• TIME IN BUSINESS: Since 2014
  • CUSTOMERS BASE: Over 10,000
  • LOANS OFFERED: Personal Loans
  • LOAN TERMS: 6 months to 5 years
  • APR RATING: 19.99% to 46.8%

Magical Credit Reviews (Features, Services, Pros & Cons in 2021)

  • TIME IN BUSINESS: Since 2014
  • CUSTOMERS BASE: Over 10,000
  • LOANS OFFERED: Personal Loans
  • LOAN TERMS: 6 months to 5 years
  • APR RATING: 19.99% to 46.8%

Best For

Low-income households


  • Bad credit not a problem
  • Fast approval
  • Loans of up to $20,000
  • Five years repay option
  • Low income threshold, eligible earnings of just $1,200 a month


  • No extensions
  • Employment requirements

What Do I Need to Know about Magical Credit?

Magical Credit has been offering unsecured personal loans to Canadians, even those with poor credit ratings, since 2014. You can use the money for anything you need, from rent to repaying many smaller debts.

Magical Credit reviews found that the company offers personal loans at a 19.99%-46.8% interest rate from $1,500 to $20,000. It’s a member of the Canadian Lenders Association and was chosen FinTech Company of the Year in 2019.

In our review, we will go over the following:

✅ The main features of the offered loans

✅ The application process

✅ Eligibility criteria

✅ Pros and cons

✅ Frequently asked questions

Personal Loans Features

With Magical Credit, your loan will depend on how much you pay monthly and less on your credit score. Nevertheless, you need to have a minimum credit score of 300 and not be in bankruptcy.

  • Depending on your salary, you will be able to take out a loan of up to $20,000 for a loan term of six months or five years. But if that suits you, you can pay it off early and without a prepayment penalty.
  • Magical credit interest rates range from 19.99% to 46.8%.
  • These are unsecured loans, so you will not need any collateral.
  • Typical approval time can be as little as 24 hours. In many cases, there is an option of instant approval.
  • Magical Credit loan reviews say typical funding time is also extremely short. So, you might get your funds in a matter of hours via direct deposit.
  • Magical Credit uses monthly, semi-monthly, and bi-weekly automatic payments. The re-authorized payment plan makes the process fast and easy as long as you have enough money in your account to cover the loan.
  • You can use Magical Credit‘s loan calculator to find out your monthly payment amounts.

Magical Credit Loan Requirements

To be eligible for a Magical Credit loan, you must be over 18 or 19, depending on the province and a Canadian resident. You also need to submit proof of employment or government-subsidized income. Disability or social assistance does not qualify.

Additionally, you should not have other outstanding loans, consumer proposals or debt consolidation with other companies or be in bankruptcy. The minimum credit score required is 300.

How To Apply for a Personal Loan with Magical Credit

Step 1:
Complete the online application. You will need to provide the following:

  • A valid Canadian ID
  • An Instant Verification of your bank statements through the app
  • Two pay stubs/a copy of the Notice of Assessment from a government subsidy
  • Proof of address in the form of a bill or another piece of official mail to your current address
  • Proof of income for the past six months
  • Proof of benefits (EI, CPP, Canada Child Benefit, pension, maternity pay)

Step 2:
Review and submit your application.

Step 3:
Receive a response from Magical Credit and negotiate the terms of your loan.

Step 4:
When you get approved, the funds will be available within 24 hours via direct deposit.

Pros & Cons


  • Bad credit not a problem
  • No need for a collateral
  • Loan mainly depends on monthly income
  • Low income threshold, eligible earnings of just $1200 a month
  • Loans of up to $20,000
  • Fast approval
  • Early yay off option
  • Five years repay option
  • Referring someone earns you a $200 bonus


  • Not available in Manitoba, Saskatchewan, or Quebec
  • Employment requirements
  • No extensions

Magical Credit Reviews in 2021: Privacy & Security Policy

Personal information collected through applications, documentation, and interactions with the company and employees will be used for collection, communication with Credit Bureaus, verifying your location, and checking on the current credit.

The company guarantees the safety of its servers. Additionally, your information given with consent at the moment of application will not be disclosed to third parties, excluding those listed in the terms of service.

Magical Credit User Reviews

What are people saying about Magical Credit?

Let’s see some of the Magical Credit reviews and complaints:

Magical Credit ratings on Trustpilot are high, at 3.8 out of 5. There are plenty of satisfied clients highlighting the speed and ease of the process of application.

In general, there are very few Magical Credit bad credit loans reviews. Quite the contrary – people are very satisfied with the customer service and representatives, their speed of response and helpfulness. Most negative reviews come from prospective clients who either did not get approved or seem to have misunderstood the policies.

Magical Credit Canada Reviews Alternatives


Fairstone, a company with a 100 year-long reputation, is a lender available in all provinces and has over 235 branches across the country. You can borrow up to $35,000, and the interest rates are competitive to other lenders’. If you’re approved, the funds are available within 24 hours.

Refresh Financial

Refresh Financial is a credit builder loan. You can take out a $1,250 – $25,000 loan with a 36-to-60-month term and a 19.99% annual percentage rate (APR) without a minimum credit score or minimum income. It’s a cash-secured personal loan, and you won’t need a co-signer. By the time you repay your loan, your credit history will look a lot better than before.

Wrap Up

A solid reputation and availability to clients with a poor credit score are most appealing about Magical Credit. Magical Credit reviews show that the application process is quick and easy, without many hurdles, and the funds are yours within 24-hours.

What’s more:

Qualifying for a short-term bad credit loan online is convenient and straightforward, and there are no penalties if you wish to pay it off early. Altogether, Magical Credit represents a solution for those ineligible for credit from their bank but reluctant to use payday loans.


What is Magical Credit?

Magical Credit is a company that offers simple personal loans to consumers with bad credit. It’s an alternative to payday loans. It is accessible to Canadians earning as little as $1,200 a month.

Is Magical Credit legit?

Magical Credit is a legit reputable lender. It is a safe option for those who want to avoid payday loans.

Does Magical Credit do credit checks?

Yes, Magical credit does a credit check and reviews your credit history. You will need to have a credit score of 300, and the company does not accept applicants with unpaid payday loans or those undergoing bankruptcy.

Is Magical Credit safe?

Magical Credit reviews show that the company is considered to be safe to use for getting short-term secured loans. What’s more, you are likely to be accepted provided you have had a job for over six months.