You’ve finally completed your consumer proposal, so it’s time to start building your credit.
You’re faced with 2 options:
1) You can either pay off your consumer proposal over the span of 5 years (or whatever time you’ve arranged with you Licensed Insolvency Trustee), and worry about how to rebuild your credit then.
2) You can get a head start on rebuilding your credit by taking out a consumer proposal loan, and start rebuilding your r7 credit rating ASAP.
The hang-up with your second option is that at this point of the consumer proposal process, most financial institutions will look at your credit score and turn you away immediately. You’d be stuck in a never-ending cycle of needing a loan to rebuild credit, but having nobody to offer you one.
Well, that’s not entirely true. Magical Credit offers low-income, bad credit consumer proposal loans in Ontario so that you can start building your credit, and rebuilding your life.
Just fill out our online application and, in as little as 5 minutes, you can be back on your way to a better credit score!
Need a consumer proposal loan in Ontario, 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!
A consumer proposal loan is a great way to start repaying loans immediately, so you can show financial institutions you’re reliable for loans in the future.
But why not just wait the 5 years until you’ve paid back your consumer proposal before you start building your credit?
Creditworthiness is a way for financial institutions to determine the likelihood of you paying back your loans.
Magical Credit offers low-income loans, and loans to those with poor credit. We don’t only focus on credit score, but we focus on your entire credit history. We make it easier for you to take out a loan, so you can start rebuilding your credit ASAP.
Consumer proposal loans aren’t for everybody. But it can be a good idea to get a jump on rebuilding your credit rating if you would like the financial freedom a good credit score enables.
If you pay back the loans quickly, and in payments more than the minimum amount, it’s reflected on your credit history. Therefore, financial institutions will see that you are reliable and a low-risk prospect for a potential loan.
Magical Credit requires that you have an income of at least $600 monthly. We don’t differentiate between whether this income is through an employer, or through government grants or subsidies.
Magical Credit can provide anywhere from $500 – $10,000 in consumer proposal loans.
No. Magical Credit has a zero-tolerance policy for unpaid loans!
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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