Key facts about Magical Credit
- Loan type
- Payday loan
- Cost per $100 borrowed
- $14
- Repay on a $500 loan
- $570
- Rate / cost disclosure
- $14 per $100 borrowed; about 365% as an annual rate on a 14-day loan
- Maximum loan amount
- $1,500
- Typical loan term
- 14 to 62 days
- How to apply
- Online
- Service type
- Online
- Provinces served
- Ontario
- Head office / service area
- Toronto, Ontario
Is Magical Credit licensed?
We have not yet confirmed a licence number for this lender. Check your provincial registry before applying.
Registries change daily. Confirm the licence yourself before you borrow.
What stands out
- Considers non-employment income
- Online application
- Terms from 14 to 62 days
What to watch
- Short-term product listed for Ontario only
- Maximum legal cost
- Licence number not confirmed by us yet
Who is Magical Credit?
Magical Credit is a Toronto lender that works online. In Ontario its short-term “cash loan” runs from $100 to $1,500 over 14 to 62 days at the payday maximum. The company is known for considering applicants whose income comes from government benefits or pensions.
Who is Magical Credit suited to?
One to consider in Ontario if your income is not from employment. Confirm the Ontario licence on the provincial registry before you apply; we have not yet done that check ourselves.
Can you cancel?
Provincial law gives you a short cooling-off period to cancel a payday loan at no cost — two business days in Ontario, British Columbia and Alberta.
What if a payment fails?
A returned payment can trigger a one-time lender fee, and your bank may add its own NSF charge. Check the agreement for the exact amounts.
Sources
Editorial review completed November 14, 2026. Ratings are our opinion, not customer reviews — see the Editorial Policy.