Magical Credit Blog

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How to Create a Yearly Budget

A budget is used by both individuals and institutions to estimate monetary inflows and outflows over a specified period of time in the future. Read More

How to Refinance a Personal Loan

What is refinancing? In simple terms, refinancing a loan simply means to replace an existing loan with a new one, ideally with a lower interest rate. Read More

Canada Pension Plan Explained

Everyone deserves a time to get away from the hustle and bustle of office life as a salary worker, a worker in middle management or even upper management. While working is an essential part of our lives that we spend in order to keep ourselves and those precious to us fed and clothed, working is not the meaning of our lives. 

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Our loans are considered short-term loans and have up to a 6-60 month term with an interest rate ranging from 3.4%-20% per month.

Example: $1,500 borrowed for one year at 3.4% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.

NOTE: You can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.