What Happens to Your Credit if You Don’t Pay a Loan?
IntroductionIn today’s consumer landscape, credit scores are amongst the most important variables that can have a significant impact on your financial future. Read More
Magical Credit Blog
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What is a Private Lender Loan?
A private lender is one who is not associated with a traditional lender such as a bank or other such financial institution.
Read MoreTop Money-Saving Tips for Single Parents
The life of a single parent isn't always easy. Read More
6 Common Things Canadians Waste Money On
We're all free to spend the money we earn however we see fit, buying the things that bring us pleasure, saving up for future investments, or simply blowing it all on the latest gadgets and fancy vacations. Read More
Loan Agreement Essentials
A loan agreement is a contract between two parties – a lender and a borrower – that governs the loan being extended by the lender to the borrower. Read More
Are Express Loans Really Fast?
Express loans are defined as personal loans that can be requested and approved quickly, typically through an online platform. Read More
Long Term Thinking
There is no question as to the level of unprecedented stress that Covid-19 has brought to our everyday lives. Whether it is strain related to finances, jobs, school, students, children, etc. each of us is faced with different challenges that were unforeseen. On the other hand, many of us have been able to draw upon hidden strengths and skills that we may never have otherwise knows existed within us. At the end of this saga, we will hear stories about amazing parents, co-workers, teachers, doctors, nurses etc., but what about our own futures?
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.
