Magical Credit
Magical Credit is a Canadian online lender specializing in personal and payday loans for individuals with non-traditional income sources or poor credit. They offer flexible loan options up to $20,000 with fixed monthly rates and no early repayment penalties, aiming to provide accessible financial solutions.
Expert Review
Best For
This lender is ideal for Canadians with poor credit or non-traditional income sources needing quick access to personal or payday loans.
Our Take
Magical Credit stands out as a flexible lender catering to individuals often overlooked by traditional banks, including those with poor credit or non-traditional income. Their commitment to looking beyond credit scores and offering transparent terms, like no early repayment penalties, makes them a strong option in the alternative lending space. Being a member of the Canadian Lenders Association further solidifies their credibility.
What We Like
- Accepts various government subsidies and non-traditional income
- No penalties for early loan repayment
- Fast funding, often same-day
- Considers eligibility beyond just credit score
- Member of the Canadian Lenders Association
Where to Improve
- Interest rates can be high, especially for payday loans
- Not available in all Canadian provinces
- Minimum income requirement for payday loans is relatively high
Verdict
Magical Credit is a legitimate and valuable resource for Canadians facing financial challenges or unconventional income situations. While rates can be a consideration, their inclusive eligibility criteria and quick funding make them a practical solution for short-term financial needs.
Brand Signals & Trust
Years in Business
12+
Geographic Reach
7 provinces
Product Diversity
2 products
Customers Served
Over 10,000
Trust Badges
Bad Credit OK, Same-Day Funding
Products Offered
Personal Instalment Loan
Amount Range
$1,500 - $20,000
Interest Rate
19.99% - 46.8%
Term
12 - 60 Months
Funding Speed
Same day
Eligibility
- 18 or over
- Valid bank account with direct deposit from employment or subsidy
- Valid Canadian ID
- Not currently under bankruptcy, consumer proposal or debt consolidation
Payday Loans
Amount Range
$300 - $1,499
Interest Rate
Varies
Term
Up to 2 Months
Funding Speed
Same day, 20 minutes after approval
Eligibility
- Canadian Citizen or permanent resident of Ontario or British Columbia
- 18 years old and over
- Active Bank account in your name with a minimum of 90 day transactions
- Income must be deposited into your account provided
- 3 months minimum income (Employment, Self-Employment, Child Tax Benefit, Unemployment, Private Pension)
- Earn at least $2000 /month
Google Reviews
702 Google reviews
Monday: Open 24 hours
Tuesday: Open 24 hours
Wednesday: Open 24 hours
+4 more days
Photos
I would like to share my appreciation for the excellent customer service provided by Magical Credit. The team has always been very helpful, professional, and supportive whenever I needed assistance. They take the time to listen and make sure everything is handled properly, which I truly value. Their staff is friendly, respectful, and always willing to help, making the entire experience smooth and stress-free. It’s clear that customer satisfaction is important to them, and it really shows in the way they treat their clients. Thank you for the outstanding service — I highly recommend Magical Credit to anyone looking for a reliable and professional company. ⭐⭐⭐⭐⭐
Costumer service is excellent . Right after I apply, got reply in my email and text message, only took seconds for the reply and approval, note: just be sure to complete tthe IBV and send govt ID and a paystub for the first application. When I signed the contract, just few minutes, the fund is in my bank account. Now I have been in my 3rd application, and there is a payment plan-3 installments. A big help for me. No additional fees. No hidden fees. Magical Credit is a good company🥰
I've posted here before but wanted to express again how wonderful Magic Credit has been for me. I've used them many times now and been super happy with the process. Magic Credit is a quick and easy way to help in my financial situation. I received my money in less than an hour after approval. I highly recommend Magic Credit to anyone who needs a little help before or after payday. I continue to use them because I feel Magic Credit is an amazing company. I do not work for this company, I just have great trust in them when I need the help. Thanks Magic Credit:)
Excellent service! They were very helpful, professional, and quick to respond. What I appreciate most is how reliable they are in times of emergency—you can really count on them when you need financial support. The process was clear, and they were flexible in adjusting my payment schedule. Truly convenient and available when you need them. Highly recommended!
I had such a smooth and stress-free experience with Magical Credit! The application process was quick, straightforward, and I got my approval faster than expected. Their customer service team was friendly, supportive, and always willing to answer my questions. I really appreciate how transparent they are with their terms—no confusion, no hidden surprises. Magical Credit truly helped me when I needed it most, and I’m grateful for their professionalism and reliability. Highly recommend to anyone looking for a trustworthy lending company!
How Magical Credit Compares
Quick Eligibility Check
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