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Magical Credit Loans & Product Overview

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The table below shows Magical Credit personal loan options. Magical Credit opened in 2014 and specializes in poor credit and low-income loans. The private lender offers short-term personal loans primarily to borrowers who may have had little luck with traditional lenders.

How much will a personal loan from Magical Credit cost you? Input your desired loan amount and term into the Magical Credit loan calculator below to view your monthly repayment estimate.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

About Magical Credit personal loans

A Magical Credit personal loan is easy to apply for and comes with many great features. This is especially so if your credit is not so perfect. You can use the money to cover unexpected expenses, pay for your education, repair your car, or for other approved uses.

However, be sure to understand the pros and cons before deciding if Magical Credit is the right lender for you.

Magical Credit personal loan features

  • Loan amount. $500 to $20,000, depending on your income.
  • Loan term. 12 to 60 months
  • Bad credit loans. Magical Credit calls itself Canada’s bad credit loan leader. Therefore, this lender is best for borrowers with a poor credit history. Other high-risk applicants may also qualify. This includes borrowers with a non-traditional source of income (government subsidies, workers comp, pensions, unemployment insurance, etc.).
  • Higher interest rates. Magical Credit offers bad credit loans, which typically come with a higher interest rate than personal loans. Their term loans have an interest rate of 3.9% per month or 46.8% per year. However, the rate is still lower than for payday loans or credit cards.
  • Responsible lender. Although Magical Credit offers bad credit loans, loan approval depends on your ability to service the loan.
  • Fast processing. You can get funds in your bank account within 24 hours of submitting your application.
  • Penalty-free early payment. You can save on interest by paying off your loan earlier without penalty.

How to apply for a Magical Credit personal loan

  • Meet the lender’s requirements. Determine if you qualify for a Magical Credit loan. You can also use our Magical Credit personal loan calculator to find the best monthly payment for your budget.
  • Apply. If you qualify, submit your application online, which only takes five minutes. Magical Credit will respond within one business day after reviewing your credit history and income details.
  • Receive the money. The funds will be deposited in your bank account upon approval.

Check that you’re eligible:

To qualify, you must:

  • Be the age of majority in your province
  • Have a fixed monthly income
  • Be a permanent Canadian resident
  • Have your income deposited directly into your bank account
  • Have repaid any previous loan on time

What you’ll need:

  • Social Insurance Number
  • Valid Canadian bank account
  • Valid Canadian ID, such as a driver’s licence or passport
  • Proof of income and one recent bill to your current address.
  • Personal, contact, and income details


Magical Credit Loans Calculator

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RBC personal loans

6 months
to 60 months
to $50,000
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Magical Credit FAQs

Can I apply for a Magical Credit personal loan in any province in Canada?

No. Residents of Manitoba, Saskatchewan, or Quebec are not eligible for a Magical Credit loan.

What types of loan products does Magical Credit offer?

– Employment loans. You must be employed for at least six months, and you must submit your two most recent pay stubs when applying.
– Government subsidy loans. All government subsidy loans have a repayment period of 12 months. Magical Credit accepts unemployment, pension, maternity benefits, and many other subsidies
– Bad credit loans. In most instances, many traditional lenders do not provide credit to bad credit applicants. However, Magical Credit considers more than your low credit score. If you earn $1,200 or more per month, you can qualify.

What can I use a Magical Credit personal loan for?

You can use the money to cover dental, medical, and legal bills as well as emergencies, purchases, or any legitimate purpose.

How does Magical Credit differ from traditional banks?