In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Magical Credit Installment Loan
3.0
★★★★★
Finder score
3.9
★★★★★
APR Range
19.99% - 46.80%
Loan Amount
$1,500 - $20,000
Loan Term
12 - 60 months
Min. Credit Score
300
All information about Magical Credit Installment Loan has been collected independently by Finder. Finder is not connected with Magical Credit products, and this page is not sponsored, endorsed or administered by, or associated with, Magical Credit. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

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

Magical Credit provides loans for borrowers with less-than-stellar credit or who have alternative forms of income, like government benefits. It has an easy online application and fast turnaround time. If you're worried you may not qualify for a loan with more traditional lenders, a Magical Credit Installment Loan may be the right fit for you.

Best for: Bad credit borrowers looking for high loan amounts

Pros

  • Larger loan amounts than payday loans
  • Accepts bad credit borrowers
  • Different types of income accepted
  • Receive funds within as little as 24 hours

Cons

  • High APRs

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

Magical Credit was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 80.00%

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.

Most recommended

Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Is Magical Credit legitimate?

Yes, Magical Credit is a legitimate company that has been in business for more than 8 years and has served over 5,000 customers. It is a registered corporation and a member of the Canadian Lenders Association.

  • Ontario Registry ID: 2393116
  • British Columbia Registry ID: A0107686
  • Nova Scotia Registry ID: 3324975
  • Alberta Registry ID: 2121525543

Magical Credit Installment Loan features

FeatureDetails
Loan amount$1,500 – $20,000
Loan term12 - 60 months
APR19.99% - 46.80%
FeesA single administration fee of $194
Serviced provincesCanada-wide (excluding Manitoba, Saskatchewan and Quebec)
Basic eligibility criteriaCanadian citizen or resident, age of majority in province of residence, receiving employment or child tax income, no outstanding loans with other lenders, 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.
  • 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 may not be approved for a loan.)
  • Longer terms. You can pay your loan back over as much as 60 months.
  • 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

  • Potentially high cost. Your APR 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 APR you’ll be approved for on your loan will vary depending on factors like your credit score and the term of your loan.
  • 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

FeatureDetails
BBB accreditedNo
BBB ratingC+
BBB customer reviews1 out of 5 stars, based on 1 Magical Credit reviews
Trustpilot score4.0 out of 5 stars, based on 39 Magical Credit reviews
Google reviews4.2 out of 5 stars, based on 245 Magical Credit reviews
Customer reviews verified as ofAugust 15, 2023

Magical Credit reviews from Finder survey

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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. Head 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 APR 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% APR. In this 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 could end up being $167.62. In that case, 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

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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.

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