But, the hard work is only starting.
Borrowing after bankruptcy seems about as likely as a 5 PM mid-week, traffic-free commute down the 401 – not going to happen. The challenge with discharged bankruptcy is that you’re left with a bad credit score, without many ways of rebuilding it. Banks won’t look past your poor credit, so any attempts of asking them for a loan or a credit card will be futile. And most personal lenders are only interested in giving loans for large sums of money – something that you just don’t have at the moment.
Luckily, there’s Magical Credit. While we can’t offer you an easy commute back home on the 401, we can offer you flexible bankruptcy loans in Ontario. You can start rebuilding your credit after bankruptcy, opening yourself up to financial opportunities in the future!
So take 5 minutes, and apply online for a bankruptcy loan in Ontario from Magical Credit!
Need a bankruptcy loan, but aren’t sure you can keep up with the loan repayment terms? Calculate your monthly loan payment schedule with our personal loan calculator!
You should be careful, but it’s actually a very wise financial decision. If you take out a loan and pay it back very quickly, it improves your credit score. And a good credit score improves your chances of getting better loan rates in the future, which can facilitate buying a house, financing a car, and so much more.
Just make sure that you pay off all loans from now on in a timely manner!
Your credit score reflects your reliability in repaying loans. So our best advice on how to increase credit score would be to pay back all loans in a timely manner. That is what we offer. We give loans when other financial institutions won’t, so that you can pay it off, and show financial institutions that you’re reliable.
No. Our bankruptcy loans aren’t for people who are currently bankrupt, but for people with discharged bankruptcy to increase credit score when nobody else will help.
No. Although loan companies with varying interest rates would offer bankruptcy loans at tremendously high interest rates, we keep ours consistent at 3.9% monthly, regardless of the loan.
We accept employment income, as well as all kinds of government grants and subsidies. As long as you’re making at least $600 a month, and that money is deposited directly into your bank account, Magical Credit will accept it as a form of income.
Unfortunately, if you have previously defaulted on a payday loan, you will be immediately ineligible for a bankruptcy loan. The first thing we do is check credit history, and we have a zero tolerance policy for previously unpaid payday loans.
This kind if question is really difficult to answer, because it depends on so many factors. But the only thing we can say for sure is that buying a house after bankruptcy will take discipline, and some work on rebuilding your credit score.
Our bankruptcy loans range from anywhere between $500 and $10,000.
Need an emergency loan, but aren’t sure you can keep up with the loan repayment terms? Calculate your monthly loan payment schedule with our short-term, personal loan calculator!
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