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Magical Credit


About lender

Magical Credit is a settlement lender that specializes in short-term bad credit loans for high-risk borrowers. Magical Credit brings financial solutions to clients with low credit scores, as well as loans to low-income earners, including people receiving unemployment or baby bonuses and pensions, and a few other benefits. Magical Credit loans are ideal for people with low incomes or problems getting cash from large banks. Its loans are a decent alternative to payday loans because of their competitive interest rates.

Magical Credit has a very straightforward online loan application to streamline the process of qualifying for a credit loan. Unlike banks that can have a long list of requirements for a credit, the loan process at Magical Credit has just three key requirements, across all provinces except Manitoba, Quebec, and Saskatchewan.

Magical Credit promises to believe in giving bad credit consumers a second chance to access funds and improve their credit rating. While the company does not approve all applications, Magical Credit could be considered of the most accessible lenders in Canada and a real alternative to payday loan companies. The products offered: unsecured bad credit loans, unexpected medical expenses coverage, finance divorce, emergency money, child care expenses, dental expenses, legal fees, and other medical and personal needs. Also, Magical Credit helps clients to get mortgages from its partners.

Magical Credit has been around since 2014 and has already served more than 10.000 Canadians. It is based in Toronto, 970 Lawrence Ave W #402, North York ON M6A 3B6, Canada. Its loans are considered short-term personal loans and have a loan term of 12-60 months term with a fixed interest rate of 3.9% per month. Consumer proposals provided by loan company Magical Credit include the following:

  • Short-term loans

To qualify for a bad credit Magical Credit loan, you must have worked for six months. You can borrow from $1,500 to $20,000 depending on your current income. Bad credit accepted.

  • Short-term loans for those who receive government subsidies

To qualify for this loan, a government subsidy should contribute to your income. This includes unemployment, pensions, child benefits, and many other subsidies.

Pros and cons


  • Bad credit history and low income are accepted.

  • The approval process is simple and only takes a few minutes of your time.

  • Serving a broader range of Canadians.

  • Very reasonable interest rates (even for those with bad credit loans), and easy repayment terms.

  • Instant verification.

  • Same day approval: staff tries to make sure all loan applications are processed within one business day.

  • The Balance credit loans are unsecured, so no collateral is needed.

  • Also, flexible payment plans.


  • Magical Credit is unable to offer loans to clients that do not have a valid Canadian bank account.

  • Magical Credit checks your credit history when you apply and does not accept debt to other lenders.

  • Magical Credit does not work in Manitoba, Quebec, and Saskatchewan.

  • No debt consolidation is offered as a loan type.

Unlike other loan companies an

Loan conditions

d payday lenders, Magical Credit does not have a complicated list of requirements for getting a cash loan. Loans are considered short-term and have a term of 12 to 60 months with a fixed interest rate of 3.9% per month. Example: $1,500 in debt for one year at 3.9% per month. Monthly payments are $199.05. The potential loan costs with $194.00 in an interest rate and commission are $2,388.54. Service in all provinces except Quebec, Saskatchewan, and Manitoba. The monthly payment schedule is based on:

  • The amount you need to borrow.

  • Length of the repayment period

Just enter the amount you wish to borrow and your preferred repayment schedule - the calculator will help you determine your average monthly loan repayment. (Tip: multiply your monthly payment by the number of months to determine the final price of your Magical Credit loan, including the interest rate.) How it works: the loan repayment calculator is simple to use! There are only two things you need to do to figure out your cash loan details:

  1. Drag the green bar over the amount of money you want to borrow.

  2. Select one of the two payment methods from the drop-down menu.

Debt consolidation is not offered as loan option, but you still can receive a funds deposit from this lender to cover the entire outstanding debt.

Methods of loan funding

Once you are approved for an instant loan, the funds will be transferred directly to your bank account and you can use them as you see fit. All loan applications are processed within one business day (same-day funding). The company requests your banking information as part of the application process for loan estimate so as soon as your application has been approved and signed, the lender transfers the agreed-upon funds directly into your account. Note: Your bank may place a hold on these funds for a few days; so you should contact your bank for more information if you experience a significant delay.


What is this Magical Credit?

Magical Credit is a Canadian private lender that specializes in providing cash loans to people on a fixed government income and accepts bad credit and low-income, high-risk borrowers. It works in all provinces except Quebec, Saskatchewan, and Manitoba due to differences in provincial legislation. This lender offers funds to cover a financial emergency originating from different needs: bills, medical needs, divorce, etc. Magical Credit is a private lender founded in 2014 and based in Toronto, Canada.

Who owns Magical Credit?

The site does not provide information and open sources do not provide any information on the ownership of Magical Credit Inc.

How do you qualify for Magical Credit?

  1. You have been working for more than six months

  2. Minimum monthly income $1,200 per month

  3. Your income is directly transferred to your account

  4. Be 18 years or older

  5. Confirmable banking account

  6. Valid ID

  7. SIN

Note: All provinces except Quebec, Saskatchewan, and Manitoba due to differences in provincial legislation.

How much can I borrow from unsecured Personal Loans?

If approved, you can get a personal loan from $1,500 to $20,000. It offers a 12-60 months repayment term with a fixed and very reasonable interest rate of 3.9% per month.

Is Magical Credit a legitimate company?

Magical Credit is a private lender for bad credit and low-income households that have been around since 2014. It is not associated with any banks or financial institutions. Magical Credit is a fully-accredited lender. It is listed on OPENGOVCA, but not BBB accredited.

Company documents

Privacy Policy

Have bills to pay? Must-have expenses that simply can’t wait? Even if you’re usually on top of things, a few unexpected costs can mean a slippery slope into unpaid bills and bad credit. A credit card can be a backup, but what if you don’t have one? A personal loan perhaps? But what if you’ve made budgeting mistakes in the past and already have bad credit? We know it can be a vicious circle and we’re here to help.

© Magical credit

Calculate loan payments in Magical Credit

Magical Credit calculator will allow you to calculate an approximate payment schedule for the loan

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What to pay attention to when applying for a loan from Magical Credit

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Magical Credit from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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