Educational Videos

Child Tax Benefit Loans FAQ

Learn how Child Tax Benefit loans work and how to get approved for one. Explained by Kevin Silver from Magical Credit, a personal loan provider in Canada that specializes in helping Canadians who are receiving child tax benefit income.


Kevin Silver, Magical Credit: 


  • What is a child tax benefit loan and who is it for?

The child tax benefit loan primarily is for any Canadian citizen who received a child tax benefit based off the number of children they have and it allows them to use their consistent income to qualify for a loan.


  • Why is it difficult for someone on a child tax benefit income to get approved for a loan?

In today’s day and age most financial institutions require traditional sources of income in order for applicants to be approved for loans. At Magical Credit we don’t, and we like to look at alternative options for borrowers and the child tax benefit is the number one option that Canadians have.


  • If someone is looking to get approved for a child tax benefit loan, what do they need to have? 

In order to be approved for a child tax benefit own you do need to be a Canadian citizen, you do need to be at least 18 years old and your income does need to be directly deposited into your bank account.


  • What advice do you have for someone who successfully takes out a personal loan?

Once you have successfully taken out a personal loan it’s important to know your current financial situation that you’re able to budget appropriately. Our loan officers do customize the conversations to make sure you are able to make the payments on an affordable basis and always remember that we are here to work with you.


  • What would you recommend to someone who has no luck getting approved for a personal loan because of their history?

In a situation where you’re not able to be approved the first step is to contact the credit bureau to make sure the information they have about you is accurate because very often the reason why you were in decline can be related to information that’s not necessarily the truth. Your second option would be to work with a reputable lender just like Magical Credit where we do offer a sage financial advice and can tell you exactly what it is you need to do to get back on track.


  • How does a website like Smarter Loans help both the borrowers and financial companies in Canada?

Smarter Loans allows a borrower to put in specific criteria that he or she is looking for and it does align them with the specific lender that can meet their needs. Magical Credit is a lender on Smarter Loans because as a reputable lender we do want to be associated with the top-ranking financial service hub that exists in Canada.


Looking for a personal loan? Check out some of Canada’s personal loan providers below.  

Smarter Loans

Smarter Loans is Canada's online loan directory for any type of financing. The website helps Canadians find reputable lenders & financial companies all over Canada and compare their products, rates, and terms in one place.