Time in business:
Customers:
Total funded:
Loans offered:
Magical Credit is a provider of personal instalment loans in Canada and is based in Toronto. They offer short term loans from $300 to $20,000, including instalment loans and payday loans.
Products Offered
AMOUNT
$300 - $20,000
INTEREST RATE
Varies
TERMS
12 - 60 Months
Personal Instalment Loan
Conditions & Rates
Interest rate 19.99%- 46.8% Amount $1,500 – $20,000 Term 12 – 60 Months
Eligibility & Documents
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.
Repayment & Issuance
How fast can you get the money Same day Funding method Direct deposit How does repayment work Monthly, semi-monthly or bi-weekly automatic payments.
Payday Loans
Conditions & Rates
Interest rate Varies Amount $300 – $1,499 Term Up to 2 Months
Eligibility & Documents
Who is eligible
- Be a Canadian Citizen or permanent resident of Ontario or British Columbia
- Be 18 years old and over
- Must have an Active Bank account in your name with a minimum of 90 day transactions
- Income must be deposited into your account provided
- Have 3 months minimum income Employment, Self-Employment, Child Tax Benefit, Unemployment, Private Pension
- Earn at least $2000 /month
What you need to provide
- Instant bank verification
- Valid photo ID
Repayment & Issuance
How fast can you get the money Same day, 20 minutes after approval Funding method Interac e-transfer and Visa Debit Direct How does repayment work Depends on the Pay Day (weekly, bi-weekly, monthly, semi-monthly) through pre-authorized debits on your next payday
Contact information
info@magicalcredit.ca- PO Box 38619 North York, ON M2K 2Y5
Availability:
All of Canada except Quebec, Manitoba and SaskatchewanSupport Offered:
- Web Chat
- Help Center/Blog
- Email Support
- Social Media
- FAQs
Call Center:
Monday – Friday: 8am-5pm ESTFrequently Asked Questions About Magical Credit
What is Magical Credit?
Is Magical Credit Legit?
100% they are - Magical Credit is a member of the Canadian Lenders Association and in 2019 received the Top 25 Companies in Lending award by the CLA.
How Much Can I Borrow from Magical Credit?
Magical Credit loans are between $1,500 and $20,000.
What Is the Term Length for a Magical Credit Loan?
Terms on Magical Credit loans are between 12 and 60 months for instalment loans and up to 2 months for payday loans
Can I Apply Online for a Magical Credit Loan?
Yes, you can apply anytime using their online application form.
How Will Magical Credit Send Me the Loan?
The loan proceeds are usually deposited directly into your bank account.
Which Provinces Is Magical Credit Available in?
Magical Credit services all of Canada with the exception of Quebec, Manitoba and Saskatchewan.
What are Magical Credit Working Hours?
You can apply for a Magical Credit loan online, 24/7. However their call centre hours are Monday to Friday, 8AM to 5PM EST.
Is Magical Credit Safe?
Magical Credit is a reputable lender that has helped over 10,000 Canadians with personal loans since 2014, when they first launched. They are headquartered in Toronto, Ontario. Magical Credit is a member of the Canadian Lenders Association and in 2019 received the Top 25 Companies in Lending award by the CLA.
What Products and Services Does Magical Credit Offer?
Magical Credit offers personal instalment loans in Canada, with one of their specialties being Child Tax Benefit loans. This means that people receiving the Child Tax Benefit in Canada can get approved for a loan from Magical Credit.
What Is the Interest Rate on a Magical Credit Loan?
Interest rates on Magical Credit loans range between 19.99% and 46.8% for personal instalment loans.
How to Qualify for a Magical Credit Loan?
To qualify for a Magical Credit loan, you must be over 18, have a valid bank account with direct deposit from your employer or subsidy, and a valid Canadian ID. You cannot be under a current bankruptcy, consumer proposal, or debt management program.
How Fast Can I Get a Loan from Magical Credit?
If approved, you can get a loan deposited into your bank account in less than 24 hours.
How Does Loan Repayment Work at Magical Credit?
Magical Credit loans are repaid through monthly, semi-monthly or bi-weekly payments from your bank account.
What Kind of Customer Support Does Magical Credit Offer?
