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You’re short on cash. It happens — a car repair, a medical bill, a stretch between paycheques. You type quick loan Canada into Google and two phrases jump out: microloans and payday loans. They sound similar, but they’re not twins. One is a steady set of steps up. The other, a fast ladder that can wobble if you’re not careful. Let’s look at how each works.
Read MoreA personal loan is a way to borrow money for a longer period of time. It is meant for people who need a large amount of money to pay for a big or planned expense. You pay back the loan in monthly installments over a period of months or years. People often use personal loans to pay for car repairs, home improvements, dental surgery, back-to-school costs, or even to combine high-interest debt.
Read MoreA personal loan is a way to borrow money for a longer period of time. It is meant for people who need a large amount of money to pay for a big or planned expense. You pay back the loan in monthly installments over a period of months or years. People often use personal loans to pay for car repairs, home improvements, dental surgery, back-to-school costs, or even to combine high-interest debt.
Read MoreWhile holiday payday loans and even online holiday payday loans might offer immediate cash flow, it’s essential to explore the pros, cons, and safer alternatives. This article will help you understand how these loans work, the risks they carry, and tips for borrowing more responsibly.
Read Moreby Natalie Bell
Applying for an unsecured personal loan can be a complicated process - especially if you have less than perfect credit. Our simple guide walks you through the process of qualifying for a personal loan step by step.
Read MoreDisclosures:
Magical Installment Loans: Installment loans are available to eligible residents of Ontario and range from $1,500 to $20,000. Repayment terms range from 12 to 78 payments, with flexible payment schedules available as weekly, bi-weekly, semi-monthly, or monthly.
Example: A $5,000 loan repaid over 36 monthly installments would require payments of $300.40 per month.
NOTE: Loan amount and payment amount are subject to change upon final loan approval. Interest rate for Personal Loans is calculated at 34.86%. The Repayment amount includes optional Loan Protection Plan coverage.
Magical Cash Loans - Ontario, British Columbia, Alberta, 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 pay back is $1,140.00, which is an annual percentage rate of 365.00%. ON License #4741412. BC License#85919 AB License#358423.
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.
