Magical Credit
Personal loans from $1,500 to $20,000, APRs from 19.99% (min) to 35% (max), fast approval even with bad credit, flexible repayment up to 60 months.
Magical Credit offers fast personal loans designed for Canadians who need cash quickly and may face challenges securing traditional credit. With amounts ranging from $1,500 to $20,000 and repayment terms of 12 to 60 months, applicants benefit from a competitive APR starting at 19.99%. Remarkably, bad credit is not a barrier to qualify, making these loans accessible even to those with lower scores or unconventional income sources. Short-term cash loans from $100 to $1,500 are also available in select provinces, though at a higher cost of borrowing, mainly for short durations.
How to Apply: Step by Step
Applying for a Magical Credit fast loan is straightforward and quick. Applicants complete a short online form, usually in under five minutes. Next, they submit supporting documents such as proof of income and identification. After receiving the application, Magical Credit assesses eligibility, including for individuals with poor credit or non-traditional incomes. Most decisions are made within 24 hours, and funds are deposited quickly upon approval. Convenient repayment calculators on the site help estimate monthly obligations before finalizing the process.
Pros of Magical Credit Fast Loans
One significant advantage is the speed of approval and payout—often within a day—helping in emergencies or urgent expenses. Flexible repayment terms let borrowers manage the loan on their schedule, with open loans allowing for early payoff without penalties. Also, the company’s willingness to work with bad credit or other non-traditional borrower profiles expands access for many Canadians. Customer testimonials frequently highlight the helpful staff, clear explanations, and straightforward application.
Cons of Magical Credit Fast Loans
The main downside is the relatively high interest rates for both personal installment and short-term cash loans, particularly the latter, which may reach an effective APR of 365%. Borrowers facing ongoing financial instability might struggle with the cost over time. Non-payment or missed payments are reported to credit bureaus, impacting future borrowing ability. Finally, the maximum loan amount for cash loans is limited to $1,500, and availability varies by province.
Verdict: Who is Magical Credit Best For?
Magical Credit stands out for Canadians needing fast cash without perfect credit or standard employment. While rates are higher than traditional lenders, approval speed and inclusive eligibility policies are a big plus in urgent situations. For those who plan to repay quickly or need a flexible loan in a pinch, the service is an excellent and reputable option in the Canadian alternative lending sector.
