Magical Credit Personal Loan review

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


Apply today to borrow up to $20,000 with Magical Credit for personal expenses and take up to five years to repay your loan.
Please note: All information about Magical Credit Personal Loan has been collected independently by Finder and this product is not available through this site.

What types of loans does Magical Credit provide?

Magical Credit offers fast and reliable personal loans for customers with bad credit or low income. Depending on how much you earn, you may be able to borrow as much as $20,000 with terms ranging between 6 months - 5 years. You can typically qualify for funding as long as you have a steady form of income and you aren’t struggling with bankruptcy.

Magical Credit offer interest rates from 19.99% - 46.80%. The interest rates you’ll get on your loan will vary depending on factors like your credit score and the term of your loan. Annual rates can be more than what most banks will charge but less than what you’ll pay for a payday loan. You’ll also have the option to pay your loan back early without any additional fees if this makes sense for your financial situation.

You can apply for a loan today by showing proof of employment income or government subsidies. For loans based on employment income, you’ll have to be working for at least 6 months before you can qualify. For 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.

What can I use my 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.

What should I know before I apply?

How to apply

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. Navigate to the Magical Credit website and 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.

Pros and cons


  • Instant 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 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 $600 per month.
  • Longer terms.
    You can pay your loan back over as much as five 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.
    f you refer a friend who applies for a loan, you can get a $200 bonus.


  • High interest rates.
    Your annual interest rates can run much higher than the standard rates offered by the big banks, which is more than you’ll pay with other private lenders.
  • Minimum employment requirements.
    You’ll need to prove you’ve been employed for at least six 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.

Bottom line

Magical Credit offers personal loans for a wide range of incomes and lifestyles. Whether you’re struggling with poor credit or you just need an infusion of cash to make ends meet between paycheques, you should be able to find a solution with this reputable online lender. Find out what you need to apply for a loan and start your application today to see if you qualify.

Frequently asked questions

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