Magical Credit
Personal and cash loans up to $20,000, flexible terms, fast approval—even with bad credit. Open terms and rates as low as 3.9% per month.
Magical Credit offers Canadian borrowers fast approval short-term loans, even for those with bad credit. You can apply for personal or cash loans from $100 to $20,000, with terms ranging from 12 to 60 months and rates from 19.99% to 35% APR. Smaller cash loans of $100–$1,500 are also available. There’s no penalty for early repayment, and the process is 100% online and secure. Income from employment, government subsidies, or pensions is accepted, making eligibility wider than traditional banks.
How to Apply for a Magical Credit Loan
- Fill out the simple online application form (no documents needed)
- Choose your loan amount and term using the loan calculator
- Receive instant preliminary approval with a soft credit check
- Magical Credit reviews your income and finalizes the decision
- Funds are deposited in your account within 24 hours of final approval
Advantages of Magical Credit Loans
Magical Credit stands out for approving applicants with bad credit or non-traditional income. Their fast online application can save time, and response rates are among the best in Canada. There’s no paperwork, and you may qualify even if banks have declined you.
Their repayment process is flexible, with clear payment options (biweekly, monthly, etc.), and there are no penalties for paying off your balance early. Magical Credit also reports to both Equifax and TransUnion to help you rebuild your credit.
Drawbacks of Magical Credit Loans
The interest rates are higher than regular personal loans, especially for smaller cash loans (which can have APRs over 300%). These loans are not available to residents of Quebec, Manitoba, Saskatchewan, or Newfoundland and Labrador. Approval for those in bankruptcy or consumer proposal is not possible.
Another consideration is that multiple hard credit checks may affect your credit score, and delinquencies are reported to the credit bureaus.
Verdict
Magical Credit is a practical option for Canadians who need a loan quickly and might have trouble qualifying with traditional lenders. Their acceptance of bad credit and diverse income sources, plus a fast online process, make them an accessible choice—just be sure to review the rates and loan terms carefully to ensure they fit your needs.
