Magical Credit
Short-term loans up to $20,000 in Canada with fast approvals, flexible repayment options, and support for bad credit. No collateral required. Funds in 24 hours or less.
Magical Credit stands out for offering short-term online loans in Canada, including to applicants with poor or limited credit. Loan amounts start from $100 and can reach up to $20,000, with repayment terms ranging from 6 to 60 months. Annual interest rates vary by product, from 19.99% to a maximum of 35% APR, with clear upfront costs—$14 for every $100 borrowed for cash loans, and fixed installment options available. There’s no collateral required, and funds may be deposited within 24 hours after approval.
How to Apply for a Magical Credit Loan
1. Complete the quick online application form, which takes just five minutes.
2. Magical Credit will conduct a soft credit check and review your recent income and repayment history.
3. Expect a decision within one business day, sometimes instantly if you qualify.
4. If approved, funds are deposited directly into your bank account—often within 24 hours.
Advantages of Magical Credit Loans
One key benefit is flexibility. Magical Credit considers alternative income like government benefits, pensions, and more—perfect if you don’t have traditional employment income. The application is lightning fast and zero paperwork is needed for most approvals.
Another plus: there are no prepayment penalties, so you can pay off your loan early and save on interest.
Possíveis desvantagens a considerar
The major con is the high cost. Borrowing can be expensive compared to bank loans, especially on small, short-term cash loans. Annual rates can be 19.99% or higher, and some cash advances are considerably pricier.
Additionally, residents of Quebec, Manitoba, Saskatchewan, and Newfoundland and Labrador are not eligible. Bankruptcy or consumer proposal status will also disqualify your application.
Verdict: Should You Choose Magical Credit?
If you have less-than-perfect credit and need cash fast, Magical Credit is one of the more flexible and straightforward options in Canada. Their rapid approvals and transparent pricing stand out. Just be sure to consider the cost and only borrow what you can repay.
