Magical Credit PayOff

When your loan is approved, you agree to make full repayment within a set period. Payments are automatically debited from your bank account every month.

Loans are repaid on a monthly, bi-weekly, and semi-monthly schedule, the terms of which will be set out in your loan agreement. You can also repay the loan at any time in a lump sum if you want to fulfill your obligations ahead of schedule.

It is recommended to pay promptly. Unfortunately, the company is not able to accommodate any requests for extensions on your monthly repayments. Failing to make a payment could seriously affect your ability to access a future loan from Magical Credit and other lenders.

That is why the company insists on all of the clients having their income regularly direct deposited into their bank accounts. If you can be certain of the day your income is coming in, and the day your loan repayment will be withdrawn, it's much easier for you to manage your commitments. All violations will be reported to the credit bureau.

If you do not pay your loan according to the schedule, debt collection agencies may start pursuing you.

You can pay off the balance of the loan at any time. You will only be liable for the interest up to the date you pay it off, and you will not be penalized in any other way.

A borrower could face court action started by the lender to receive assets in payment of debt. Magical Credit does not state that, but this is a normal practice for such financial institutions.