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Magical Credit's application


How to apply

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.


  • 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.

How long does it take to get Magical Credit approval?

The company will send you a confirmation if your loan request has been approved or denied within one business day. Magical Credit states that the application process will take you only a few minutes.

How trustworthy is Magical Credit?

Magical Credit website and application are designed with a focus on security and privacy. Similar to banks it uses 128-bit encryption to secure the data you submit and keep your information private. VeriSign provides the highest level of security, monitoring and verifying the website. Some reviews mention great customer service.

Does Magical Credit verify income?

This lender checks the income of its clients, this can be either a credit check of a potential borrower or past 90 days' bank statements.

Is Magical Credit hurting your credit score?

Magical Credit reports all its information to the credit bureaus. This helps its clients build credit history. In case a borrower is paying regularly – his credit score is increasing. If a client defaults on their payments, that will be reported as well and result in their credit score going down.

Calculate loan payments in Magical Credit

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

Loan amount

Enter the desired loan amount

1500 $
20000 $
Loan term

Specify the loan term for the calculation


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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