Magical Credit Blog

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Must-Have Checking Account Features for Better Financial Management

by Vinicius Rocha

For many modern-day Canadians, your checking account is an essential tool that can provide you with a convenient way to manage your day-to-day finances and transactions. Whether you have a good credit score or are working towards improving a bad credit history, having the right checking account can make a major difference in your financial management – that’s why understanding your must-have checking account features is your best bet when it comes to bringing you better financial control.

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Can I Get a Credit Card with Bad Credit & Should I Take One?

by Vinicius Rocha

In this day and age, it can be difficult for Canadians to go about their lives without access to a credit card. From purchasing everyday goods online to renting cars for travel, people rely on their credit cards as an easy way to access the funds they need in order to make transactions. However, what happens when you have bad credit? Does that mean you are excluded from having a credit card forever? Moreover, should you even bother taking up the challenge of finding one at all?

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What You Need to Know If You Have Debts in Collection

by Vinicius Rocha

Dealing with outstanding debts can be daunting and disheartening. However, while debt collection may seem like a difficult situation to tackle, understanding your rights and responsibilities is nonetheless essential for regaining your financial stability.

Discovering how to manage debt collection proactively can help you lessen the burden of unpaid bills while protecting yourself against potential legal or financial repercussions.

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How to Increase Your Chances of Being Approved for a Loan

by Vinicius Rocha

When considering whether or not to approve someone for a loan, lenders will often have certain factors they consider regarding potential borrowers, including analyzing their credit scores and assessing their income levels. Therefore, improving your credit score is an important step toward obtaining potential approval from lenders. Luckily there are a number of strategies you can implement in order to increase your chances of qualifying for a loan.

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Most Common Loan Terms and Their Explanation

by Vinicius Rocha

Taking out a loan can be an intimidating experience. Understanding common terms used when taking out loans, however, does not have to be such a daunting task. The language associated with taking out a loan often seems like navigating uncharted territory, but it doesn't have to be such a mystery. Knowing what some key terms mean can help you determine which type of loan works best for you, and understand exactly what you are getting into before signing on any dotted lines.

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How Can I Make Instant Cash?

by Vinicius Rocha

In the blink of an eye, financial emergencies can happen, and they may require quick cash in order to be solved with little stress and minimal hassle. However, generating instant cash can be a difficult task - it requires careful consideration of the various options available to you, and an understanding of their potential implications.

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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.