Magical Credit Fast Loans
Quick application with 24-hour approval, loans from $1,500 to $20,000, flexible repayment, and bad credit accepted. Simple 3.9% monthly interest.
Magical Credit’s Fast Loans are designed for Canadians looking for speedy, straightforward access to personal loans. These loans can range from $1,500 to $20,000 with flexible terms between 12 and 60 months. The interest rate is a flat 3.9% per month (APR from 19.99% to 35%), and you can repay the loan at any time without penalties. Applications are processed within 24 hours, making this a strong contender for anyone needing quick cash, even if you have bad credit.
How to Apply: Step-by-Step
- Visit the Magical Credit website
- Fill out their quick online application form (about five minutes)
- Provide basic personal, income, and banking information
- Wait for approval (often within 24 hours)
- Upon approval, receive a direct deposit of your funds
Pros of Magical Credit Fast Loans
One major advantage is the fast approval process; you can get a decision typically within 24 hours. The application takes only a few minutes and is entirely online, maximizing convenience.
Another big benefit: applicants with bad credit are considered based on overall financial health, not just credit score, opening doors to those who have been denied elsewhere.
Cons of Magical Credit Fast Loans
The main drawback is the interest rate, which is higher than traditional banks. Borrowers should be mindful of the total cost, especially for shorter-term loans, like cash loans with APR up to 365%.
Availability is limited in some provinces and territories. Also, larger amounts up to $20,000 require proof of income and may take slightly longer for assessment.
Verdict: Should You Apply?
For Canadians seeking urgent cash, especially with less-than-ideal credit, Magical Credit offers a speedy and flexible solution. Their fully online system, quick approval, and acceptance of various income types stand out.
Make sure to use their online loan calculator to understand your repayment schedule before applying. For those in a financial pinch, Magical Credit is a solid option worth considering.
