Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Magik Cash

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About lender

Magik Cash is a Canadian online credit brokerage corporation that operates without the need for credit investigations. Dedicated to providing a seamless lending experience, Magik Cash ensures professionalism, confidentiality, and security throughout its services. With a commitment to accessibility, Magik Cash aims to cater to individuals seeking personal loans, regardless of their credit history. Holding valid licenses from the Office de la Protection du Consommateur, Magik Cash offers assurance to its clientele, affirming its compliance with regulatory standards and commitment to consumer protection.

At Magik Cash, the ethos revolves around inclusivity, exemplified by their policy of evaluating repayment capacity through multiple tools. Recognizing that a low credit score does not necessarily correlate with an inability to repay loans, Magik Cash reassures potential borrowers that their applications are welcome, irrespective of their credit standing. Upholding a transparent and efficient process, Magik Cash ensures that qualified applicants receive swift approval, empowering them to access instant cash loans with ease.

Magik Cash

Features

  • Instant Cash Loans. Magik Cash offers quick access to funds, allowing borrowers to address their financial needs promptly.
  • No Credit Investigations. Unlike traditional lenders, Magik Cash does not require credit history checks, ensuring accessibility to individuals with varying credit backgrounds.
  • Renewal Eligibility. Upon repayment of the initial loan, borrowers become eligible for loan renewal, facilitating future borrowing with ease.
  • Transparent APR. Magik Cash adheres to an Annual Percentage Rate (APR) of 32%, providing clarity on the cost of borrowing.

Pros and cons

Pros

Professional and Confidential Service. Magik Cash prioritizes professionalism and confidentiality throughout the lending process, ensuring a secure and respectful experience for borrowers.

Flexible Repayment Options. Magik Cash offers flexible repayment plans tailored to borrowers' needs, allowing them to manage their finances effectively.

Referral Program. Magik Cash incentivizes referrals with a reward program, encouraging satisfied customers to spread the word.

Cons

Limited Loan Amounts. Depending on the borrower's financial situation and creditworthiness, Magik Cash may impose limits on the maximum loan amount available.

Missed Payment Penalties. Failure to adhere to the agreed-upon repayment schedule may result in penalties and accumulation of additional interest, potentially worsening the borrower's financial situation.

Exclusion of Certain Borrowers. Despite its accessibility, Magik Cash may not be suitable for individuals who require larger loan amounts or have specific borrowing needs that fall outside the company's offerings.

Reliability

Magik Cash portrays itself as a reliable online credit brokerage in Canada, highlighting its commitment to professionalism, confidentiality, and security measures in its services. The company emphasizes its adherence to regulatory standards, holding valid licenses from the Office de la Protection du Consommateur, which underscores its dedication to consumer protection.

In the absence of a substantial track record or comprehensive reviews, individuals may exercise caution and conduct thorough research before engaging with Magik Cash for their financial needs. While the lack of reviews does not inherently imply unreliability, it underscores the importance of thorough due diligence and scrutiny when considering Magik Cash as a lending option.

How to apply for a Magik Cash loan?

  1. Evaluation of Repayment Capacity. Magik Cash evaluates your repayment capacity using multiple tools, focusing on your ability to repay the loan rather than your credit history. This ensures that individuals with varying credit scores are considered for loan approval.

  2. Application Process. Begin the application process by visiting the Magik Cash website from the comfort of your home. Choose the desired loan amount and fill out the quick and easy online loan form.

  3. Loan Approval. Once your application is submitted, Magik Cash's professional staff will assess your eligibility for an instant cash loan. If your application meets their standards, you will be notified of its acceptance.

  4. Loan Agreement Signing. Upon acceptance, you will be required to sign a loan agreement provided by Magik Cash, outlining the terms and conditions of the loan.

  5. Funds Disbursement. After signing the loan agreement, the approved funds will be promptly transferred directly to your bank account on the same day, ensuring quick access to the funds you need.

Conditions

  • Loan Amounts. Magik Cash offers loans ranging from $500 to $1,250, allowing borrowers to choose the amount that best suits their financial needs.
  • Repayment Periods. Borrowers can select repayment periods ranging from 3 to 6 months, with payment frequencies of weekly installments.
  • Annual Interest Rate. Magik Cash adheres to an Annual Percentage Rate (APR) of 29%, which is used to calculate the cost of borrowing on an annual basis.
  • Renewal Eligibility. Upon complete repayment of the initial loan, borrowers become eligible for renewal, enabling them to borrow higher amounts for subsequent loans.
  • Refund Options. Magik Cash provides flexibility in refund options, allowing borrowers to make payments via email transfer at any time.

Requirements

  • Valid Identification. Borrowers must provide valid identification documents to verify their identity and eligibility for a loan from Magik Cash.
  • Bank Account. Applicants must have an active bank account to facilitate the direct transfer of approved funds from Magik Cash.
  • Repayment Capacity. Magik Cash evaluates borrowers' repayment capacity using multiple tools, ensuring that they have the ability to repay the loan.
  • Contact Information. Borrowers are required to provide accurate contact information to facilitate communication throughout the loan application and repayment process.

