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Do You Qualify For A Short Term Loan?

Magical Credit requires applicants to be employed for 6 months. We want to ensure you can make your monthly payments. You can choose between a 6, 12 or 24 month short term loan. We approve cash loans between $500 and $10,000 depending on your income.

Requirements For Cash Loans

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.

You have been employed for more than 6 months
Your income is direct deposited into your account
You have a history of paying off your loans

To determine if you qualify for a cash loan, please submit an online loan application:

For more information about our cash loans, read how it works, and check our FAQs. To calculate your monthly loan payment schedule, try our short-term, personal loan calculator. If you still have questions, please feel free to contact us. We typically respond to all inquiries within 1 business day.

Loan Example

Term
1 Year
APR
56.50%
Amount
$2,000.00
Fees
$194.00
Interest Rate (46.8%)
$936.00
Total Cost of Borrowing
$1,130.00
Total Due End of Term
$3,130.00
NOTE: You can pay off your loan at any time with no penalty. You will only pay interest up to the date you borrow it.

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