About 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. Magical Credit reports all loan activity to the credit bureau, which means on-time payments can help borrowers build or rebuild their credit history over time.

Can someone with bad credit apply for a loan?
Yes. Bad credit personal loans are Magical Credit’s area of specialty. While many lenders decline applicants with low credit scores, Magical Credit bases approval decisions on multiple factors. Applicants who receive a minimum of $1,200 per month and meet other basic requirements will be considered regardless of credit score.

How will funds be transferred?
Magical Credit collects banking details during the application process. Once a loan is approved, funds are deposited directly into the borrower’s bank account with no additional paperwork required.

How fast will I receive my money?
Same-day funding is available. Once an application is approved and signed off, Magical Credit transfers funds directly into the borrower’s account the same day, provided the application is completed within business hours.

Does Magical Credit offer debt consolidation?
Magical Credit does not offer a direct debt consolidation product. However, borrowers can apply for a personal loan large enough to cover multiple smaller debts, effectively consolidating them into a single fixed payment at a lower rate than most payday lenders.

Magical Credit Products

Payday Loan

Loan Amount

• Maximum: $100 – $1,500

Rates & Term Length

• Interest Rate: Varies by province
• Payment Schedule: Up to 2 Months

Service Details

• Loan Processing Time: As quick as 20 minutes upon being approved 
• Money Transfer Method:
  • Interac e-Transfer 
  • Direct Deposit
• Repayment Method: Automatic debit and payday dependent 

Eligibility

• Over 18 years of age
• Must be a Permanent Canadian Citizen
• Only available in Ontario or British Columbia 
• Must have a steady income source
• Must have an active bank account

Required Documentation

• Government-issued ID
• Proof of income

Personal Loan

Loan Amount

• Maximum: $1,500 – $20,000

Rates & Term Length

• Interest Rate: 19.99%- 35%  APR
• Payment Schedule: 12 – 60 months

Service Details

• Loan Processing Time: Within 24 hours
• Money Transfer Method: Direct Deposit
• Repayment Method: Automatic debit

Eligibility

• Over 18 years of age
• Must be a Permanent Canadian Citizen
• Must have a steady income source
• Must have an active bank account
• Not in a current debt relief program 

Required Documentation

• Government-issued ID
• Proof of income