Magical Credit Blog

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How to Earn Money After Retirement

If you are currently on the cusp of retirement, or are contemplating it within the next few years, it is only natural to assess your finances and start planning ahead for life after work. In Canada, there is no official retirement age. However, the average retiree is aged around 65. To qualify for a pension from the Canada Pension Plan (CPP), you need to be aged at least 60 and have made a minimum of one valid contribution while you were working.

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Inflation Causes Recession – How to Plan Ahead

Inflation is a percentage figure used to describe a general rise in the prices of goods and services that we purchase. It is measured on a ‘basket’ of a select group of goods and services based on the consumption patterns of the average household in an economy. For example, if a particular basket cost $100 in Year 1 and the same basket cost $103 in Year 2, inflation is measured as 3%.

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How Long Does Bad Credit Stay On Your Credit Report in Canada?

A credit report is a document that summarizes your credit history with borrowed funds (such as loans), bill payments, and other forms of credit. Your credit report begins from the first time you borrow money or apply for facilities that grant you access to a line of credit, such as a credit card. Lenders then send this information and subsequent data on your payments to institutions known as credit agencies, which use that information to create and update your credit report, and assign you a credit score. In Canada, Equifax and TransUnion are the two major credit agencies.

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Top Major Purchases That Might Require a Personal Loan

Throughout our lives, there are a number of things we encounter that can require financing, such as purchasing a home, car, and/or education. For these, we have specialized personal loans, such as mortgages, auto loans, and student loans, respectively. However, there are other reasons for which borrowers may require a personal loan.

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Personal Loan Declined: What Do I Do Next?

If you’ve ever gotten a loan declined in the past, it is easy to get stuck wondering where you went wrong. However, when a lender declines your loan, it is usually not a personal decision. Each institution has defined parameters on the types of borrowers they can and cannot lend to. If you as a borrower fall even slightly outside of these parameters, the institution may opt to play safe and decline the application.

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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.