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Magical credit loans review: what you need to know before applying

Check out how to get a quick and easy short-term loan that fits your financial needs and goals by reading this Magical credit loans review article!

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by Aline Augusto

Published on 02/26/2022

Magical credit loans: Quick and easy short-term loans!

See what the benefits of Magical credit loans are. Source: Youtube Magical Credit.
See what the benefits of Magical credit loans are. Source: Youtube Magical Credit.

When you have a bad credit history, you face many barriers when trying to get a loan for any kind of purpose. So, learn how Magical credit loans can help you with that in this review article!

While many lenders look for your credit history to make a decision about lending or not the money you need, Magical Credit looks beyond that to determine if you qualify or not.

So, if other lenders and banks in Canada don’t help you with your needs, check out how this one can offer you the best loan experience.

APRFrom 19.99% to 46.80%
LOAN PURPOSEPersonal (you can use it  for any purpose without any restrictions)
LOAN AMOUNTSUp to $20,000
CREDIT NEEDEDAll credit scores are considered
TERMSFrom 12 to 60 months
ORIGINATION FEESee the terms and conditions when applying for a loan
LATE FEESee the terms and conditions when applying for a loan
EARLY PAYOFF PENALTYNone
Pessoa usando computador com logo Magical Credit

How to apply for Magical credit loans?

Quick and easy short-term loan with Magical Credit! Check out how to apply for it and get the cash you need.

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How do the Magical credit loans work?

The process is pretty simple and fast. Basically, you qualify, submit, and get your funds right away. The application is online, and it only takes a few minutes, too.

This lender approves people with all types of credit. In fact, it bases the approval on your fixed monthly income, including people with government subsidies and pensions.

You can get loans up to $20,000 with flexible terms ranging from 12 to 60 months. Plus, the interest rate is fixed at 3.9% per month.

There are no prepayment penalty fees. But you need to read the terms and conditions when applying for a loan because there are administrative fees.

In addition, the loans can be used for any purpose without restrictions. So, you can use it to pay bills, for child care expenses, dental expenses, emergencies, divorce financing, to pay legal fees and other personal or medical needs.    

Magical credit loans benefits

Keep reading our Magical credit loans review. Source: Canva.
Keep reading our Magical credit loans review. Source: Canva.

Unlike other financial institutions in Canada, Magical Credit is a lender committed to providing loans for bad credit score people.

Also, you don’t need a traditional source of income to be able to apply and get approved for a loan at this lender.

It accepts government subsidies and pensions, such as unemployment insurance, workers comp, maternity leave, child tax credit, and others.

Although there are some administrative fees, you won’t pay prepayment penalties, and the process for qualifying and getting your fund is pretty simple and fast.

Furthermore, the loans are unsecured, so collateral for approval won’t be necessary.

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Pros

  • Magical credit loans considers all credit scores;
  • It considers low income;
  • It offers a calculator so you can estimate your loan, costs, and rates;
  • The application and funding are simple and fast;
  • It features a Referral program;
  • It provides high amounts with flexible terms.

Cons

  • There are some administrative costs and fees;
  • The interest rate might be high if you have bad financial health;
  • The service is not available in some provinces.

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What credit score do you need for Magical credit loans?

Magical Credit considers all types of credit for the application. So, you don’t need a perfect credit score to get your loan.

How to apply for Magical credit loans?

If you need money fast for any kind of purpose but don’t have a perfect credit score to apply for it, Magical Credit can help you out. Check out how to apply for it.

Pessoa usando computador com logo Magical Credit

How to apply for Magical credit loans?

Quick and easy short-term loan with Magical Credit! Check out how to apply for it and get the cash you need.

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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