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Magical Credit
5 / 5

970 Lawrence Ave West, Toronto- Appointments only

Do you have poor credit or a non-traditional source of income? That’s okay. We accept government subsidies such as unemployment insurance, workers comp, maternity leave, baby bonuses and pensions, among others. We’re here for you even if banks and payday loan companies don’t fit your needs. Complete your application from beginning to end at the comfort of your home!

Call center

Monday to Friday

Web Chat
Help Center/Blog
Email Support
in business

Since 2014

of customers

Over 10,000


Over $10M


All of Canada except Quebec and Manitoba

Magical Credit Reviews
5 /5 (10 Reviews)
Expert reviews Sort by rating
Making the Holidays Magical
Patti’s writing has been published in a range of Canadian magazines and newspapers, including the Globe and Mail, National Post, Ottawa Citizen, Vancouver Sun and Maclean’s. She has won a Canadian Association of Journalism (CAJ) award for investigative magazine journalism and has been a Gold Medal winner and Top 5 Finalist in the KRW Canadian Business Press awards.
The holiday season creates pressure to spend—but many people find themselves short of cash. Either way, the children still need their prezzies and people still want to make the holidays a special time for their families. With flexible short term loans, Magical Credit gives Canadians a better financial option to get through the spending-heavy holiday season.
Magical Credit’s New Product Helps High Risk Borrowers Build Back Their Credit
Jared Lindzon is a regular contributor to top tier publications around the world, including Fortune Magazine, Fast Company, the Guardian, Rolling Stone, the Globe and Mail, and many more.
Magical Credit, the short term lender known for helping its customers get out of the payday loan cycle through manageable low monthly payments, has added a new product to its offering for those farthest in the deep-end.
Subprime Loans Leading the Fintech Revolution
Joel Schlesinger is an experienced Winnipeg-based freelance journalist specializing in personal finance and other subjects. Joel has been featured in top publications across Canada.
There’s no magic behind the success of Toronto-based subprime lender Magical Credit. Rather its rise is largely tied to advent of what’s referred to as the fintech revolution. The upstart financial company has quickly established a niche in the Canada’s lending marketplace as online provider of medium-term, fixed loans to Canadians in a cash flow crunch often with nowhere else to turn.
Installment Loans Explained by Magical Credit
Mashoka is a journalist for the London Press and the National Post, currently specializing in finance, business and technology.
More and more Canadians are turning to installment loans as high-interest payday loans continue to build a bad rap in the alternative financing world. In this feature, Magical Credit explains installment loans, a better alternative to the familiar payday loan.
Magical Credit Makes the Hectic Holiday Season a Little Easier
Michael Dautner is the editor-in-chief at Paymentweek.com, an international financial technology website. Based in New York, Michael is a FinTech expert, published in numerous top-tier publications in North America.
Unlike other Canadian lenders, Magical Credit does not make applicants jump through an unsightly amount of hoops in order to be approved for a simple quick cash loan. When it comes to the holiday season, this difference is paramount for consumers with apparent bad credit.
Magical Credit Helps Canadians Break the Payday Loan Cycle
Jared Lindzon is a regular contributor to top tier publications around the world, including Fortune Magazine, Fast Company, the Guardian, Rolling Stone, the Globe and Mail, and many more.
Those who have taken out a payday loan know how easy it is to get into a cycle of debt, and how difficult it is to break free. Magical Credit helps Canadians break the vicious payday loan cycle by offering a much more affordable and convenient option.

Product Offering

Personal Loan Apply now
Interest rate

23% – 59.7%


$500 – $10,000


6 – 24 Months

Who is eligible

A borrower must be 18 or over, have a valid bank account with direct deposit from your employment or subsidy, valid Canadian ID. Must not be currently under a bankruptcy, consumer proposal or debt consolidation.

What you need to provide

Provide us with Instant Verification to your bank statements through our application. Valid Canadian ID, 2 pay stubs or a copy of your Notice of Assessment from your government subsidy and a bill to your current address.

How fast can you get the money

1 business day

Funding method

Direct deposit

How does repayment work

Monthly or bi-weekly automatic payments.

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