Short Term Loans – loans provided with the intent to be repaid in under a year. They are obtained to fund short-term needs for which the borrower doesn’t have immediate cash on hand.
Magical Credit requires applicants to be employed for 6 months. We want to ensure you can make your monthly payments. You can choose between 12 and 60 month short term loans. We approve cash loans between $1,500 and $20,000 depending on your income.
Magical Credit has a very straightforward online loan application to streamline the process of qualifying for a loan. Unlike banks, which can have a laundry list of requirements for a short term loan, Magical Credit has 3 key requirements, across all provinces.
To determine if you qualify for a cash loan, please submit an online loan application:
Our loans are considered short-term loans and have a 12-60 month term with a fixed interest rate of 3.9% per month.
Example: $1,500 borrowed for one year at 3.9% 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.