If your consumer debt is between $5000-$250,000, you can hire a Licensed Insolvency Trustee (LIT) to negotiate a consumer proposal with your creditor. It’ll ensure your credit doesn’t tank like it would with bankruptcy, and you can pay back creditors at your own pace without having to pay anymore added interest.
Once you’ve been discharged, or have successfully completed your consumer proposal, you can rebuild you credit with a consumer proposal personal loan from Magical Credit – we specialize in bad credit loans!
Magical Credit’s short-term loan calculator will help schedule and keep track of your consumer proposal loan repayment!
When you file a consumer proposal, your credit takes an enormous hit. Therefore, you’ll need to find ways to rebuild your credit.
A consumer proposal loan can re-establish your creditworthiness in various ways:
Creditworthiness is a valuation performed by lenders that determines the possibility a borrower may default on his debt obligations. It considers factors such as repayment history and credit score.
Magical Credit specializes in bad credit loans, so we don’t weigh your credit score, but instead your overall credit report. Other variables such as your current consumer proposal, bankruptcy, current loans in collections and your debt repayment history are considered.
While all cases are different, you can only apply for loan with Magical Credit once you’ve been discharged or have successfully completed your consumer proposal.
No- Magical Credit has a zero tolerance for previously unpaid payday loans.
Magical Credit’s 3.9% monthly interest is our fixed rate for all approved short-term personal loans.
We do bad credit loans for anywhere between 6-24 months.
As long as you have a consistent source of income, (traditional or non-traditional) you can still be approved. Magical Credit specializes in low-income loans, so your total income will only determine the amount we can loan you.
You can figure out if you can pay more than minimum by using Magical Credit’s short-term loan calculator!
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