Magical Credit – Personal Loan
Magical Credit gives installment loans to Canadians with non-traditional income, including government benefits, pension, and disability.
Installment loan capped at the 35% federal criminal interest rate. Borrow responsibly.
Magical Credit is a Canadian installment lender that specializes in serving borrowers with non-traditional or alternative income. Unlike most banks, it accepts a wide range of income sources, including ODSP and other disability benefits, CPP and pension income, child tax benefits, Employment Insurance, and self-employment earnings. Loan amounts range from $1,500 to $20,000 with repayment terms from 12 to 60 months, repaid in fixed monthly installments.
Because Magical Credit lends to higher-risk applicants, its rates are higher than a major bank but remain within the federal 35% APR cap that applies to installment loans. The application is online and decisions are typically made within one to two business days, with funds deposited by direct deposit or e-Transfer. Magical Credit reports payments to the credit bureaus, so consistent on-time payments can help borrowers rebuild their credit over the life of the loan.
✓ Pros
- Built for non-traditional income
- Larger amounts up to $20,000
- Helps rebuild credit
- Predictable fixed payments
✗ Cons
- Higher APR than a bank
- Not for same-day micro-loans
- Income minimums apply
- Longer commitment (up to 5 years)
Loan Example
Borrow $5,000 over 36 months at ~31.9% APR ≈ $214/month, total repayment ≈ $7,700.
Eligibility Requirements
- ✓ Canadian resident, age 18+
- ✓ Provable regular income (incl. benefits)
- ✓ Active bank account
- ✓ Minimum monthly income threshold
Loan Features
- Accepts government benefits & pension income
- ODSP and disability income considered
- Reports to credit bureaus
- Fixed monthly installments
Frequently Asked Questions
24-48 hours after submitting your application.
The minimum amount at Magical Credit is $1,500 CAD.