Urgent needs for money are extremely common and nothing to be ashamed of, even if they do require some active intervention to resolve. Unfortunately, they may sometimes arise at a time in your life when you might not qualify for most types of loans you would otherwise be able to get. They aren’t a perfect solution, but Magical Credit loans are available to help you out of your predicament.
Understanding What You Can Get
Magical Credit isn’t specifically an affordable lender, but their fees are still sometimes more reasonable than you might expect. Their loans boast an APR between 19.99% and 46.8% – a wide range, to be sure, but lower on the lowest end than many of the other lenders like this will charge you. There is an extra fee associated with taking out each loan, but it’s small and impossible to name in a review like this. It varies depending on the size of the loan and cannot be easily predicted until you’ve received your offer. Just be prepared to see a modest extra charge incorporated into your monthly payments and read your loan agreement papers carefully to be certain you know what that will be.
They also allow you to borrow fairly large sums of money and give you a generous window of time in which to pay it back. You can borrow up to $20,000 if you have a healthy level income to support the payments you will need to make, and whatever the amount you ultimately settle on, you’ll have somewhere between 6 to 60 months to come up with the money to pay the lender back. You will usually only be offered the longer terms with larger total borrowed amounts, but individual cases may vary in this respect. Either way, you should have plenty of time to stretch out your payments if you need to and pay less each month as you go.
A Quick, Easy Process To Go Through
This lender has been around for a few years now (they were first established in 2014), and during that time they’ve worked at perfecting the art of delivering excellent loan service to their clients. Part of the ethos that drives the creators of Magical Credit is a desire to make it easier for all Canadians to borrow money when they want, where they want – essentially, on their own terms rather than those of the bank. To do this, they’ve not only instituted the type of fast online application that is common now, but have also streamlined the verification process to happen entirely online. Through the use of a secure system that completely safeguards your bank information, Magical Credit uses this technology to access a read-only copy of the past 90 days of your bank statements. This allows them to check and see whether the information you’ve reported about your income is correct, as well as how heavy your current load of expenses really is.
It is virtually 100% safe to do this and reduces the often-long verification waiting period to just a few hours, allowing you to get your loan money much faster – usually in under 24 hours. Magical Credit assures their customers that no one at their company will have access to their bank account or banking information through this process and that they take extreme security precautions to ensure that this claim holds up. If you still have concerns about this aspect of applying with them, you can contact them via email at any time to discuss the specifics further and set your mind at ease. You can also call them on the phone during standard business hours to speak to a representative about any questions you might have about their loans or their application processes.
A Lack of Barriers Makes All the Difference
Everything we’ve covered above is great, but it’s nothing you couldn’t find with many other lenders like this in Canada. One thing that Magical Credit has that those others don’t, though, is an open mind regarding accepting applications from people who receive their income in various different ways. They have written right on their website that they happily serve people with all kinds of income, including income that was not earned as wages from a job. This means that even if you are surviving on something like social assistance or a pension, these loans might still be able to help you out. This is not a common concession made by lenders and the fact that Magical Credit does this sets them apart from the many others that are otherwise very similar to them. If you live off of a non-traditional income source and need money, this lender should be one of the first options you check out.
Another great thing about these loans is that most people will be able to access them with no issues regardless of where they live as well. Magical Credit is more spread-out than many lenders, as even those who operate solely online tend to restrict their areas of service a bit. In contrast, this lender serves every province aside from the prairie ones out west (Alberta, Manitoba and Saskatchewan) as well as Quebec. If you live anywhere else in this country, these loans are a viable option for you. You do need to have a valid Canadian bank account ready to receive the deposit, though, so make sure this is in order before you apply.
Is Magical Credit a Good Choice?
Although Magical Credit loans aren’t anything groundbreakingly innovative, they do just enough differently from their peers to give themselves a niche in the market. They’re hardly inexpensive, but there are worse deals you could be getting, too. Their main edge is their willingness to accept alternate forms of income as payment and the high level of convenience they offer. Anyone who knows they have a hard time getting approved for loans like this because they don’t fit into the usual income requirements boxes at other lenders will be happy to know there is a lender like Magical Credit out there ready to serve them.
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