Magical Credit Blog

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Guaranteed Approval for a Personal Loan – Are They Really Guaranteed?

With the rise of online lending, the notion of ‘guaranteed loan approvals’ has become more and more common both as a marketing tactic, and unfortunately, in many cases as a scam. As a standalone concept, ‘guaranteed approvals’ sound great, particularly for borrowers who may not have the credit history or score required by conventional lenders such as banks.

However, most credible personal loan lenders (conventional or alternative) will likely not advertise guaranteed approval for the simple reason that loans come with specific risks to both the lender and the borrower. Before providing approval, a legitimate lender will ensure that they conduct the right checks and due diligence to protect their own capital, but also prevent borrowers from taking on financial burdens they may not be equipped to take on.

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How do you get an Education Loan?

What is the purpose of an education loan? If you are currently working at a job and want to take the next step in your career, a common way to do so is by going back to school to acquire additional knowledge and skills. Read More

How to Properly Dispute an Error in Your Credit Report

A credit report is a summary of all your credit activity. Your creditors (i.e., people to whom you owe money, such as banks or other lenders) report your outstanding credit balances and repayment histories to credit reporting agencies, such as Equifax or TransUnion; these credit agencies then use this information to build your credit report and assign you a credit score ranging from 300 to 900.

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Why are Payday Loans a Trap?

What is a payday loan? A payday loan is a short-term, high-interest loan designed to cover a borrower’s immediate cash requirements if they do not have healthy credit, funds on hand, or access to other sources of cash such as a personal line of credit. Read More

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.