How fast can I get approved for a personal loan in Toronto?

The time it takes to get approved for a personal loan in Toronto varies depending on the lender and the individual's circumstances. Some online lenders may be able to approve a loan and transfer the funds within a day, while for others it may take up to a week or even more. It is also important to note that the application process may take longer if the lender requires additional documentation or if the individual's credit history needs to be verified. With Magical Credit, personal loan lender in Toronto the approval process take about 24 hours.

What credit score is needed for a personal loan in Canada?

The credit score required for a personal loan in Canada can vary depending on the lender and the specific loan product. However, a credit score of 600 or higher is considered rather good and may be required for some personal loans. However, some lenders may accept lower credit scores, and some may have higher requirements. It's best to check with specific lenders for their credit score requirements for personal loans. At Magical Credit we are reaching out to Equifax to get information about your current credit score as well as about the credit history.

How much personal loan can I get in Toronto?

The amount of personal loan you can get in Toronto depends on factors such as your credit score, income, and debt-to-income ratio. Most lenders in Canada will offer personal loans up to $35,000 while Magical Credit provides $20,000 max. Some lenders may also offer secured personal loans, which allow you to borrow more money by using an asset such as a car or home as collateral. It always helps to get in touch with specific lenders to get to know their loan amounts and requirements.

Can a personal loan hurt your credit?

Yes, it can hurt your credit but only in case you are making late payments or default on the loan. Late payments are reported to the credit bureaus and can negatively impact your credit score. Defaulting on a loan can have even more severe consequences, such as the lender reporting the default to the credit bureaus, which can damage your credit score significantly. At the same time if you are making all your payments on time and and manage all your debts responsibly, borrowing a personal loan can actually be even beneficial for your credit score and overall your credit history.

Toronto Personal Loans.

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Brand: Magical Credit
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Rating: 5 (209 reviews)

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We Give You the Credit You Deserve

When looking for a company you can trust to offer you the personal loans you need, Magical Credit is the best choice. We bring you personal loans, regardless of your past credit history.

Households across Toronto can rely on Magical Credit to bring them the personal loans right for them, whether they provide government subsidies of maternity leave, pensions, child tax credit, or more. From bad credit loans to personal loans, choose Magical Credit.

The Magical Credit Guarantee

Fixed Personal Loan Rates, Terms, and Interest

Our surprise-free personal loan options offer you monthly payments at an interest rate of 3.9% per month, with terms ranging from 12 to 60 months.

Quick and Easy Access to Your Funds

With Magical Credit, you can expect access to your funds in as little time as one business day after approval, with no added steps or fees.

Pay Off Your Loan as Quickly as You Want

We don’t impose any prepayment fees or penalties on your payments, allowing you to pay off your loan as quickly as you need.

24/7 Online Services

With our 24/7 online services and directory, keep track of your loans and finances anytime, anywhere

Qualify for a Short-Term Personal Loan Online

For Toronto residents, applying for a personal loan is fast and easy with Magical Credit. Our quick approvals and even quicker application process makes securing cash loans as easy as possible, with short-term loans available in just one business day, deposited directly into your bank account.

Why Magical Credit Loans?

Canada’s Personal Loan Leader

With Magical Credit, start building a better future with your new personal loan.

Easy Online Loan Application

With our quick and easy application process, save valuable time out of your day by trusting us to handle the details. Just fill in some basic information and we’ll take care of the rest.

Super-Fast Loan Approval

We approve your personal loan in as short a time as possible, with your funds deposited to your bank as soon as 24 hours after application.

Responsible Lending

For us to make sure securing your loan will be smooth and easy, we first must decide whether or not we can approve your application. Once you’ve been approved, you can rest easy that we really do believe in your ability to make good on your commitment.

We Make Repayment Simple

Our reliable system helps you guarantee that staying on top of your repayment schedule will be simple and surprise-free, with no hidden rules.

Your Privacy Matters

Our online services help you be sure all your private information stays 100% secure and between us.

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customers

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customers would recommend to their friends

100%

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How Our Personal Loans Work

Our team at Magical Credit offers a simple and streamlined approach to lending, with our easy repayment calendar at your convenience to start off your loan process. All you need to do is enter what you want to borrow and your repayment term, and if the terms are low enough for you, applying online through any computer or mobile device will be a smooth process.

All we need is 24 hours to evaluate your income and credit history and get back to you on your approval status for your personal loan.

Once you’ve been approved, get your cash almost instantly, and be ready to consult our simple repayment calendar to start making your payments.

Our Toronto Personal Loans Open Up Possibilities

All it takes is a small personal loan to open the door to a brighter future.

