Magical Credit Blog

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Denied a Personal Loan? Tips to Get Approved Next Time!

We all know the feeling of rejection. You’re ready to put your life on the line, you decide to face the challenge presented to you head-on. You may have honest intentions and you may in fact be the perfect person for that challenge. Yet still, you are rejected. Whether we’re discussing high school romance or your financial solvency, the game remains very much the same. A bank or alternative lending institution might have missed a great opportunity by rejecting you yet only you are aware of that.

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Personal Loan vs. Personal Line of Credit

Having a failsafe that you can rely on in your time of need is now more important than ever. Whether your pay has been cut by your employer because of the fallout from COVID-19, your hours reduced or even eliminated or perhaps some emergency has taken place in which you need the extra cash. If, for instance, one of your family members was in need of a medical service or operation that is not covered by OHIP or for any other reason, there needs to be something you can turn to.

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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

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.