Magical Credit Blog

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8 Things You Should Know Before Applying for a Personal Loan

by Vinicius Rocha

A personal loan is a form of credit that allows you to secure funds for a range of personal purposes. In contrast to purpose-specific loans like auto loans or mortgages, personal loans provide versatility in their application for diverse needs. To be eligible for a personal loan, you typically need to satisfy particular criteria established by the lender, such as a steady income, a strong credit score, and a low debt-to-income ratio. Lenders might also consider aspects like your employment history and the reliability of your income source.

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What is the Difference Between Bad Debt and Good Debt?

by Vinicius Rocha

For many Canadians, debt is a prevalent component of personal finance, which is why being able to discern the distinction between bad debt and good debt is vital for making well-informed financial choices – after all, even though debt is often linked to its consequences, not all debt is identical. Recognizing the disparities between bad debt and good debt can illuminate their effects on your financial well-being, enabling you to enhance your financial standing and elevate your credit score. Furthermore, it can empower you to make the best decisions when it comes to your finances and your future.

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Must-Have Checking Account Features for Better Financial Management

by Vinicius Rocha

For many modern-day Canadians, your checking account is an essential tool that can provide you with a convenient way to manage your day-to-day finances and transactions. Whether you have a good credit score or are working towards improving a bad credit history, having the right checking account can make a major difference in your financial management – that’s why understanding your must-have checking account features is your best bet when it comes to bringing you better financial control.

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Can I Get a Credit Card with Bad Credit & Should I Take One?

by Vinicius Rocha

In this day and age, it can be difficult for Canadians to go about their lives without access to a credit card. From purchasing everyday goods online to renting cars for travel, people rely on their credit cards as an easy way to access the funds they need in order to make transactions. However, what happens when you have bad credit? Does that mean you are excluded from having a credit card forever? Moreover, should you even bother taking up the challenge of finding one at all?

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What You Need to Know If You Have Debts in Collection

by Vinicius Rocha

Dealing with outstanding debts can be daunting and disheartening. However, while debt collection may seem like a difficult situation to tackle, understanding your rights and responsibilities is nonetheless essential for regaining your financial stability.

Discovering how to manage debt collection proactively can help you lessen the burden of unpaid bills while protecting yourself against potential legal or financial repercussions.

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How to Increase Your Chances of Being Approved for a Loan

by Vinicius Rocha

When considering whether or not to approve someone for a loan, lenders will often have certain factors they consider regarding potential borrowers, including analyzing their credit scores and assessing their income levels. Therefore, improving your credit score is an important step toward obtaining potential approval from lenders. Luckily there are a number of strategies you can implement in order to increase your chances of qualifying for a loan.

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Our loans are considered short-term loans and have a 12-60 month term with a fixed interest rate of 3.9% per month.

Example: $1,500 borrowed for one year at 3.9% 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.