Magical Credit Reviews | How to Apply For a Magical Credit Loan

Do you have poor credit? or low income? Many lenders do not give a loan if you have either of them. so either you have to go to a bank or to get money from friends and family. In case you did not get a loan from your friends, the only option is Bank but due to tedious paperwork, it takes longer than usual. The good thing is that now we have various platforms which can give you loans easily. today we will discuss Magical Credit Reviews | How to Apply For a Magical Credit Loan

In this changing world, everything is changing very fast from basic to advanced. even the loan process has changed drastically. you can get the loan at the comfort of your home.

Loan App NameMagical Credit
Loan Amount$1500 to $20000
Loan Tenure12 months to 60 months
Interest Rate19.9% p.a. to 46.80% p.a.

Lenders are ready to provide loans even you have poor credit and low income. Magical Credit is one of them.

Let’s explore more about the Magical Credit…

Who is Magical Credit?

If I describe it in very short, I can say It can create magic for the person who needs a loan urgently.

It was started in the year 2014 with the aim to provide loans to everyone irrespective of credit and income.

It has a very huge loan portfolio that it offers like Bad credit loans, Bankruptcy loans, Personal loans, Bill Payment loans, Short term loans, Dental loans, Cash loans, Divorce loans, Child Tax Benefit Loans, Legal loans, Emergency loans, Medical loans, Unemployment Loans, Installment loans, Unsecured loans, Fast loans.

Magical Credit provides loans to Alberta, British Columbia, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Yukon, New Brunswick, Newfoundland & Labrador provinces in Canada.

Magical Credit Features

  • It offers personal loans from $1500 to $20000.
  • Loan Payment term is quite flexible and its between 12 months to 60 months.
  • Get your loan approved within 5 minutes, and get your cash within 24 hours from loan approval.
  • Interest rates starts from 19.9% to 46.80 % depending on your credit history.
  • Magical Credit loan application process is fast & secure.
  • It provides a great level of security by protecting your data.
  • Refer a friend who applies for a loan and you get a $200 bonus.

Magical Credit Personal Loans Requirements and Eligibility Criteria

You must fulfill the below criteria to get the loan from Magical Credit.

  • You must be a permanent Canadian Resident.
  • You must be 18+ years of age.
  • Have a bank account in Canada where your income is directly deposited.
  • Monthly minimum income should be $1200.
  • You must have steady source of income for at least 6 months.
  • Social Insurance Number (SIN).
  • You should not default any loan earlier. your loan application will be rejected if you have failed to repay a previous cash loan or payday loan.

Magical Credit Personal Loans Required Documents

  • Past 90 days bank statement which must have your name and last four digits of your account number on it.
  • A Valid government ID proof like Canadian Driver’s License, passport, Certificate of Canadian Citizenship, Canadian Permanent Residency Card etc.
  • Proof of Income i.e 2 recent paystubs, 1 recent bill to your current address.

How to Apply For a Magical Credit Loan

  • Visit the official website of Magical Credit and choose your desired loan amount and repayment timeline into the calculator on this page.
  • On the new screen enter the details like your name, SIN Number, Email, phone number, address, enter your user name and password to create your account. click on the Continue button.
  • Once your account is created successfully ,you will also be asked to provide proof of income and direct deposit status.
  • The application takes only a few minutes, once you have finished everything from your side, Magical Credit will update your status within one business day.
  • If you have been approved, you can expect your money to be deposited into your account immediately or with 24 hours in case of any delay by the bank.

How Does a Magical Credit Personal Loan Work?

  • Apply: Complete the installment loan application process with the relevant documents as mentioned above.
  • Lending Decision: Once the application process is completed Magical Credit will process your application and provide you a lending decision within 24 hours.
  • Sign Documents: If your loan amount is approved, review it and sign your loan agreements.
  • Get Cash: After signing the loan agreements, you will receive cash directly to your bank account.
  • Repay Loan Over Time: Depending upon the repayment terms your repayment scheduled will be determined, and your loan principal and interest will be scheduled for payments in installments over time between 12 to 60 months.

How to Repay the Magical Credit Personal Loan?

It provides an easy way to repay your loan. The account which you link at the time of loan application process, from the same account money will be deducted automatically on the due date.

You do not have to visit anywhere and also you won’t be able to miss any payments. Make sure you have a sufficient amount in your account before the due date.

You have bi-weekly, Semi-monthly, or monthly re-payment options. You can fully repay the loan at any time without paying any extra fees. You will only pay interest up to the date you pay it off.

Magical Credit Personal Loan Interest Rate

Magical Credit loans are considered short-term loans and have a term of 12 months to 60 months with a fixed interest rate of 3.9% per month (APR 19.99% – 46.80%).

For Example, $1500 borrowed for one year at 3.9% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2388.54.

It charges around $200 of administrative fees for a loan with a 1-year term.

Is Magical Credit Safe and Legit?

As Magical Credit has your personal information you must be thinking about its privacy and secrecy which is quite genuine.

To make you assure the website and application systems are designed with a focus on security and privacy.

Magical Credit uses 128-bit encryption to secure the data same as the bank and VeriSign provides us with the highest level of site security, monitoring, and verifying our website.

Your Username and passwords are never displayed, viewed, or stored in the Magical Credit Database.

It is also a member of the Canadian Lender Association which make it one of the genuine lender company.

Pros & Cons of Magical Credit Personal Loan

A larger amount is available up to $20000.Interest is high as compared to the banks.
you will get a loan if you earn even $1200 per month.Failure to pay your debt on time will impact your future credit with Magical Credit and other lenders.
Collateral is not required.The loan term can not be extended.
A bad credit loan is also available.Services are not available in Manitoba, Quebec, or Saskatchewan province.
You have enough term to pay the loan i.e up to 5 years.
No Charge on early payment.

Magical Credit Customer Care Contact Details

Magical Credit Phone Number = 1-844-521-2088, 647-946-9767

Magical Credit Hours Of Operation:

It is available online 24/7.

Monday- 8am-5pm EST
Tuesday- 8am-5pm EST
Wednesday- 8 am-5 pm EST
Thursday- 8 am-5 pm EST
Friday- 8am-5pm EST
Saturday- Closed
Sunday- Closed

Holiday hours may vary.

Magical Credit Registered Mailing Address:

Magical Credit
970 Lawrence Ave W #402,
North York ON
M6A 3B6, Canada


In this article, we have learned about Magical Credit Reviews | How to Apply For a Magical Credit Loan.

It will be a good idea to get the loan if you have an excellent credit score as you will get less interest rate but if you have a poor score your interest rate will be either.

Before deciding to take a loan from Magical Credit make sure you check the lender rates carefully, calculate all the charges, and then if it fits in your budget you can opt for a loan otherwise it will simply ruin your finances goal.

Read Also


1: What is the interest rate of Magical Credit?

Magical Credit loans have an interest rate of 3.9% per month (APR 19.99% – 46.8%).

2: What is a magical credit phone number?

1-844-521-2088, 647-946-9767

3: Is Magical Credit a Bank?

No. Magical Credit is not a Bank but it is a private lender for bad credit and low-income households. It is not associated with any banks or financial institutions.

4: How long do I will get to pay back my loan?

Magical Credit offers short-term loans with a repayment term of 12-60 months.

5: How the Magical credit funds will be transferred to my account?

The banking details you have entered during the loan application process, funds will be directly deposited into that bank account.

6: How much money can I borrow through a Magical Credit personal loan?

Magical Credit provides you with a loan between $1500 to $20000.

7: When I will get the money to my bank account?

Magical Credit will offer the money on the same day as soon as your application has been approved and signed off on.

Leave a comment