Magical Credit

Avg. Rating: 5.0 (13 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

1-866-622-5139 PO Box 38619 North York, ON M2K 2Y5
Call Center: Monday – Friday: 8am-5pm EST
Support Offered:
  • Web Chat
  • Help Center/Blog
  • Email Support
  • Social Media
  • FAQs
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 $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.

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

Articles About Magical Credit

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.

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.

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.

Frequently Asked Questions About Magical Credit

What is Magical Credit?

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.

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.

How Much Can I Borrow from Magical Credit?

Magical Credit loans are between $1,500 and $20,000.

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.

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

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.

Can I Apply Online for a Magical Credit Loan?

Yes, you can apply anytime using their online application form.

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 Will Magical Credit Send Me the Loan?

The loan proceeds are usually deposited directly into your bank account.

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.

Which Provinces Is Magical Credit Available in?

Magical Credit services all of Canada with the exception of Quebec, Manitoba and Saskatchewan.

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.

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.

Magical Credit Reviews

Avg. Rating: 5.0 (13 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
Great people

Awesome experience
Very understanding

Thank You!!

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!!!

Keisha B.

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