Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Magical Credit Installment Loan review

Use your income to borrow up to $20,000 with a personal loan from Magical Credit.

Magical Credit offers fast access to cash for people with bad credit so you can cover everything from monthly bills to emergency expenses. The Magical Credit Installment Loan not only offers flexible loan terms and borrowing amounts, but you can also qualify while receiving government subsidies as income.

No reviews yet. Write a review

19.99% - 46.80%

Interest Rate


Max. Loan Amount


Min. Credit Score

Magical Credit Installment Loans at a glance

  • Larger loan amounts than payday loans
  • Accepts bad credit borrowers
  • Different types of income accepted
  • Receive funds within as little as 24 hours
  • High interest rates
  • Not available in Manitoba, Saskatchewan and Quebec

What is Magical Credit?

Magical Credit is an alternative Canadian lender that offers installment loans and mortgages to borrowers with bad credit or low income. It was founded in 2014 and has its headquarters in Toronto, Ontario. Magical Credit is web-based, so you can apply for a loan entirely online.

Is Magical Credit legitimate?

Yes, Magical Credit is a legitimate company that has been in business for the past 8 years and has served over 5,000 customers. It is a member of the Canadian Lenders Association. Magical Credit very clearly advertises its British Columbia license number (83626) and its Alberta license number (349796) on its website.

Magical Credit Installment Loan features

Loan amount$1,500 – $20,000
Loan term12 months - 5 years
Interest rate19.99% - 46.80%
FeesA single administration fee of $194 for $1,500 loans and up
Serviced provincesCanada-wide (excluding Manitoba, Saskatchewan and Quebec)
Basic eligibility criteriaMin. income of $1,200 /month, min. credit score 300

What we like about Magical Credit Installment Loan

  • Fast approval. You can get approved in as little as 24 hours and your money will be deposited in your account soon after.
  • High loan amounts. You can apply for a minimum of $1,500 up to $20,000 depending on your income and credit score.
  • Low income requirements. You may be able to qualify for a loan if you make as little as $1,200/month per month.
  • Accepts government-subsidized income. You’ll need to submit proof of benefits like EI, CPP, Canada Child Benefit or private income such as pensions or maternity pay. If your only income is disability or social assistance, you will not be approved for a loan.
  • Longer terms. You can pay your loan back over as much as 5 years, which is a longer term than many other private lenders offer.
  • No collateral required. You won’t need to secure your loan against an asset like your home or vehicle.
  • Bad credit is accepted. Loan decisions depend more on your monthly income than your credit score.
  • Early loan repayment. You can pay off your balance at any time without an extra fee.
  • Referral program. If you refer a friend who applies for a loan, you can get a $200 bonus.

What to watch out for

  • High interest rates. Your annual interest rates can run around 19.99% - 46.80%, which is much higher than the standard rates offered by the big banks and other private lenders. The interest rates you’ll get on your loan will vary depending on factors like your credit score and the term of your loan.
  • Minimum employment requirements. You’ll need to prove you’ve been employed for at least 6 months to qualify for term loans.
  • No extensions. You won’t be able to change the terms of your loan if you’re struggling to make repayment.
  • Some provinces not serviced. It’s not possible to borrow with Magical Credit if you live in Manitoba, Saskatchewan or Quebec.

What can I use my Magical Credit Installment Loan for?

One of the best features of Magical Credit‘s loans is that you can spend the money you borrow on just about anything you want. Some examples of common uses include the following:

  • Routine expenses. Pay for monthly expenses like rent, utilities, gas and groceries.
  • Emergency expenses. Cover unexpected expenses ranging from medical bills to car repairs and everything in between.
  • Large purchases. Use your funds for one-off purchases like electronics, home renovations, flights, tuition and more.
  • Debt consolidation. Ease your debt load by consolidating many small debts into one easy payment.

