Magical Credit Blog

It’s approaching that time of year when the Black Friday fever grips the nation. As one the most anticipated days of the year for shoppers across the country, Black Friday is a prelude to the holiday season where shoppers get a head start on Christmas shopping for gifts, and other consumer items they need for their households. In Canada alone, $4.6 billion is expected to be spent in 2021, with the Retail Council of Canada’s survey of 2500 Canadians finding that average spend is expected to be $792 per person! These numbers not only illustrate the importance of the day to retailers, but also represent potential financial risks to consumers in the absence of sound financial habits. In this article, we therefore discuss how you can buy the Black Friday items you need without taking on unsustainable financial burdens.

If you have ever applied for a loan, you are probably familiar with the term Annual Percentage Rate (APR). This number is expressed as a percentage of the total loan principal, and is the total interest charge that a loan incurs on an annualized basis. Compound interest is, however, not taken into account when discussing APR. The APR can be used to compare between different loans or credit products as it offers a standardized view of the total cost that a borrower can expect to pay over a given year.

Paying all of your debt and being free from such obligations is one of the most satisfying milestones of your life. Imagine not having to worry about payments and grinding your way to make enough money to write them off.

Nobody wants to live from paycheck to paycheck. But the reality is many people are in this situation, especially now that we are in a pandemic.

Gross profit and net profit are two important metrics used by businesses to determine a company's profitability. Profit, in its simplest form, is the remainder of the revenue generated by a business after operating costs has been deducted. It can also be thought of as a tool for determining a company's growth and development.

What is the prime rate, and how is it calculated? What impact does this factor have on mortgages and other types of loans? The answers to these and other questions can be found in the explanation provided below.

What are home renovation loans?

As the advent of COVID-19 has increasingly pushed people to work from home, more and more folks are motivated to improve the aesthetic or other aspects of their home now that they are spending most of their time in it. But home renovations don’t just have to be about making cosmetic updates, they can be strategic too. Some people might look to add a section to their home (with requisite permits of course) - this section can increase the square footage of the home and/or be used to rent to a tenant, and unlock a new income stream. Other people might pursue strategic repairs. The bottom line is that several factors can drive people to pursue home renovations. However, home renovations can often be expensive. This is where the concept of the home renovation loan comes in.

Home renovation loans come in a variety of structures. In this article, we will explore the most common types of loans, and discuss the advantages and factors to consider for each one.