Magical Credit Blog

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How Canadians Are Dealing with Higher Grocery Prices

by Vinicius Rocha

As the cost of living continues to rise, Canadians are feeling the pinch at the grocery store. From fresh produce to pantry staples, prices are steadily climbing, making it increasingly challenging for families to maintain their budgets. In this article, we'll explore how Canadians are navigating these higher grocery prices and finding innovative ways to stretch their dollars further.

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Is Credit Monitoring Worth It in Canada?

by Vinicius Rocha

In the modern world, where financial stability is paramount, credit plays a crucial role in shaping our lives. Whether you're applying for a mortgage, seeking a loan, or even signing up for a new phone plan, your credit score often dictates the terms you're offered. With such significance placed on credit, many Canadians are turning to credit monitoring services to stay on top of their financial health - but the question remains: is credit monitoring worth it in Canada?

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Retirement Planning for Different Life Stages

by Vinicius Rocha

Preparing for retirement stands as a fundamental element of financial well-being that should be on everyone's radar. Regardless of whether you find yourself in your twenties, thirties, forties, or fifties, it remains imperative to initiate contemplation of retirement planning.

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The Impact of the Gig Economy on Personal Finances

by Vinicius Rocha

In recent times, the gig economy has orchestrated a profound metamorphosis in the realms of work and financial sustenance. Conventional nine-to-five employment no longer serves as the solitary reservoir of income for countless individuals - instead, people are gravitating toward the world of gig work, freelance prospects, and the burgeoning sharing economy to secure their livelihoods.

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Financial Planning for Major Life Events

by Vinicius Rocha

Life is full of milestones and major events, each bringing its own set of challenges and joys. However, whether it's getting married, buying a house, having a child, or changing careers, these significant life events often come with their own set of significant financial implications.

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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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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.