Magical Credit Blog

“Christmas payday loans” (also searched as payday Christmas loans and payday loans for Christmas) are just payday loans taken during the holidays — fast money, short timeline, and a high cost if you can’t repay in one shot. In Canada, many provinces are now aligned on a maximum cost of borrowing of $14 per $100 under the updated legal framework in effect from January 1, 2025, but even at that cap, payday loans remain one of the most expensive ways to borrow.

A consumer proposal is a formal, legally binding offer to settle unsecured debts for less than you owe, with fixed monthly payments spread across a period you can realistically afford. It’s one of the most powerful debt-relief tools available to Canadians, but it’s also a major financial decision that affects your credit, your budget, and your future borrowing options. Before committing, it's important to understand how proposals work, what they cost, and when they’re actually worth it.

You’re short on cash. It happens — a car repair, a medical bill, a stretch between paycheques. You type quick loan Canada into Google and two phrases jump out: microloans and payday loans. They sound similar, but they’re not twins. One is a steady set of steps up. The other, a fast ladder that can wobble if you’re not careful. Let’s look at how each works.

A tax refund isn’t “free money.” It’s your money coming home. That said, when a lump sum lands in your account, it’s tempting to celebrate first and think later. Let’s flip that. Give the dollars a job before they arrive, and you’ll feel the win twice — now, and in six months when a nasty surprise would’ve knocked you off balance but didn’t.

Minimum wage is the lowest hourly pay most employers are allowed to offer. Canada doesn’t use one national number — each province and territory sets its own rate. There’s also a federal rate for federally regulated jobs (banks, airlines, interprovincial transport). If both could apply, the higher one wins.

When Sarah realised she might be due a little extra support each quarter, she dug out last year’s tax return and spotted something called the GST/HST credit. “I’ve been filing on time for years — why didn’t I know about this?” she wondered. If you’re like Sarah, you’re not alone. The GST/HST credit is a simple, tax-free payment designed to help Canadians with modest incomes offset the sales tax they pay, but many miss out by overlooking it.

A personal loan is a way to borrow money for a longer period of time. It is meant for people who need a large amount of money to pay for a big or planned expense. You pay back the loan in monthly installments over a period of months or years. People often use personal loans to pay for car repairs, home improvements, dental surgery, back-to-school costs, or even to combine high-interest debt.