Magical Credit Reviews, Ratings And Fees

Who Is Magical Credit

Magical Credit was created in 2014 with the mission to provide quick and simple short term loans to Canadians in need. They specialize in bad credit, which means they look beyond the borrower’s credit score to determine if they’re eligible for a loan. With Magical Credit, you can be approved for loans up to $20,000 and depending on the time you apply, they’ll deposit the money in your account within the same day!

Magical Credit chose to focus on working with low-income earners and bad credit consumers. If banks are turning you down, you need something with better rates than payday lenders or need to deal with your debt – quick – why not give Magical Credit a try?

How Can I Get Approved By Magical Credit?

Usually, lenders will review your credit report and financial profile to determine if you can be approved for a loan. The rule these companies tend to go by is: the better someone’s financial health is, the easier it’ll be to approve them for a larger loan with a lower interest rate and a better repayment plan.

Since Magical Credit is specialized in bad credit loans, getting approved by them tends to be easier than banks and other prime lenders. Visit their webpage to learn which documents they require to get the application process going.

In broad terms, here’s what you’ll need in order to have your application form accepted by Magical Credit:

A steady source of employment for at least 6-months

Proof that you have a minimum monthly income of $1200.00 that is directly deposited in your bank account

Be discharged from any consumer proposals or bankruptcies

A confirmable banking account

Your latest 90-day bank statement

Government ID that proves you’re 19 years of age or more

You must also be a permanent resident of one of the following provinces or territories:

British Columbia
Alberta
New Brunswick
Newfoundland & Labrador
Northwest Territories
Nova Scotia
Nunavut
Ontario
Prince Edward Island
Yukon Territory

How to Apply For a Magical Credit Loan

Magical Credit’s office is located in Toronto, Ontario and their working hours are from 8 AM to 5 PM, but their web services are available 24/7. So, if you’re interested in getting a loan with them, all you have to do is head to their website and fill out a form application. Once you complete your application, you’ll have access to your customer portal, where you’ll be able to upload your documents and monitor the status of your loan.

After you submit your application and if you are approved, the funds will be deposited directly into your bank account. Your repayment terms will be either monthly, semi-monthly or bi-weekly over a set period of 6 – 60 months. On your due date, each payment will be automatically debited from your account.

What Does a Magical Credit Loan Offer You?

One of the main advantages of Magical Credit is that they offer relatively large bad credit loans with easier qualifying criteria than other prime lenders. After all, a loan of up to $20,000 can get a lot of debt solved and plenty of expenses covered!

Here are a few other benefits that Magical Credit brings to the table:

Flexible repayment plan terms.

Loans are unsecured, so no collateral is necessary for approval.

Same-day approval and funds deposit is possible.

Their calculator gives an estimate of your potential loan costs.

$200 bonus cheque if you refer a friend or family member to their services.

Borrowers who have bad credit or low incomes can qualify with the appropriate documentation.

How much Does a Loan from Magical Credit Cost?

It’s important to always have in mind that any loan will have costs included in the final price, such as the interest rate and fees. Before you apply, it’s wise to get a loan estimate to make sure you can afford the loan repayment amount.

On their webpage, Magical Credit states that they charge:

A monthly interest rate ranging from 3.4% to 20% per month (19.99% – 46.8% APR)

To get a clearer view of the associated costs of your loan, Magical Credit provides a short-term loan calculator. By using it, you’ll be able to figure out what the repayment terms will be depending on how much you want to borrow and for how long.

Magical Credit FAQs

Does Magical Credit report to the Credit Bureau?

Yes, we report all our information to the credit bureau. This helps our clients build credit history.

Can I apply for a loan even if I have bad credit?

Yes, bad credit personal loans are our area of specialty. While many lenders will write off applicants with bad credit, we base our decision on multiple factors. Even if you have a low credit score, if you receive $1200.00 or more per month, we will consider your application.

How will my funds be transferred?

Receiving funds is quick and simple. We request banking details during the application process, so as soon as we approve your loan, the funds will be directly deposited into your bank account, with no need for any additional paperwork.

How fast will I get my money?

We offer Same Day funding! We request your banking information as part of our application process, so as soon as your application has been approved and signed off on, we transfer the agreed-upon funds directly into your account. Short version? You’ll get your cash the same day!

If I have multiple debts to pay off, does Magical Credit offer debt consolidation services through personal loans?

We don’t deal with direct debt consolidation, but it can still be achieved with a Magical Credit loan. Simply apply for a personal loan that is large enough to cover your multiple smaller debts, and enjoy the benefits of low, fixed interest rates and a single payment.