Magical Cash Review 2026Apply Now Check if I Qualify ↓
Written and analysed by Smarter Loans Editorial Team · Reviewed by Rafael Rositsan
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Four questions checked against Magical Cash's published criteria, per product. No application started.
Magical Cash takes EI as qualifying income, which almost no payday lender does, but only from applicants in Ontario or British Columbia.
Applications are taken from residents of Ontario and British Columbia only. The wider Magical family lends across most of Canada, but this payday product stops at two provinces.
Employment Insurance qualifies as income alongside employment and self-employment, provided the deposits have been landing in your account for three months. Most payday lenders refuse EI outright, so this is the distinctive door.
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4 reviews from borrowers who used Magical Cash. Reviews are moderated; lenders cannot remove them.
Magical Cash came through when I needed help the most. The application was quick and I had the money the same day.
Good experience overall. Customer support answered all my questions and the repayment terms were easy to follow.
I really appreciated how fast and hassle-free it was. Magical Cash is definitely one of the better lenders I’ve used.
Excellent service! Magical Cash made the whole borrowing process super easy. Funds arrived in my account within hours.
You can borrow anywhere from $300 to $1,500, depending on your income and eligibility.
Interest rates vary, and repayment terms are up to 2 months. Full loan details are provided upfront — no hidden fees or surprises.
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.
Repayments are automatically withdrawn based on your payday schedule (weekly, bi-weekly, monthly, or semi-monthly). Repayment dates are clearly outlined in your agreement.
No. Magical Cash loans do not require a credit check, and applying won’t affect your credit score.
Yes. Magical Cash uses secure technology to protect your information. Your data is kept private and encrypted through the entire process.
Anything you need — from unexpected bills to personal expenses. There are no restrictions on how you use your loan.
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.
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.