Summary of Magical Credit reviews

BBB accreditedNo
BBB ratingC+
BBB customer reviews1 out of 5 stars, based on 2 Magical Credit reviews
Trustpilot score2.6 out of 5 stars, based on 26 Magical Credit reviews
Google reviews4.3 out of 5 stars, based on 210 Magical Credit reviews
Customer reviews verified as ofJune 21, 2022

Alternatives similar to Magical Credit Installment Loans


Finder Rating: 3.5 / 5

Go to site


29.90% - 46.90%

Loan term

12 - 60 months

Loan amount

$100 – $50,000

Min. credit score


Eligibility Requirements

Min. credit score 570, min. income $1,200/month, 3+ months employed


Finder Rating: 4.1 / 5

Go to site


19.99% - 39.99%

Loan term

9 - 60 months

Loan amount

$500 – $15,000

Min. credit score


Eligibility Requirements

Min. income of $3,333/month, full time employment/pension

    Am I eligible for a Magical Credit Installment Loan?

    To apply for a Magical Credit loan, you need to meet the following criteria:

    • Be a citizen or resident of Canada (loans are not available in Manitoba, Saskatchewan and Quebec).
    • Be the age of majority in your province or territory (18 in some provinces, 19 in others).
    • Receiving employment or government subsidy income.
    • No outstanding loans with other lenders.

    Required documents and information

    • Government-issued ID. You’ll have to show identification like your driver’s licence or passport to verify your ID
    • Void cheque. You’ll need to submit a void cheque or direct deposit form to give Magical Credit access to your bank account
    • Proof of income. You’ll be required to show your two most recent pay stubs or notice of assessment to prove government subsidies
    • Proof of address. You’ll have to submit a piece of official mail sent to you at your current address

    How to apply for a Magical Credit Installment Loan

    If you think you fit the criteria for a personal loan with Magical Credit, you can apply quickly and easily in a couple of simple steps.

    1. Click the “Go to site” button to be securely redirected to the Magical Credit website, where you can complete the online application which includes providing your name, email address, personal details, proof of ID and relevant documents.
    2. Review and submit your application.
    3. Send in the necessary documentation online or by fax.
    4. Get approved and negotiate the terms of your loan if you meet the eligibility requirements.

    How much will a Magical Credit loan cost?

    You’ll be charged an interest rate of anywhere from 19.99% to 46.8% on your Magical Credit Installment Loan. You’ll also need to pay a one-time administrative fee of $194.

    So let’s say you take out $4,000 on a 3 year loan term, and you’re approved for a 29% interest rate. In that example, you would have to pay $194 once for the administration fee when you first take out your loan. After that, your ongoing monthly payment would be $167.62. You would end up paying back $6,034.42 in total, which includes $2,034.42 paid towards interest alone.

    Calculate the cost of your Magical Credit Installment Loan

    Find out your monthly payment and overall loan cost using this loan calculator
    Your loan
    Loan amount
    Loan terms (in years)
    Interest rate

    Fill out the form and click on “Calculate” to see your estimated monthly payment.


    Compare personal loans
    You can expect to pay back $ per month
    Based on your loan terms
    Principal $
    Interest $
    Total Cost $

    Bottom line

    Magical Credit offers personal loans for a wide range of incomes and credit ratings. While you can qualify for a bad credit loan with Magical Credit, it’s still worth shopping around before signing on the dotted line since you may be able to get a lower rate with another alternative lender. If you have a good or excellent credit score, you can likely get an even lower rate at a bank or credit union.

    Compare installment loans

    1 - 6 of 6
    Name Product Interest Rate Loan Amount Loan Term Requirements Installment Loan
    28.00% - 32.00% + broker fee
    $300 - $1,000
    3 - 12 months
    Requirements: min. income $1,200/month, 2+ months employed. No credit check required.

    Note: You may be charged a broker fee up to $300.
    Spring Financial Installment Loan
    9.99% - 46.96%
    $500 - $35,000
    6 - 60 months
    Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
    Loans Canada Installment Loan
    8.00% - 46.96%
    $500 - $50,000
    4 - 60 months
    Requirements: min. credit score 300
    SkyCap Installment Loan
    19.99% - 39.99%
    $500 - $15,000
    9 - 60 months
    Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
    LoanConnect Installment Loan
    $500 - $2,500
    3 - 6 months
    Requirements: min. credit score 300
    Mogo Installment Loan
    9.90% - 46.96%
    $200 - $35,000
    6 - 60 months
    Requirements: min. income $13,000/year, min. credit score 500
    100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.

    Frequently asked questions about Magical Credit

    Go to site