergencies: No matter how well we plan, there’s no telling when an emergency might hit. A cash loan can give you a little cushion while you get back on your feet—no matter what that emergency might be.
Rebuilding Your Credit Score: Many of our clients come to us on the road to recovery from a checkered credit history. Rebuilding your credit score is slow, disciplined work, but it starts with showing future lenders your trustworthiness. Taking out a loan and sticking to your repayment commitments is a great way to demonstrate your newfound financial maturity.
That depends upon a number of factors! We take into account your credit rating, income, the amount of cash requested, and repayment term, among other considerations. With that said, if you have a social insurance number, bank account, source of regular directly-deposited income (see the income sources chart at the top of this page for examples) and have not previously defaulted on a payday loan, your odds are good!
The first step is to begin the application process here on our website. If you are approved, the funds will be directly deposited into your bank account.
When your loan is approved, you agree to make full repayment within the designated time period. Payments are automatically withdrawn from your bank account on a monthly basis.
Magical Credit does not offer extensions on loan repayments. Failure to meet your payment commitments could jeopardize your ability to seek future loans with Magical Credit and other lenders.
Our loans are considered short-term loans. We offer 6- to 60-month term options, with interest rates ranging from 3.4% to 20% per month. Example: Let’s say you borrowed $1,500 for a one year term at 3.4% interest rate per month. Monthly payments would be $199.05. Therefore, the total payback with interest (and standard admin fee of $194.00) would be $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 complete repayment!
We offer cash loans of anywhere between $500 and $20,000.
Yep! Whether you live in Ottawa, Toronto, Mississauga, Brampton, Hamilton, London, Windsor or Thornloe, Ontario (pop. 112), you can apply for a loan. In fact, we accept loan applications from every province except Quebec, Saskatchewan and Manitoba, due to differences in provincial legislation.
Yes. We offer better interest rates and more favourable repayment terms than payday lenders.
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.