Business Details
12 Years
experience
Emergency
services
Trusted Bad Credit Loans in North York, ON
Founded in 2014, Magical Credit emerged as a private lender committed to supporting individuals overlooked by traditional financial institutions. Our mission centers on providing accessible lending solutions for those with poor credit histories or low-income circumstances, including recipients of government subsidies and pensions. By leveraging a proprietary online application system, we streamline the loan process while maintaining responsible lending practices. Our team prioritizes customer satisfaction through transparent communication, flexible repayment options, and 24/7 service availability. We specialize in short-term and installment loans ranging from $1,500 to $20,000, with fixed interest rates and no prepayment penalties.Our approach combines technological innovation with personalized service, ensuring applicants receive fair evaluations beyond conventional credit scoring metrics. Operating across Canada (excluding Quebec, Manitoba, Saskatchewan, and Newfoundland and Labrador), we report payments to major credit bureaus to help clients rebuild financial standing. Our industry recognition, including FinTech award nominations, reflects our dedication to transforming lending into a straightforward, client-centric experience.
Services
Bad Credit Loans
Payday Loans
Installment Loans
Government Subsidy Loans
Credit Rebuilding Loans
Details
- Year established: 2014
Highlights and features
- 24/7 lending service with instant bank verification
- No collateral required for loan approval
- Fixed interest rates with no prepayment penalties
- Accepts non-traditional income sources like government subsidies
- Reports payments to both major credit bureaus
Associations and certifications
- CLA Certified
- AB License #349796
- BC License #83626
- ON License #4741412
What people say
Fast approvals
Friendly staff
Easy process
Credit rebuilding help
Responsive service
Services
Bad Credit Loans
Our bad credit loans provide financial solutions for individuals with poor credit histories. These installment loans range from $1,500 to $20,000 with fixed interest rates between 19.99% and 35% APR. Applicants receive personalized evaluations based on income stability rather than traditional credit scores. The 12-60 month repayment terms allow flexibility while maintaining responsible lending practices. These loans help clients rebuild credit through regular payments reported to both major credit bureaus.
Government Subsidy Loans
Designed for government subsidy recipients, these loans consider income from unemployment, pensions, and child tax benefits. Available in specified Canadian provinces, they offer $1,500 to $20,000 with fixed repayment schedules. The 12-month term structure ensures manageable payments aligned with subsidy receipt cycles. This program helps low-income individuals access credit while maintaining financial responsibility through direct deposit verification.
Instant Cash Loans
Short-term cash solutions for urgent financial needs, available to residents in specific provinces. These $100-$1,500 loans carry a $14 fee per $100 borrowed with 14-day repayment terms. The streamlined process enables quick approvals and immediate fund disbursement. This service addresses emergency expenses while maintaining strict compliance with provincial lending regulations and disclosure requirements.
Credit Rebuilding Programs
Structured programs combining loan access with credit score improvement. By reporting payments to Equifax and TransUnion, clients demonstrate financial responsibility through timely repayments. The flexible payment calendar accommodates various income cycles while maintaining consistent credit bureau reporting. This service specifically targets individuals seeking to recover from past credit challenges through manageable loan terms.
Online Loan Applications
Our proprietary online platform enables complete loan processing without physical documentation. The five-minute application uses secure instant bank verification for income validation. This digital approach maintains 24/7 accessibility while ensuring data security through encrypted connections. The system provides immediate approval notifications and automated status updates throughout the loan lifecycle.
People
Mark
Co-Founder
Co-founded Magical Credit in 2014 with a vision to create accessible lending solutions for underserved communities. Brings extensive financial services experience and a commitment to responsible lending practices.
Natalie
Co-Founder
Co-founder focused on customer experience and operational innovation. Developed the company's proprietary application system that streamlines loan approvals while maintaining personalized service standards.
Questions
What loan purposes do you accept?
Clients may use funds for any purpose including bills, medical expenses, education, vehicle purchases, or debt consolidation.
How quickly can I receive funds?
Approved applicants typically receive funds within 24 hours through direct bank deposit after completing verification.
Do you require collateral?
No collateral needed for any loan products. Approvals focus on income verification rather than asset requirements.
Can I apply with government income?
Yes, we accept various government subsidies including EI, child tax benefits, and pensions as qualifying income sources.
How do payments affect credit scores?
We report all payments to Equifax and TransUnion, helping clients build positive credit history through timely repayments.
Are there prepayment penalties?
No penalties for early repayment. Clients only pay interest accrued up to their payment date on installment loans.
Videos
Reviews (5)
Alyssa Souliere
Jan 22, 2022
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Amazing company! Felt like I was drowning in bills and worried, applied to other places and got denied so many times. I came across magical in a google search and the forms were easy to fill out! They take any source of income and credit. They were fast to get back and communicate amazing! Dornett at Ext 102 was so amazing and friendly! She explained everything and answered any questions you had.
100% recommend!
100% recommend!
Christabella Garcia
Jan 20, 2022
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I have recieved a couple loans from them. They do not bother me. They remind me lightly in emails when the payment is coming up. They allow you to borrow more as you repay. They report your payments to credit bureau so it helps to rebuild credit as well. They help you fast. It did not take weeks to get the loan. It is a simple application, reference, and deposit system. I like them a lot.
Michelle Moore
Jan 19, 2022
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My experience with magical credit was awesome, fast , very friendly and courteous, and super easy to apply , upload and have everything done online. Special shoutout to Dornett for her friendliness and being awesome.
Michelle
Michelle
Henry Amaze
Jan 08, 2022
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Positive:Professionalism,Responsiveness,Value
I was pleased with how fast they were at reviewing my loan application and providing with a loan. I also want to compliment both the phone customer service and the email customer service, for both being, resposive, professional and polite.
I was pleased with how fast they were at reviewing my loan application and providing with a loan. I also want to compliment both the phone customer service and the email customer service, for both being, resposive, professional and polite.
June Walker
Jan 03, 2022
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Positive:Professionalism,Responsiveness
I had a hard time getting a loan with other lenders, but thanks to Magical Credit. They gave me a chance and now I can build my credit. Awesome place to deal with, would highly recommend them to anyone that needs a quick and easy loan, they will be the only one from now on that will get my business.
I had a hard time getting a loan with other lenders, but thanks to Magical Credit. They gave me a chance and now I can build my credit. Awesome place to deal with, would highly recommend them to anyone that needs a quick and easy loan, they will be the only one from now on that will get my business.
