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.
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.