Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Magical Credit has been helping Canadians consumers get approved for quick and simple short term personal loans since 2014. They offer personal loans up to $20,000 regardless of the borrowers’ past financial issues or credit. It is their number one goal to provide access to the loan solutions Canadians want and need. Better yet, Magical Credit accepts a wide variety of incomes, including but not limited to:
Magical Credit specializes in working with low-income earners and bad credit consumers. If you’ve been turned down by your bank, are looking for an alternative to a payday loan, or need to quickly cover the cost of an expense, Magical Credit could be the lender for you.
If you’re looking to apply for a loan, it’s important to realize that most lenders will check your credit report and financial profile to see how easily you could afford the associated costs. The general rule is that the healthier your finances are, the easier it will be to get approved for a large loan with a low-interest rate and a decent repayment plan.
Luckily, Magical Credit specializes in bad credit loans, so qualifying with them may not be as tough as with a bank or other prime lender. Check their webpage to learn which personal and financial documents will be accepted during the application process.
Typically, here’s what you need to apply and get approved with Magical Credit:
You must also be a permanent resident of one of the following provinces or territories:
While the Magical Credit head office is located in Toronto, Ontario, their web services are available 24/7. So, if you would like to apply for one of their loan products, you just have to fill out the proper forms through their online portal.
If you complete the application honestly and end up qualifying, your loan funds will be deposited directly into your bank account. You will then repay the loan through monthly or bi-weekly installments (with interest) over a set period of 6 – 60 months. Upon its due date, each payment will be automatically debited from your account.
As mentioned, one of the best things about Magical Credit is that they offer relatively large bad credit loans with easier qualifying standards than many prime lenders in Canada. After all, a loan of up to $20,000 can help you cover plenty of different expenses and outstanding debts.
Nonetheless, it’s important to consider every benefit that a lender can offer you before you hand over any of your personal or financial information. Make sure that they are a legitimate enterprise with positive reviews and business credentials.
Here are a few other benefits that Magical Credit brings to the table:
Another essential thing to remember about any loan is that there will be other costs included in the final price, such as your interest rate and loan origination fees. Prior to applying, it’s a good idea to get a loan estimate and factor your potential payments into your budget to see if you can afford them, along with all your other daily expenses.
On their webpage, Magical Credit states that they charge:
Although loan approval won’t be too difficult to obtain, you may be offered a relatively high-interest rate, due to the risk associated with clients that have lesser financial health. However, the better your finances and credit are, the lower your rate will end up.
Depending on where you live and what your financial health looks like, Magical Credit could be the right option for you. Remember to compare the various benefits and drawbacks that accompany their services.
Pros
Cons
For FinTech Company of the Year
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Personal Loan | Up to $20,000 |
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Magical Credit fills an important lending niche. They provide short-term financing regardless of any credit issues in the past. Magical Credit’s website is very user-friendly. It’s upfront about its loans terms and provide enough info for you to make an educated decision. It’s also quite active on social media, trying to educate you to get in better financial shape.
Application simplicity
Reputation
User experience
Information and transparency
Accessibility
Great staff very helpful.
Very quick easy and friendly I’m very pleased with the service.
Great Experience, Fast, easy and received the funds within 2 hours. Thanks Natalie!
I had the best experience with Magical Credit. The staff was great. Friendly & helpful. I applied & was approved same day. Fast & Efficien... read more
Awesome company, they respond in a timely manner and very easy to fill out.
Took them 2 days to even respond and after pulling a hard check on my credit report they told me upon reviewing your credit file we are unable to appr... read more
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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