Magical Credit Blog

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Top Major Purchases That Might Require a Personal Loan

by Vinicius Rocha

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?

by Vinicius Rocha

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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How to Properly Budget for Big Expenses

by Vinicius Rocha

If you have regularly created budgets for your monthly expenses in the past, chances are that you have needed to add some large expenses from time to time that are over and above your regular expenses such as your rent, food, transportation costs, etc. Maybe your car broke down and needed urgent repairs to get back on the road. Or maybe you are planning for your upcoming wedding. Whatever the case may be, these expenses can often compromise your best-laid plans, and prevent you from meeting your savings and investment goals. However, it doesn’t need to end that way!

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What Banks Look for When Reviewing a Loan Application

by Vinicius Rocha

If you have worked with a bank to obtain a loan for personal or business purposes, you have likely seen that the process to do so is rigorous and comprehensive. At their core, banks are for-profit enterprises which means that they have fiduciary duties to prudently manage their shareholders’ capital and only lend to people and businesses that meet certain risk criteria. Each bank has its own criteria and requirements for lending that prospective borrowers have to abide by to receive a loan or any other debt product. However, there are certain common items that every bank evaluates in order to make a lending decision.

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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.