You can contact Magical Credit via phone, email, or social media. You can also explore their extensive educational resources and blog for frequently asked questions.
Magical Credit Reviews
Avg. Rating: 4.9 (21 reviews)
Awesome Service
March 20, 2018
“Magical Credit is a breeze to use. Approval is fast and money is disbursed within 2 business days. I loved the kind of service I received from them. And I will surely recommend them to all my friends.”
Great Service!
March 20, 2018
“I absolutely loved how fast it was to get approved for a loan and how kind, awesome, and efficient Ms. Dornett was. She made me feel comfortable and explained everything in detail. She also told me that I can call her back anytime if I had any questions in the future. I would definitely recommend them. ”
Thank You
April 4, 2018
“Fast, easy and so helpful! Thanks for giving me a loan even though i get disability and government assistance. It was an emergency!”
Thank you!
May 3, 2018
“Thank you for helping me when no one else would!”
Great service
May 3, 2018
“Magical credit has helped me get a loan when all the banks turned me down! Thank you so much!”
Great Lender
June 28, 2018
“Magical Credit is a great lender. I highly recommend using them. ”
Peace of mind
August 28, 2018
“Just started a new job but needed a little extra cash to get some new business attire. Magical credit made it simple and easy to get a short term loan. ”
Thank you!
August 28, 2018
“Deciding to get a loan given my poor credit history was not a decision I took lightly. But you were able to give me all the answers and information I needed to feel confident that Magical Credit was the best choice for me and my family. Thanks for processing my loan so quick and efficiently. I love that I will be able to pay off the loan as quickly as I want to and not be penalized for paying it off quicker.”
Magical Credit Personal Loan
February 21, 2019
“Magical Credit's personal loans really helped me out when I was turned down by my bank. They were able to get me the cash that I needed quickly and with good terms. Good experience overall. ”
Thank you guys!
February 21, 2019
“I had applied online for a loan and within a couple hours I had been approved, had all my documents sent, signed, and sent back without any issues, and recieved my loan in 48 hours.
The gentlemen on the phone was very nice and informative and more than willing to help (I believe his name was michael ext 104) Given I have some pretty bad credit at the moment I was more than positive I was going to be denied, magical credit was my last resort and they definitely came through and help relieve some financial stresses. Thank you guys so much!!! (via Facebook)”
Super friendly
September 12, 2019
“The phone people that work at Magical Credit are very friendly and helpful. ”
Great people
July 7, 2021
“Awesome experience
Very understanding
”
Thank You!!
July 8, 2024
“I’m a current client that just wanted to refinance my loan and I’m always so amazed at how fast and efficient Dornett is at getting everything done. I love that she lets you know you can always give her a call whenever if you have any questions!
I would highly recommend giving Magical Credit a try! Who doesn’t love a quick approval, fast deposit and great terms!!! ”
Thank you!
March 11, 2025
“The customer service team was extremely helpful and I got my loan within hours!”
Magical Credit Rocks!
March 11, 2025
“I have received multiple loans from Magical Credit in the last couple of years and they have been absolutely great to deal with! As a matter of fact I just won an amazing contest where they pay one of your bills (max $500CAD) which couldn't have happened at a better time for me as I'm currently a stay at home mom with 2 toddlers. I highly recommend Magical Credit! You guys ROCK!”
Thanks Magical Credit
March 11, 2025
“Thanks so much for helping where everyone else couldn't Your loan helped me get back on track.”
Great Company
March 11, 2025
“Definitely the best online loan provider in Canada. You really don't need to go anywhere else.”
Excellent Customer Service
March 11, 2025
“Always has an excellent customer service,highly professional ,very responsive and hassle free..After you signed all the documents they need you’ll get the money within 1-2 business days.Every time I have an emergency I can rely on them.Their the BEST.❤️❤️”
Made Debt Consolidation Easy
April 14, 2025
“Magical Credit made it possible for me to consolidate my debt with ease.”
Magical Credit Truly Lives Up to the Name
April 14, 2025
“They really helped me when no one else would. Magical Credit lives up to the name!”
Fast, Friendly, and Personal
April 14, 2025
“Fast approval and friendly support team. I appreciated the personal touch.”
