How to apply for a loan?
The company analyzes your credit score, income, and amount of cash requested, among other factors. You have to provide your social security number, bank details, and a source of regular income in the form of direct deposits, and you have not previously defaulted on a payday loan. To determine if you qualify for a Magical Credit loan, please submit an online loan application.
Requirements
You have been working for more than six months
Your income is directly transferred to your account
You have a loan repayment history
You are receiving a minimum of $1,200 a month
Be 18 years or older
Valid bank account
Proof of income
Also, you need the appropriate documentation:
Valid ID
SIN (Service Canada is now issuing SINs in paper format. Production of the plastic SIN card has stopped, however, SIN cards that are not expired and are currently in circulation can still be used).
A short-term loan calculator will help you quickly determine the average monthly loan repayment amount.
To apply for a loan, you can have any verified income including:
Employment Insurance (EI)
Canadian Pension Plan (CPP)
Employment Insurance Maternity Leave (EI)
Old Age Security (OAS)
Baby Bonus/Canada Child Tax Benefit (CCTB)
Children's Special Allowance (CSA)
Universal Child Care Benefit (UCCB)
Ontario Child Benefit (OCB)
Ontario Child Care Supplement for Working Families (OCCS)
Ontario's Teacher Pension (OTPP)
Workplace Safety and Insurance (WSIB)
Compassionate Care Benefits
Parents of Critically Ill Children
Private Pensions (Blue Cross, Sun Life, etc.)
For application, you can use:
Valid Canadian Driver's License
Valid Canadian passport
Certificate of Canadian Citizenship
Certificate of Indian Status
Canadian Permanent Residency Card
Old age security Card
Photo Health Card and Birth Certificate or Social Insurance Card
BYID Card (LCBO) and Birth Certificate or Social Insurance Card
To prove your income, you will need two recent paystubs, and one recent bill to confirm your current address. Also, you must provide your past 90 days' bank statements, with your name and the last four digits of your account number.
Application Details
First, fill out the online application. It should only take you around 5 minutes to complete, and you should have a response within 24 business hours. An application process is 100% online through the web portal on the site. The documentation you will need is minimal and the company guarantees that you will receive a decision on your application within one business day.
After clicking the "Apply now" button, a window with empty fields will open for you to enter the required information. You need to fill in all the gaps in the fields on the Magical Credit website in the application tab, set a username, come up with a password and click the finish button. You'll be asked to provide some basic information, such as your SIN, address, and current monthly rent/mortgage if any. All of this information will be kept completely private and is intended only to verify your identity and evaluate your application. Once you've created an account, you will also be asked to provide proof of income and direct deposit status. The entirety of the application takes only a few minutes, and once you've signed off you will be notified of your status within one business day. If you have been approved, you can expect your money to be deposited into your account immediately (plus any processing time on your bank's side).
Reasons for rejection
The refusal will result from the non-fulfillment by the consumer of the eligibility requirements or default on a payday loan in the past. If you do not qualify for a particular personal loan, the lender would instead offer you a loan that you are eligible for and let you know what alternatives you have.
