There’s plenty of reasons to take out a loan, but there’s even more reasons you’ll face rejection when you look to the wrong institutions for approval.
Banks don’t take kindly to bad credit and low incomes. But, if you don’t have a credit card, where are you supposed to turn when you need money fast? Certainly not to payday lenders, whose out-of-control interest rates only serve to keep you buried in debt.
On the other hand, Magical Credit’s low interest personal loans are ideal for bad credit applicants without credit cards. We offer easy loan approval, and it only takes 5 minutes to apply!
Emergencies: Your house has been wrecked by a flood, all of your belongings are lost, and your insurance barely made a dent in the repair costs. Apply for a personal loan, and start rebuilding your life.
Day-to-day: Food, gas, clothing, haircuts, and other life necessities get more expensive by the day. If you’re behind on bills, purchasing a carton of milk feels akin to buying a Porsche. Take out a personal loan to cover the basics, until you’re caught up.
Debt Consolidation: The stress of numerous consumer debts will lead to lots of sleepless nights. Turn your several debts into a personal loan for debt consolidation in PEI, and rest easy.
Investments: Investing into your future can cause financial strain in the present. After all, investments take time to bloom. If you’re low on funds and have bad credit, you can still be eligible for a personal loan, keeping your finances afloat until your investments finally pay off.
You can, but payday lenders take advantage of low-income applicants when they need money fast. The quick approval blinds people from the unaffordable interest, as well as the expensive premium you’d be charged for paying your payday loan off early.
Magical Credit, on the other hand, provides low interest, personal loans in PEI, offering a fixed 3.9% monthly interest rate. Our loans are also open, meaning you can repay them as early as you like.
No—but you can take out a larger personal loan from Magical Credit to cover your several smaller debts, indirectly consolidating your debt into one payment.
No— qualifying for a bad credit loan in PEI requires a 6-month period of employment.
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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!
Our loans are considered short-term loans and have up to a 6-60 month term with an interest rate of 3.9% per month.
Example: $1,500 borrowed for one year at 3.9% per month. Monthly payments are $199.67. Total payback with interest and fee of $194.00 is $2,396.00.
NOTE: You can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.
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