What can I use the loan for?

Anything you need — from unexpected bills to personal expenses. There are no restrictions on how you use your loan.

Where do you offer loans?

Magical Cash currently serves clients in Ontario, British Columbia, Yukon, Nunavut, and the Northwest Territories.

To apply for a loan with Magical Cash, you must be a Canadian citizen or a permanent resident living in Ontario or British Columbia. Applicants must be at least 18 years of age and have an active bank account that has been open for a minimum of 90 days with regular transaction history. You must also have a consistent income of at least $2,000 per month. Accepted income sources include employment, self-employment and Employment Insurance. Additionally, you’ll need to provide proof of income for the past three months.

What documents do I need?

To complete your loan application with Magical Cash, you will need to provide a valid piece of photo identification. You’ll also be required to complete Instant Bank Verification (IBV), which securely confirms your income and bank account history. Depending on the type of income you receive, you may also need to submit a recent pay stub or other supporting benefit documentation.

Magical Cash Review 2026

QUALITY LENDER ENDURING EXCELLENCE CUSTOMER FAVOURITE What these mean ›

★★★★★ 5.0 · 4 borrower reviews

Magical Cash is a Canadian lender offering payday loans from $100 to $1,500. Funding in as little as 48 hours.

Apply Now Check if I Qualify ↓

Rates checked August 5, 2026

Our verdict

Written and analysed by Smarter Loans Editorial Team · Reviewed by Rafael Rositsan

Best for

Borrowers who need a payday advance in a province where their options are limited

Not for

Anyone who qualifies for instalment credit, which costs substantially less

What we like

+ Serves the territories, where payday options are scarce
+ Cost is the provincially capped maximum, disclosed per $100 borrowed
+ Accepts any income type and any credit band

Where it could improve

− $14 per $100 over up to 62 days is far more expensive than an instalment loan
− Repeat use is the main risk this product carries

Products offered

Each product is priced separately. Compare them below.

Payday Loan

Short-term · ON, BC, AB + 3 more

Apply Now

Amount

$100 - $1,500

Rate

$14 per $100 borrowed

Funding

48 hours

Min income

$1,500/mo

See if you qualify

Four questions checked against Magical Cash's published criteria, per product. No application started.

Monthly net income Income source Province Amount needed

Answer the questions to check Magical Cash's published criteria

Educational check against published criteria. Not an approval or offer.

Awards earned by Magical Cash

Issued by our editorial team from platform data and verified reviews. Lenders cannot buy them.

Quality Lender

Meets our full vetting standard: licensing verified in every province served, transparent pricing, and accessible support.

Enduring Excellence

Quality Lender status held three consecutive years without a compliance issue.

Customer Favourite

Top quartile of verified borrower review scores in its category over the past 12 months.

Badges are issued by our editorial team from platform data and verified reviews. They are never sold, and featured placement has no bearing on them. Read the badge criteria ›

Borrower reviews

4 reviews from borrowers who used Magical Cash. Reviews are moderated; lenders cannot remove them.

★★★★★ Thanks Magical Cash

Magical Cash came through when I needed help the most. The application was quick and I had the money the same day.

Priya

★★★★★ Great Service

Good experience overall. Customer support answered all my questions and the repayment terms were easy to follow.

James

★★★★★ Great lender

I really appreciated how fast and hassle-free it was. Magical Cash is definitely one of the better lenders I’ve used.

Lianne

★★★★★ Got the money same day

Excellent service! Magical Cash made the whole borrowing process super easy. Funds arrived in my account within hours.

Jason

Common questions about Magical Cash

How much can I borrow?

You can borrow anywhere from $300 to $1,500, depending on your income and eligibility.

What’s the interest rate and repayment term?

Interest rates vary, and repayment terms are up to 2 months. Full loan details are provided upfront — no hidden fees or surprises.

How fast can I get the money?

Once approved and your loan agreement is signed, you’ll receive your funds in as little as 20 minutes, via Interac e-Transfer or Visa Direct.

How does repayment work?

Repayments are automatically withdrawn based on your payday schedule (weekly, bi-weekly, monthly, or semi-monthly). Repayment dates are clearly outlined in your agreement.

Do you check credit?

No. Magical Cash loans do not require a credit check, and applying won’t affect your credit score.

Is it safe to apply?

Yes. Magical Cash uses secure technology to protect your information. Your data is kept private and encrypted through the entire process.

Magical Cash · $100 - $1,500 · funding in 48 hours Apply Now