Magical Credit Review 2026Apply Now Check if I Qualify ↓
Written and analysed by Smarter Loans Editorial Team · Reviewed by Rafael Rositsan
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Four questions checked against Magical Credit's published criteria, per product. No application started.
Magical Credit reads subsidy income the way other lenders read a salary: child tax benefit, private pensions and Employment Insurance all count toward the three month history.
Magical Credit will not lend into a current bankruptcy, consumer proposal or debt consolidation. The published rule covers programmes still in force and says nothing about how long after discharge an application can succeed.
Every accepted source, from employment to child tax benefit, has to land in the bank account you provide, because verification and repayment both run through it. Cash income with no deposit trail cannot be counted, even where the amount would qualify.
26 reviews from borrowers who used Magical Credit. Each is submitted by a verified borrower and moderated for authenticity; it renders as written, positive or not, and lenders cannot remove it.
Magical Credit is a breeze to use. Approval is fast and money is disbursed within 2 business days. I loved the kind of service I received from them. And I will surely recommend them to all my friends.
I absolutely loved how fast it was to get approved for a loan and how kind, awesome, and efficient Ms. Dornett was. She made me feel comfortable and explained everything in detail. She also told me that I can call her back anytime if I had any questions in the future. I would definitely recommend them.
Fast, easy and so helpful! Thanks for giving me a loan even though i get disability and government assistance. It was an emergency!
Thank you for helping me when no one else would!
Magical credit has helped me get a loan when all the banks turned me down! Thank you so much!
Magical Credit is a great lender. I highly recommend using them.
The customer service team was extremely helpful and I got my loan within hours!
I have received multiple loans from Magical Credit in the last couple of years and they have been absolutely great to deal with! As a matter of fact I just won an amazing contest where they pay one of your bills (max $500CAD) which couldn't have happened at a better time for me as I'm currently a stay at home mom with 2 toddlers. I highly recommend Magical Credit! You guys ROCK!
Thanks so much for helping where everyone else couldn't Your loan helped me get back on track.
Just started a new job but needed a little extra cash to get some new business attire. Magical credit made it simple and easy to get a short term loan.
Showing 10 of 26 reviews.
Magical Credit is a provider of personal instalment loans in Canada and is based in Toronto. They offer short term loans from $300 to $20,000, including instalment loans and payday loans.
Magical Credit is a reputable lender that has helped over 10,000 Canadians with personal loans since 2014, when they first launched. They are headquartered in Toronto, Ontario. Magical Credit is a member of the Canadian Lenders Association and in 2019 received the Top 25 Companies in Lending award by the CLA.
100% they are - Magical Credit is a member of the Canadian Lenders Association and in 2019 received the Top 25 Companies in Lending award by the CLA.
Magical Credit offers personal instalment loans in Canada, with one of their specialties being Child Tax Benefit loans. This means that people receiving the Child Tax Benefit in Canada can get approved for a loan from Magical Credit.
Magical Credit loans are between $1,500 and $20,000.
Interest rates on Magical Credit loans range between 19.99% and 46.8% for personal instalment loans.
Terms on Magical Credit loans are between 12 and 60 months for instalment loans and up to 2 months for payday loans
To qualify for a Magical Credit loan, you must be over 18, have a valid bank account with direct deposit from your employer or subsidy, and a valid Canadian ID. You cannot be under a current bankruptcy, consumer proposal, or debt management program.
Yes, you can apply anytime using their online application form.
If approved, you can get a loan deposited into your bank account in less than 24 hours.
The loan proceeds are usually deposited directly into your bank account.
Magical Credit loans are repaid through monthly, semi-monthly or bi-weekly payments from your bank account.
Magical Credit services all of Canada with the exception of Quebec, Manitoba and Saskatchewan.
You can contact Magical Credit via phone, email, or social media. You can also explore their extensive educational resources and blog for frequently asked questions.
You can apply for a Magical Credit loan online, 24/7. However their call centre hours are Monday to Friday, 8AM to 5PM EST.
