Magical Credit Blog

Subscribe and get the latest news, promotions and updates from Magical Credit.

How to Properly Budget for Big Expenses

If you have regularly created budgets for your monthly expenses in the past, chances are that you have needed to add some large expenses from time to time that are over and above your regular expenses such as your rent, food, transportation costs, etc. Maybe your car broke down and needed urgent repairs to get back on the road. Or maybe you are planning for your upcoming wedding. Whatever the case may be, these expenses can often compromise your best-laid plans, and prevent you from meeting your savings and investment goals. However, it doesn’t need to end that way!

Read More

What Banks Look for When Reviewing a Loan Application

If you have worked with a bank to obtain a loan for personal or business purposes, you have likely seen that the process to do so is rigorous and comprehensive. At their core, banks are for-profit enterprises which means that they have fiduciary duties to prudently manage their shareholders’ capital and only lend to people and businesses that meet certain risk criteria. Each bank has its own criteria and requirements for lending that prospective borrowers have to abide by to receive a loan or any other debt product. However, there are certain common items that every bank evaluates in order to make a lending decision.

Read More

What can $1,500, $5,000, $10,000, and $20,000 Personal Loans Do for You?

Most common types of personal loans

Unexpected circumstances happen all the time in life. Things like emergency car repairs, health issues, and other non-budgeted expenses can come seemingly out of nowhere and squeeze the monthly financial budget that you worked so hard to maintain. At times, these expenses can rack up fairly quickly and go beyond the amount you can reasonably afford to spend at a given time all at once. For these reasons, a loan that is priced at a fair rate can be an option to bridge your short-term financial needs without having to eat into your other necessary expenditures such as rent, food, gas, etc.

Read More

Guaranteed Approval for a Personal Loan – Are They Really Guaranteed?

With the rise of online lending, the notion of ‘guaranteed loan approvals’ has become more and more common both as a marketing tactic, and unfortunately, in many cases as a scam. As a standalone concept, ‘guaranteed approvals’ sound great, particularly for borrowers who may not have the credit history or score required by conventional lenders such as banks.

However, most credible personal loan lenders (conventional or alternative) will likely not advertise guaranteed approval for the simple reason that loans come with specific risks to both the lender and the borrower. Before providing approval, a legitimate lender will ensure that they conduct the right checks and due diligence to protect their own capital, but also prevent borrowers from taking on financial burdens they may not be equipped to take on.

Read More

How do you get an Education Loan?

What is the purpose of an education loan? If you are currently working at a job and want to take the next step in your career, a common way to do so is by going back to school to acquire additional knowledge and skills. Read More

Our loans are considered short-term loans and have a 12-60 month term with a fixed interest rate of 3.9% per month.

Example: $1,500 borrowed for one year at 3.9% 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.