Magical Credit
Bad credit loans up to $20,000 in as little as 24 hours. No collateral required. Quick approval and flexible payment terms. Accepts non-traditional income.
Magical Credit stands out in the Canadian market for offering straightforward bad credit loans up to $20,000, with approval times as fast as 24 hours. Interest rates for instalment loans range from a minimum APR of 19.99% to a maximum of 35%, for terms of 12 to 60 months. Cash advance loans between $100 and $1,500 come with a fixed cost per $100 borrowed. Notably, no collateral is needed and you can pay off your loan early, penalty-free.
How to Apply for Magical Credit: Step-by-Step
1. Begin by filling out Magical Credit’s five-minute online application form.
2. Provide your employment details or proof of government subsidies if applicable.
3. Submit your application for an immediate soft credit check.
4. Receive a near-instant decision—if approved, Magical Credit does a hard check before finalizing.
5. Get funds directly deposited to your account within one business day.
Key Advantages
Magical Credit is easy and accessible for Canadians with poor or limited credit, including those who rely on non-traditional sources of income (like EI, pensions, or child benefits). The process is designed for speed and convenience, requiring no paperwork for most applicants and allowing approval without traditional credit scrutiny. Flexible repayment schedules help borrowers manage payments responsibly.
Areas for Improvement
Magical Credit is unavailable in Quebec, Manitoba, Saskatchewan, and Newfoundland & Labrador. Cash advance options carry a steep effective APR, especially for shorter terms. Additionally, if you’re currently in bankruptcy or a consumer proposal, you won’t qualify. Finally, a hard credit check is required before final loan approval, which could affect your credit score marginally.
Final Verdict
Magical Credit is a reliable option for fast cash loans or bad credit instalment loans in Canada, especially if you’ve struggled elsewhere. Approvals are quick, repayment is flexible, and the company’s responsible approval practices mean you’re less likely to end up with unaffordable debt. For those locked out of bank loans, it’s a top contender.
