Magical Credit Blog

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.

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.

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

Car Repair Loans: The Basics The need for car repairs tends to come when you least expect it. Read More

An Overview of Unexpected Expenses No matter how diligently we plan our finances and expenses each month, there are always going to be some expenses that we did not or cannot foresee. Read More

A credit report is a summary of all your credit activity. Your creditors (i.e., people to whom you owe money, such as banks or other lenders) report your outstanding credit balances and repayment histories to credit reporting agencies, such as Equifax or TransUnion; these credit agencies then use this information to build your credit report and assign you a credit score ranging from 300 to 900.

As people around the world welcome 2022, resolutions are made for the new year, touching on weight, diet, careers, and etc. – as well as the decision to set stronger financial goals than the year before.