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In simple terms, refinancing a loan simply means to replace an existing
loan with a new one, ideally with a lower interest rate. A personal loan
(also called a consumer loan) is any debt taken out by an individual
from a lender such as a bank for personal, non-business purposes.
Christmas, New Year and Hanukkah. Read More
There always tends to be a certain distaste for taking out personal loans generally because the idea of ever mounting debt takes people out of their comfort zones. Read More
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.
Read MoreBusinesses 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.
Read MoreIn 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.
Read MoreTeaching your children the value of money is an underrated aspect of parenting. While the initial focus is all on manners and kindness, financial habits are an equally crucial component of raising a responsible adult.
Read MoreDisclosures:
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.
