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Personal Loan Application Checklist: What Does It Usually Contain?

There are many reasons why you may approach a bank or other financial institution for a personal loan. Personal loans can be used towards a variety of purposes including debt consolidation, medical bills, home improvements, and other large expenses where there is a large cash requirement in the near term.

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What Are the 3 Main Components of a Personal Loan?

If you find yourself in need of cash, there are always a number of sources you can tap into. You can ask your friends or family, or you can potentially put the expense on your credit card if you are confident in your ability to repay it soon – or, you can get a loan from the bank.

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What Are Some Common Sources of Personal Loans?

Personal loans refer to relatively quick sources of cash that are offered to individuals (rather than small businesses or large enterprises). Most personal loans are structured in a way where you gain a lump sum of cash upfront (called the principal) which is then paid back over time in installments with interest. Personal loans can be offered for a specific purpose (such as debt consolidation) or can be used at the borrower’s discretion.

There are many ways you can obtain a personal loan. In this article, we look at some of the most common options that borrowers have when in need of capital.

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What to Do If the Bank Rejects Your Loan Application

The personal loan application process can be nerve-wracking. There are many factors and variables that a lender considers before making an approval decision. However, there are times when the lender may decide to reject a loan application, as well. While that can be highly discouraging or disheartening, it doesn’t necessarily mean that it’s the end of the road for your personal loan ambitions.

In this article, we go over some of the main reasons that banks choose to reject an applicant, and some of the proactive actions you can take to avoid this fate.

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5 Factors Keeping You from Getting a Personal Loan

Personal loans are debt resolution solutions offered by lenders to individual consumers. Unlike a mortgage or auto loan, these loans do not have to be used solely for a specific, defined purpose. Once you are approved, you have discretion over how you utilize the funds.

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What Are the Biggest Major Personal Loan Risks?

Although personal loans come in many shapes and sizes, the general definition of a personal loan is a credit loan offered by a lender to an individual borrower. Most personal loans are provided as a lump sum and the principal has to be paid back with interest over time in regular intervals (usually monthly or biweekly). Some personal loans are also offered as revolving credit, wherein the customer has a maximum credit limit and can borrow, repay, and borrow again up to that maximum amount.

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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.