About lender
Magical Credit is a prominent provider of bad credit personal loans in Canada, offering financial solutions to individuals facing credit challenges. Unlike traditional banks, Magical Credit takes a unique approach, considering factors beyond just credit history to determine eligibility for loans. In navigating life's financial challenges, individuals often find themselves dealing with unexpected expenses or urgent claims. The company's commitment to responsible lending is evident in its transparent processes and dedication to safeguarding customer information. Whether it's addressing urgent family needs, covering unforeseen medical bills, or making an investment in personal development, clients can trust Magical Credit to provide timely support.
The company's streamlined application process and quick loan approval turnaround set it apart in the lending landscape. Through a simple online application, applicants can swiftly apply for loans, receiving decisions within one business day. Once approved, funds are promptly deposited into the borrower's bank account, providing them with the financial flexibility they need. With a focus on customer privacy and transparent lending practices, Magical Credit strives to offer accessible and supportive loan services to individuals across Canada.
Features
- Inclusive Eligibility. Magical Credit considers various factors beyond credit history, making it accessible to individuals with poor credit or unconventional income sources.
- Simple Application Process. Applicants can easily apply for loans through an intuitive online application platform, saving time and hassle.
- Quick Approval. With a commitment to efficient service, Magical Credit provides fast loan approval, often within one business day of application submission.
- Accessible Loans. Magical Credit offers loans ranging from $100 to $20,000, providing financial assistance for various needs and circumstances.
Pros and cons
Pros
Cons
Reliability
Assessing the reliability of a financial institution is paramount for borrowers seeking peace of mind and assurance in their transactions. While scarce reviews may pose a challenge in evaluating the reliability of a company like Magical Credit, it's essential to consider other factors such as transparency, compliance with regulations, and the company's track record in the industry. Potential borrowers can also explore any available testimonials or customer feedback to gain insights into the experiences of past clients. By carefully considering these factors, individuals can make informed decisions regarding the reliability of Magical Credit and its suitability for their financial needs.
How to apply for a Magical Credit loan?
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Complete Online Application. Visit the Magical Credit website and navigate to the loan application page. Fill out the online application form with accurate personal and financial information. The application typically takes just a few minutes to complete.
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Submit Application. Once you've filled out the application form, review the information to ensure accuracy. Then, submit your application electronically through the website.
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Await Approval Decision. After submitting your application, Magical Credit will review your information and assess your eligibility for a loan. You will receive an approval decision typically within one business day.
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Secure Funds. If your loan application is approved, Magical Credit will deposit the funds directly into your bank account. You can expect to receive the funds swiftly, allowing you to access the cash you need without delay.
Conditions
- Loan Amounts. Loans offered by Magical Credit range from $100 to $20,000, providing flexibility to meet various financial needs.
- Repayment Terms. Borrowers can choose repayment terms ranging from 12 to 60 months, allowing for manageable payment schedules.
- Interest Rates. Magical Credit offers competitive interest rates on its loans, ensuring affordability for borrowers.
- Flexible Repayment Options. Borrowers can make payments bi-weekly, semi-monthly, or monthly, depending on their preference and financial situation.
- Open Loans. Magical Credit's installment loans are open, meaning borrowers can pay off their loan at any time without penalty.
Requirements
- Age Requirement. Borrowers must be at least 18 years old to qualify for a loan from Magical Credit.
- Bank Account. Applicants must have a valid bank account where loan funds can be deposited.
- Proof of Income. Borrowers need to demonstrate a consistent source of income, either through employment or government-provided income (such as EI Maternity Leave, Child Tax Benefit, etc.).
- Valid ID. Applicants must present a valid identification document, such as a driver's license or passport.
- Social Insurance Number (SIN). Borrowers must have a valid Social Insurance Number (SIN), excluding temporary SINs.
- Credit History. While Magical Credit considers factors beyond credit history, applicants with a history of responsible loan repayment may have a higher chance of approval.
- Direct Deposit. Applicants' income must be directly deposited into their bank account, as this is a requirement for loan approval.
Ways to receive the money
The most common and efficient method is direct deposit. Once a loan application is approved, Magical Credit transfers the funds directly into the borrower's bank account. This method ensures quick access to the funds, typically within one business day.
Products
- Installment Loans. Magical Credit provides installment loans ranging from $1,500 to $20,000. These loans are designed to help borrowers cover larger expenses or consolidate debts into manageable payments over a specified repayment term.
- Magical Cash Loans. For smaller, short-term financial needs, Magical Credit offers Magical Cash Loans ranging from $100 to $1,500. These loans provide quick access to cash for unexpected expenses or emergencies, with repayment typically required within a short timeframe.
Reasons you may be denied a Magical Credit loan
- Insufficient Income. If your income does not meet Magical Credit's minimum income requirements, your loan application may be denied. Magical Credit assesses your ability to repay the loan based on your income, so having a stable and sufficient income is essential.
- Poor Credit History. While Magical Credit considers factors beyond just credit history, a particularly low credit score or a history of missed payments may impact your eligibility for a loan. Applicants with severely impaired credit may face challenges in obtaining approval.
- Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on your loan application can result in a denial. It's crucial to double-check all information provided to ensure its accuracy and completeness before submitting your application.
- Bankruptcy or Consumer Proposal. Individuals currently in bankruptcy or under a consumer proposal may not be eligible for a loan from Magical Credit. The company may consider such financial circumstances as too high risk for lending.
- Employment Status. If you do not meet Magical Credit's employment requirements, such as being employed for the past six months or having a stable source of government-provided income, your application may be denied.
How to repay a Magical Credit loan
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Understand Your Repayment Schedule. Upon approval of your loan, Magical Credit will provide you with a repayment schedule outlining the amount due and the due dates for each installment. It's crucial to review this schedule carefully, understand your repayment obligations, and note any corresponding fees.
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Set Up Automatic Payments. To ensure timely and hassle-free repayments, consider setting up automatic payments from your bank account. This can help you avoid missed payments and late fees. Contact Magical Credit to arrange automatic withdrawals from your bank account according to your repayment schedule.
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Make Payments on Time. Ensure that payments are paid on or before the due dates outlined in your repayment schedule. Late payments may incur additional fees and could negatively impact your credit score. If you anticipate difficulty making a payment, contact Magical Credit as soon as possible to discuss alternative arrangements.
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Monitor Your Account. Regularly monitor your bank account to ensure that scheduled loan payments are processed correctly. Keep track of your payment dates and the amounts debited from your account to maintain control over your finances.
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Stay in Communication. If you experience any changes in your financial situation that may affect your ability to make loan payments, don't hesitate to reach out to Magical Credit. The company's customer support team is available to assist you and may be able to provide guidance or offer solutions to help you stay on track with your repayments.
Editorial opinion
Important
How to Choose a Lender
- Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
- Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
- Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
- Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).
Methodology
At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional resources
- Magical Credit Online Banking
- How to Apply for Magical Credit Loan
- How to PayOff Magical Credit Debt
- Magical Credit Customer Reviews
