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In today’s world, it’s hard to get by without taking out a loan every now and then. Whether it’s for a credit card, an automobile loan or a mortgage, our modern lives demand access to easy credit. On the other hand, credit is a double-edged sword in more ways than one. While enabling us to purchase far more than we could before, it has also opened up more pathways to insolvency for many struggling with the financial burden.
Read MoreBorrowing money isn’t always the easiest decision. Many lenders offer large lump sums available for withdrawal which are quickly followed by large interest rates and fees if you prematurely pay off your loan. According to Statistics Canada, the household debt ratio to disposable income across the nation has risen to 170.7% as of the third quarter of 2020. Increasing costs of living have made this trend inevitable with the pandemic dealing a huge blow to Canadians in both their livelihoods and job security.
Read MoreWe 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.
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.
Read MoreA 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
In the society that we live in, bill payments are part and parcel of being a citizen. Read More
In a nutshell, debt consolidation is the process of obtaining a single loan to pay off multiple smaller loans or debts owed. Read More
Disclosures:
Magical Installment Loans: Installment loans are available to eligible residents of Ontario and range from $1,500 to $20,000. Repayment terms range from 18 to 78 payments, with flexible payment schedules available as weekly, bi-weekly, semi-monthly, or monthly.
Example: A $5,000 loan repaid over 18 monthly installments would require payments of $300.40 per month.
NOTE: Loan amount and payment amount are subject to change upon final loan approval. Interest rate for Personal Loans is calculated at 34.8%. The Repayment amount includes optional Loan Protection Plan coverage.
Magical Cash Loans - Ontario, British Columbia, Alberta, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $14.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $140.00. The total to pay back is $1,140.00, which is an annual percentage rate of 365.00%. ON License #4741412. BC License#85919 AB License#358423.
The Loan must be paid in full by the end of the term, with no extensions or exceptions, and no automatic renewals. Failure to pay your debt on time will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.
