Magical Credit Blog

Subscribe and get the latest news, promotions and updates from Magical Credit.

How Do You Decide How Big of a Loan You Actually Need?

by Vinicius Rocha

In today's fast-paced world, personal loans have become a popular tool to help people meet their immediate financial needs and fulfill their aspirations. Whether it's for a major life event, unexpected medical expenses, or consolidating existing debts, personal loans can help provide a convenient solution for many different kinds of situations.

Read More

8 Things You Should Know Before Applying for a Personal Loan

by Vinicius Rocha

A personal loan is a form of credit that allows you to secure funds for a range of personal purposes. In contrast to purpose-specific loans like auto loans or mortgages, personal loans provide versatility in their application for diverse needs. To be eligible for a personal loan, you typically need to satisfy particular criteria established by the lender, such as a steady income, a strong credit score, and a low debt-to-income ratio. Lenders might also consider aspects like your employment history and the reliability of your income source.

Read More

What is the Difference Between Bad Debt and Good Debt?

by Vinicius Rocha

For many Canadians, debt is a prevalent component of personal finance, which is why being able to discern the distinction between bad debt and good debt is vital for making well-informed financial choices – after all, even though debt is often linked to its consequences, not all debt is identical. Recognizing the disparities between bad debt and good debt can illuminate their effects on your financial well-being, enabling you to enhance your financial standing and elevate your credit score. Furthermore, it can empower you to make the best decisions when it comes to your finances and your future.

Read More

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.

Read More

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?

Read More

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.

Read More

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 of 19.99% min - 35% max. On $1,500 borrowed for a 1-year term at 2.9% per month, the total cost of borrowing is $525.00. The total amount to be paid back with interest is $2,025.00. 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 $14.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $140.00. The total to payback is $1,140.00 which is an annual percentage rate of 365.00%. ON License #4741412. BC License#85919.

The Loan must be paid in full by the end of the term, with no extensions or exceptions, and 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.