Magical Credit Fast Loans Review: Quick Approval & Support for Poor Credit

Magical Credit offers fast personal loans with a simple five-minute application process and 24-hour approval, catering especially to Canadians with less-than-perfect credit. Borrowers can access from $100 up to $20,000 depending on location and credit profile. For larger installment loans, rates range from 19.99% to 35% APR, repayable over 12-60 months. For small cash advances up to $1,500, the cost is $14 per $100 borrowed over 14 days, mainly available in ON, BC, AB, and Territories. No collateral is needed, and early repayment is fee-free.

How to Apply for a Magical Credit Fast Loan

• Fill out the brief online application (about five minutes)
• Submit details regarding your income and identification
• Wait for fast approval, usually within one day
• Get funds direct-deposited into your account, often the next business day

Pros of Magical Credit Fast Loans

One major advantage of Magical Credit is its high approval rates for applicants with bad credit. They accept many income sources, including government benefits and unemployment.

Another standout feature is the rapid 24-hour approval and deposit process, making this lender practical for urgent situations like rent deposits or unexpected expenses.

Cons of Magical Credit Fast Loans

The interest rates on smaller loans (especially the cash loans) are quite high, with a $1,000 loan costing $140 over just 14 days. Borrowers should consider this before applying.

Additionally, eligibility is limited to certain provinces and territories for cash loans, and there are no automatic renewals or extensions—missed deadlines will affect your credit.

Final Verdict

Magical Credit fast loans offer an accessible and speedy option for those facing cash flow crunches, especially if their credit history is a challenge. However, borrowers should weigh the higher costs of short-term loans and read terms carefully before deciding.