Do You Qualify For A Short Term Loan?
Short Term Loans – loans provided with the intent to be repaid in under a year. They are obtained to fund short-term needs for which the borrower doesn’t have immediate cash on hand.
Magical Credit requires applicants to be employed for 6 months. We want to ensure you can make your monthly payments. You can choose between 12 and 60 month short term loans. We approve cash loans between $1,500 and $20,000 depending on your income.
Requirements For Cash Loans
Magical Credit has a very straightforward online loan application to streamline the process of qualifying for a loan. Unlike banks, which can have a laundry list of requirements for a short term loan, Magical Credit has 3 key requirements, across all provinces.
To determine if you qualify for a cash loan, please submit an online loan application:
For more information about our cash loans, read how it works, and check our FAQs. To calculate your monthly loan payment schedule, try our short-term, personal loan calculator. If you still have questions, please feel free to contact us. We typically respond to all inquiries within 1 business day.
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.
