Magical Credit

magicalcredit

ON License 
#4741412

BC License 
#85919

 
 
 
 
 
 
 
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FAQs

Frequently Asked Questions

You can borrow up to $1,500. If you’d like to borrow more than that, visit Magicalcredit.ca
Simply fill out an Application. We’ll be informing you of every step of the way through email, text or phone. You’ll also be able to check the application status when you log in to the customer portal
A payday loan is a quick, small loan that you need to pay back in full by your next pay date
The cost of borrowing is $15.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, for instance, the cost of borrowing is $150.00. The total to payback is $1,150.00
Absolutely! We specialize in providing loans to individuals that don’t have a good credit history. We believe that everyone should have access to flexible financial solutions regardless of what happened in the past.
No. Approved or not, your credit won’t take any hits when you apply for a Magical Cash loan
We are currently lending in Ontario, British Columbia, Yukon, Nunavut and the Northwest Territories. More Provinces to come!
Whatever you desire! Seriously, there are no restrictions. We lend you the money, you can use for whatever you see fit.

Our loan requirements are very simple:
– Receive consistent income for the past 3 months (minimum of $2,000 per month).
– Be the age of majority in your province/territory (18 or 19)
– Have a SIN (excluding temporary SIN)

If you meet these requirements, we would only need to review 90 days of your bank statements to determine approval

We accept Employment (Full time, Part time and Self-Employment), Employment Insurance (EI), Child Tax Benefits, WSIB and Private Pension
As soon as the application is complete and your loan agreement signed. The funds will be deposited into your account within an hour.
“Loan Pending” message means that your loan application is currently under review; we will inform you of our approval decision shortly.
As a rule, your loan payment date is the same date when you get your next income pay.
Instant Bank Verification is the safest way to avoid fraud and get approved quickly. Your bank securely sends us your “read-only” bank statements for the past 90 days so that we can instantly approve your application.
No, we can only accept bank statements though the Instant Bank Verification. It’s safer for us and for you.

Your loan is due in full plus cost of interest on your next pay date.

An Extended Payment Plan (EPP) is when you have the option to pay your loan back in 3 equal installments over a 62-day period. Not all loans are eligible for an EPP, though. You can find the requirements below.

You qualify for an EPP when you apply for a 3rd consecutive loan with us within a 63-day period.

The simple answer is no. Although some lending companies claim to offer guaranteed approval for payday loans, there’s a good chance many of these are actually scams. If a legitimate company is making these types of claims, then there are likely caveats (such as a minimum monthly income) in the fine print.

At Magical Credit, our customers’ best interests and financial wellbeing are top priorities, which means not everyone will be accepted for one of our loans.

You will receive your funds instantly as soon as your loan agreement is signed!
We’ll need a piece of ID, 1 most recent paystub or other documents depending on the type of income you receive. We’ll also need 90 days of your bank statements, to be sent through the Instant Bank Verification (IBV)

– Valid Canadian Driver’s License
– Valid Canadian passport
– Certificate of Canadian Citizenship
– Certificate of Indian Status
– Canadian Permanent Residency Card
– Old age security Card
– Photo Health Card and Birth Certificate or Social Insurance Card
– BYID Card (LCBO) and Birth Certificate or Social Insurance Card

Service Canada is now issuing SINs in paper format (confirmation of SIN letter). Production of the plastic SIN card has stopped, however, SIN cards that are not expired and are currently in circulation can still be used.

We have a section in the Members Portal for that. Once logged in, simply click on “Upload documents” and you can do it from there.
We will be contacting you along the process, be it through email , text or phone. You can also log in to your customer portal and check the status of your loan there; any updates will be reflected there instantly
No, your loan needs to be paid by the due date on your loan agreement.
Right away! As soon as your loan is paid, you can login to your Members Portal- click on NEW LOAN, and we will get the funds right to you!
No, at the moment you can only have one active loan with the company at a time
No fees. You will only be paying us back the loan amount + $15 per $100 borrowed

We need to always keep the lines of communication open. If you are going through issues and know you won’t be able to make the payment on time, please get in touch with us as soon as possible so we can discuss any options. We’ll do our best to accommodate your needs and understand that life happens!. Please email payments@magicalcredit.ca or call us at 1-855-639-6888

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