If you’re located in PEI, Magical Credit accepts a wide variety of income sources from the federal (Canada) and provincial (Prince Edward Island) governments, as well as private sources, such as insurance or pension companies.
Below are some of most common types of government income that are received in Prince Edward Island. Each of these income sources may qualify for a Magical Credit cash loan. Depending on the amount of your income, you can qualify for up to $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 government subsidy or fixed monthly income qualifies you to receive a cash loan in PEI, 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.