Handle unexpected expenses: Be they medical emergencies or failing equipment, disasters of all kinds are impossible to predict. That’s why, with your personal loan, you’ll have the cash you need on hand to handle any problem.
Boost your credit rating (or consolidate your debt): Proving you can repay your loans is the best way to boost your credit rating. Get started today with our easy repayment calendar.
Upgrade your education: Learn a new skill with a college course, or master a trade, with your new personal loan to become a more appealing candidate for employers.
Buy a car (or repair the one you’ve got): It can be hard to hold onto work without access to a good car. You can use your new personal loan to help you put a down payment on a new car.
Fund a renovation project.
Take a vacation.

Where the Magic Happens

Although our head office is located in the GTA, we provide bad credit loans almost everywhere in Canada! If you live in one of the following provinces and territories, then get ready to learn why Magical Credit is the Canadian bad credit loan leader:

Ontario
Alberta
British Columbia

New Brunswick
Newfoundland
Nova Scotia

Nunavut
Prince Edward Island
Yukon

Applying for Your Loan Has Never Been Easier

Get Your Information Ready

Before applying for your personal loan, make sure you have all your documents ready, including your income, employment history, and Social Insurance Number.

Go Through Our Application Process

Once you’ve got your info, all you need to do is enter the amount you want to borrow and the repayment term you’re looking for through our online application.

Instant Access to Your Funds with Ease

At Magical Credit, all we need is 24 hours – or less – to review your application before getting back to you with your approval status and instant access to your funds.

We Lend Responsibly in Toronto

As Canadian lenders and specialists in personal loans, we care about making your finances easy to manage. We are in strict compliance with all of Canada’s federal and provincial lending regulations, and are committed to making sure each loan we approve is offered to someone who will be able to meet their repayment obligations.

Magical Credit Personal Loan Provider in Toronto is here to help you make your process as easy as possible.

About Toronto

With a population of nearly 2.8 million residents, Toronto is the largest and most urban city of Ontario, with access to hundreds of different services, attractions, and city centres. It is the capital city of Ontario and the most populated city in Canada, beating out many cities in the U.S. as well as the 4th most populated city in North America. It is the center of the Greater Toronto Area, which has a total combined population of over 6.7 million residents.

Toronto is home to one of the most diverse populations in Canada, and has an extensive cultural and historical background among its residents, with over half the population belonging to a variety of multicultural groups. The city houses many major cultural institutions and skyscrapers, including the CN Tower. It is home to the Toronto Stock Exchange, the headquarters of the city’s five largest banks.

From major industries to specialty services, Toronto residents need access to quick loans and financial security from lenders they can trust to support them and their needs. Throughout all of Toronto, there are a variety of major branches of banks, such as TD Canada Trust, RBC Royal Bank, and Meridian Credit Union, as well as locations for others, including BMO Bank of Montreal. Magical Credit is here to offer Toronto residents the financial security and services they need.

Lending Money 7 Days / Week in Toronto, ON

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Denied a Personal Loan? Tips to Get Approved Next Time!

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How to Refinance a Personal Loan

In simple terms, refinancing a loan simply means to replace an existing loan with a new one, ideally with a lower interest rate. A personal loan (also called a consumer loan) is any debt taken out by an individual from a lender such as a bank for personal, non-business purposes.

How to Qualify for a Personal Loan - Step by Step Guide 2019

Applying for an unsecured personal loan can be a complicated process - especially if you have less than perfect credit. Our simple guide walks you through the process of qualifying for a personal loan step by step.

What Are the 3 Main Components of a Personal Loan?

If you find yourself in need of cash, there are always a number of sources you can tap into. You can ask your friends or family, or you can potentially put the expense on your credit card if you are confident in your ability to repay it soon – or, you can get a loan from the bank.

5 Factors Keeping You from Getting a Personal Loan

Personal loans are debt resolution solutions offered by lenders to individual consumers. Unlike a mortgage or auto loan, these loans do not have to be used solely for a specific, defined purpose. Once you are approved, you have discretion over how you utilize the funds.

Top Major Purchases That Might Require a Personal Loan

Throughout our lives, there are a number of things we encounter that can require financing, such as purchasing a home, car, and/or education. For these, we have specialized personal loans, such as mortgages, auto loans, and student loans, respectively. However, there are other reasons for which borrowers may require a personal loan.

Personal Loan vs. Personal Line of Credit

Having a failsafe that you can rely on in your time of need is now more important than ever. Whether your pay has been cut by your employer because of the fallout from COVID-19, your hours reduced or even eliminated or perhaps some emergency has taken place in which you need the extra cash.

Disclosures:

Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so you can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.

Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412 . BC License#85919.

The Loan must be paid in full by the end of term, no extensions or exceptions, no automatic renewals. Failure to pay your debt on time will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.