Magical Credit Blog

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What Happens If You Cannot Pay Out Your Loan?

by Vinicius Rocha

In an ideal world, borrowing money would always be a straightforward process, with borrowers easily repaying their loans according to their agreed-upon terms. However, life is rarely that simple, and unexpected financial challenges can arise, making it difficult to meet your loan obligations. This gives rise to the question: what happens if you cannot pay out your loan?

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Predatory Lenders and How to Avoid Them

by Vinicius Rocha

In today's complex financial landscape, access to credit can be a lifeline for many individuals and families. Whether for unexpected medical expenses, home repairs, or simply making ends meet, the need for loans and credit options is a reality for countless Canadians. However, with the rise of predatory lending practices, finding a trustworthy lender has become increasingly challenging.

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Top 7 Scams for Canadians to Watch Out For

by Vinicius Rocha

The era of technology, while having brought convenience into our lives, has also paved the way for new types of fraud and scams. While Canadians are known for their courteousness, trustworthiness, and honesty, online tricksters nonetheless search for unsuspecting individuals to take advantage of. Being aware of the common scams that target Canadians is therefore crucial when it comes to safeguarding yourself and your earnings.

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What Are the 5 Main Areas of Personal Finance?

by Vinicius Rocha

Personal finance is an essential aspect of our lives that often gets overlooked or misunderstood. It encompasses various elements that can significantly impact our financial well-being and overall quality of life. To achieve financial stability and security, it's crucial to have a solid understanding of the key areas of personal finance.

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What Happens to Your Debt When You Die in Canada?

by Vinicius Rocha

Death is an unavoidable aspect of life, and while it's a topic many refrain from discussing, preparing for the future, including understanding what happens to your debts when you pass away, is crucial. In Canada, the fate of your debt after death can be a matter of concern for both you and your loved ones. By understanding the complexities of debt and estate planning, you can provide peace of mind and ensure that your family isn't burdened with your financial obligations after you're gone.

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How to Budget for Your Dream Vacation

by Vinicius Rocha

Do you yearn for that idyllic holiday where you can break free from the mundane routine and plunge into unexplored cultures, enjoy foreign delicacies, and discover awe-inspiring landscapes? The concept of an ideal holiday often seems like an elusive luxury, meant only for the privileged. However, with meticulous planning and budgeting, you can make your dream holiday a reality.

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What Factors Do Bad Credit Lenders Consider Most Important?

by Vinicius Rocha

Navigating the realm of personal finance can be challenging, especially when your credit score is less than stellar. In fact, this can often act as a significant barrier, restricting your access to loans and other financial benefits. However, for those with subpar credit ratings, there's a glimmer of hope: lenders who cater specifically to individuals with bad credit.

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Disclosures:

Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so 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.

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 $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The Loan must be paid in full by the end of term, no extensions or exceptions, 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.