Ways to receive the money

  • Direct Bank Transfer. Upon approval of the loan application, Magik Cash facilitates the direct transfer of funds to the borrower's designated bank account. This method ensures quick access to the approved funds on the same day, providing convenience and efficiency.
  • Email Transfer. Magik Cash offers the option of receiving funds via email transfer, providing borrowers with flexibility in accessing their funds. This method allows borrowers to receive the approved loan amount directly into their email-linked accounts, simplifying the process of receiving funds.

Products

Short-Term Personal Loans. Whether it's covering unexpected expenses or managing short-term financial obligations, Magik Cash provides solutions to address various financial situations. Borrowers can choose from loan amounts ranging from $500 to $1,250, with repayment periods spanning from 3 to 6 months.

Reasons you may be denied a Magik Cash loan

  • Insufficient Repayment Capacity. Magik Cash evaluates applicants' repayment capacity using various tools and criteria. If an applicant's financial situation does not demonstrate sufficient ability to repay the loan, their application may be denied.
  • Incomplete or Inaccurate Information. Providing incomplete or inaccurate information during the application process can lead to a denial. It's essential to ensure that all required fields are filled out accurately and completely to avoid processing delays or denial.
  • Failure to Meet Eligibility Criteria. Applicants must meet certain eligibility criteria, including age requirements, residency status, and employment verification. Failure to meet these criteria may result in a denial of the loan application.

How to repay a Magik Cash loan

  1. Choose a Convenient Repayment Plan. Magik Cash offers flexible repayment plans, allowing borrowers to select from 3, 6, or 12 installments according to their payday schedule. Choose the repayment plan that best aligns with your financial situation and preferences.

  2. Automatic Debit. Magik Cash simplifies the repayment process by automatically debiting the amount due from your checking account on the agreed-upon dates. This ensures timely payments without the need for manual intervention.

  3. Payment Methods. Make payments conveniently via email transfer at any time. This flexible payment option allows borrowers to manage their payments efficiently and securely.

  4. Adherence to Payment Schedule. It's crucial to adhere to the agreed-upon payment schedule to avoid penalties and maintain eligibility for future loan renewal. Ensure that you have sufficient funds in your account on the scheduled payment dates to prevent any issues with repayment.

  5. Missed Payments and Penalties. Missed payments may result in penalties and accumulation of additional interest on the unpaid balance. It's essential to communicate any challenges or changes in your financial situation to Magik Cash promptly to explore alternative solutions.

Editorial opinion

Magik Cash presents itself as a viable option for individuals seeking quick access to funds without the traditional barriers imposed by credit investigations. While its commitment to providing accessible lending solutions and flexibility in repayment options is commendable, borrowers should exercise caution and carefully review the terms and conditions, including the APR of 32%, to ensure full understanding of the cost of borrowing. Transparency regarding fees, penalties for missed payments, and the renewal process is essential for borrowers to make informed decisions.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. 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.
  2. 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).
  3. 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.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. 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.
  6. 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

  • Magik Cash Customer Reviews

Sources

FAQ

What is Magik Cash?

Magik Cash is a Canadian online credit brokerage corporation that offers personal loans without the need for credit investigations.

It guarantees a professional, confidential, fast, and secure service to its clients, emphasizing accessibility regardless of credit score.

Holding valid licenses from the Office de la Protection du Consommateur, Magik Cash prioritizes consumer protection and regulatory compliance in its lending operations.

How quickly the funds can be received?

Upon approval of the loan application, funds from Magik Cash can be received swiftly, with the money being sent directly to the borrower's bank account on the same day.

This ensures quick access to the approved funds, providing borrowers with the financial assistance they need promptly to address their urgent needs or expenses.

How do you qualify for Magik Cash?

To qualify for a loan with Magik Cash, any potential borrower need to demonstrate their repayment capacity through various tools and criteria utilized by the company. Magik Cash evaluates applicants based on their ability to repay the loan rather than focusing solely on their credit history.

By providing accurate financial information and meeting the eligibility criteria, borrowers can increase their chances of approval for a loan from Magik Cash, ensuring accessibility to much-needed funds without the traditional barriers imposed by credit investigations.

How much can you borrow from Magik Cash?

Magik Cash offers a range of loan amounts to accommodate various financial needs, providing borrowers with flexibility in accessing funds.

Depending on individual requirements, borrowers can obtain loans ranging from $500 to $1,250, enabling them to address a diverse array of expenses or financial obligations. This range allows borrowers to select an amount that aligns with their specific needs while maintaining manageable repayment terms.

Is Magik Cash a legitimate company?

As for the legitimacy of Magik Cash, the company presents itself as a licensed Canadian online credit brokerage corporation that operates without credit investigations. It asserts its commitment to providing a professional, confidential, and secure service to clients, emphasizing accessibility irrespective of credit scores.

Holding valid licenses from the Office de la Protection du Consommateur further adds to its credibility. However, individuals considering Magik Cash for borrowing should conduct thorough research and exercise caution, ensuring they understand the terms and conditions before engaging with the company.

Canadian online credit brokerage corporation without credit investigations. We guarantee a professional, confidential, fast and secure service. We aim to provide personal loans to our clients, no matter their credit score. We hold valid licenses from the Office de la Protection du Consommateur. Let’s get started!

© Magik Cash
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