Magical Credit
Get fast cash loans of $100 to $1,500 or installment loans up to $20,000, with approvals in 24 hours and payment flexibility. Bad credit considered.
Magical Credit offers fast personal loan options in Canada for those needing cash quickly—even for borrowers with less-than-ideal credit. The loan amounts available start at $100 (short-term) up to $20,000 (installment loans). Interest rates vary: short-term loans cost $14 per $100 borrowed (example: $1,000 for 14 days will cost $140) while installment loans have APRs ranging from 19.99% to 35% and flexible terms from 12 to 60 months. Most applicants get approved within just one day, making this a speedy solution for urgent expenses.
Step-by-Step Application Process
- Visit the Magical Credit website and choose your loan amount and term with their calculator.
- Fill out the online application form with personal and financial details—takes about 5 minutes.
- Upload any requested documents, such as income proof or identification.
- Wait for fast approval, typically within 24 hours.
- Receive direct deposit of funds into your bank account.
Pros Explained
The main advantage of Magical Credit is their willingness to consider applicants with poor credit or even those on government benefits. Their application process is entirely online and straightforward. Approval speed is a key highlight, with funds frequently available in your account the next day. You can also pay off installment loans early without penalty, saving money on interest.
Nachteile, die zu berücksichtigen sind
The primary downside is higher interest rates, especially for short-term loans, which can get expensive if not paid quickly. Short-term loans cost $14 per $100 borrowed and installment loans may have APRs up to 35%. Also, loans under $1,500 are only available in certain provinces and incur steep fees if not repaid on time. Late payments can impact your credit with both Magical Credit and other lenders.
Endgültiges Urteil
Magical Credit is a strong option for Canadians needing urgent funds and facing poor credit barriers. While their loans are more costly than those offered by banks, the speed and inclusive approval criteria make them suitable for short-term solutions. Ensure you understand the costs and repay promptly for the best experience.
