Magical Credit Blog

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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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How to Choose between a Line of Credit and a Merchant Cash Advance

Businesses need capital for a variety of objectives. Growth, capital expenditures, acquisitions and working capital are just some of the many reasons that businesses will tap lenders to raise debt or other such facilities. But while there are many financing options available today, different options are suitable for different purposes. In this article, we will delve a little deeper into two such financing options: the conventional line of credit and the slightly less conventional merchant cash advance.

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Back to School Shopping: How to Save on it

In September of each year, a nationwide phenomenon sweeps the retail store landscape in a manner similar to Black Friday or Christmas. Unlike those two though, this is not a single day of frenzied shopping. It is spread out over a few weeks starting early to mid-August. The phenomenon’s name is the Back to School season.

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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.