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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Magical Credit's pay off

Finanso.Multilogin™

Repayment of loan

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.

Unfortunately, Magical Credit does not offer loan extensions.

Early payment

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.

FAQ

How can I make a payment to Magical Credit?

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.

What happens if you don't pay back Magical Credit?

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 If you can be certain of the day your income is coming in, and the day your loan repayment will be withdrawn, it's much easier for you to manage your commitments.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.

Can you pay Magical Credit earlier?

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.

Can Magical Credit sue you?

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.

Calculate loan payments in Magical Credit

Magical Credit calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
USD
1500 $
20000 $
Loan term
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Specify the loan term for the calculation

months
days
12
60

What to pay attention to when applying for a loan from Magical Credit

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Magical Credit from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Magical Credit’s reviews by October 2022
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