Magical Credit

Avg. Rating: 5.0 (11 reviews)

Do you have poor credit or a non-traditional source of income? That’s okay. Not only do we lend to employment income, we accept government subsidies such as unemployment insurance, workers comp, maternity leave, baby bonuses and pensions. We’re here for you to offer uncomplicated short term loans up to $20,000 with a fixed affordable monthly rate. There are no additional penalties if you wish to pay your loan out early. Even if banks and payday loan companies don’t fit your needs we are here to help as we take all aspects into consideration by looking beyond your credit score to determine your eligibility for a loan. We like to keep it simple and you can complete our application with Magical Credit from beginning to end in the comfort of your home!


Magical Credit is a member of the Canadian Lenders Association:


  • TIME IN BUSINESS: Since 2014
  • # OF CUSTOMERS: Over 10,000
  • TOTAL FUNDED: Over $10M
  • LOANS OFFERED: Personal
Visit site and apply

1-877-213-2088 970 Lawrence Ave West, Toronto
Call Center: Monday – Friday: 8am-5pm EST
Support Offered:
  • Web Chat
  • Help Center/Blog
  • Email Support
Availability: All of Canada except Quebec, Manitoba and Saskatchewan

Products Offered

Below are all the products offered by this company.

Conditions & Rates

Interest rate 19.99%- 46.8% Amount $500 – $20,000 Term 6 – 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 or bi-weekly automatic payments.

Articles About Magical Credit

By Jared Lindzon

Jared Lindzon is an experienced journalist, writer and public speaker. He specializes in Business, Technology, Lending and FinTech industries in Canada and abroad. Jared is a regular contributor to Smarter Loans and top tier publications around the World, including Fortune Magazine, Fast Company, the Guardian, Rolling Stone, the Globe and Mail, and many more.

By Joseph Czikk

Joseph is an experienced writer in the fields of Business, Technology and Finance in Canada. Joseph has been featured in Betakit, National Post, Montreal Gazette, Vancouver Sun, Regina Leader Post, Techvibes and BC Business Online.

By Patti Ryan

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.

Articles by Magical Credit

By Kevin Silver

We will now focus on what exactly we can do to either maintain our good credit score or get out of a bad situation. Note that not all debt is created equally, and precedence should be given to those debts that will have a hefty effect on you and which will cost you more to haul.

By Kevin Silver

Perhaps the most important variable which impacts your score is your payment history. In fact, according to many, your payment history comprises 35% of your total credit score and is considered to be the most fundamental factor when it comes to calculating your credit score.

Magical Credit Reviews

Avg. Rating: 5.0 (11 reviews)
Awesome Service

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!

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

Fast, easy and so helpful! Thanks for giving me a loan even though i get disability and government assistance. It was an emergency!

Lily Daniels
Thank you!

Thank you for helping me when no one else would!

Great service

Magical credit has helped me get a loan when all the banks turned me down! Thank you so much!

Great Lender

Magical Credit is a great lender. I highly recommend using them.

Peace of mind

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.

Josie S.
Thank you!

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.

Bobby W.
Magical Credit Personal Loan

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!

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)

Kayla C.
Super friendly

The phone people that work at Magical Credit are very friendly and helpful.

Angel M

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