Magical Credit Blog

The Canadian government has developed specific national student loan services that provide and administer grants and loans to help students fund their post-secondary education. According to Statistics Canada, approximately 69% of Canadians enrolled in post-secondary institutions today use student loans. As of 2022, the total student debt outstanding in Canada was estimated to be close to $18 billion.

With inflation rates at a nearly 40-year high, saving money might seem like a distant proposition. While it certainly does not come without sacrifices and compromises, there are steps you can actively take to improve your bank balance, even in trying times.In this article, we will go over some of the ways that you can monitor your spending more closely, and eliminate wasted or avoidable expenditures.

Whether you are new to Canada or have lived here for a while, a Canadian bank account is still one the most important aspects of your personal finance journey. While there are several financial institutions you can choose from for your banking needs, there are ultimately two main categories of bank accounts that you can open in your name: (i) a chequing account, and (ii) a savings account.

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.

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.

If you’re familiar with business media, you may already have come across the concept of debt-to-income (DTI) ratios. Simply put, the debt-to-income ratio calculates the personal debt that a borrower has outstanding versus the monthly income they generate.

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.