Magical Credit Blog

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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

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?

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Our loans are considered short-term loans and have up to a 6-60 month term with an interest rate ranging from 3.4%-20% per month.

Example: $1,500 borrowed for one year at 3.4% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.

NOTE: You can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.