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Personal Loan vs. Personal Line of Credit

by Vinicius Rocha

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.

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How to Refinance a Personal Loan

by Vinicius Rocha

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.

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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 12 to 78 payments, with flexible payment schedules available as weekly, bi-weekly, semi-monthly, or monthly. 

Example: A $5,000 loan repaid over 36 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 34.86%. The Repayment amount includes optional Loan Protection Plan coverage.

Magical Cash Loans - Ontario, British Columbia, 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.

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.

Our Family of Brands: Whether you need personal funding, business advance, or short-term cash support, our family of brands offers financial solutions designed to fit your needs.

-Magical Credit: Personal Loans and Installment Loans available through Magical Credit.
Apply Now: https://www.magicalcredit.ca

-Magical Business: Merchant Cash Advances and business funding solutions available through Magical Business.
Apply Now: https://www.magicalbusiness.ca

-Magical Cash: Payday Loans and short-term cash solutions available through Magical Cash.
Apply Now: https://www.magicalcash.ca